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Crude oil prices were higher in Asia this morning after China's April CPI and PPI data. CPI rose 1.8% year-on-year. less than the 2.0% expected and PPI fell 2.0%, more than the drop of 1.9% expected.

After Wednesday evening's rally, caused by the DOE's rather bullish data on US oil inventories, oil futures were weighed down by some profit taking on Thursday morning. Market players cut their long positions against the backdrop of Russia's president having called on the separatists in Ukraine to delay the referendum scheduled this weekend. The fostering effect of the record high of China's crude oil imports ebbed relatively quickly as analysts presumed that the rise in imports was chiefly due to the replenishment in strategic oil reserves. The experts doubted that the country's crude oil demand had climbed. In the afternoon, losses at oil markets were limited, though. Market players remained skeptical as to the crisis in Ukraine, avoiding larger short positions. New tests of missiles, the withdrawal of Russian troops from the border to Ukraine not really taking place and the separatists refusing to postpone their referendum kept losses in check. Even though the North Sea crude oil embarkment program showed that European crude oil supplies should increase in June, which is a bearish factor, quotations at ICE eventually regained ground in late trade marking new highs.

ICE Gasoil contract for May delivery settled at 903,25 dollars on Thursday. This was +1,25 USD above Wednesday's settlement. With some 45,300 deals, the traded volume was below average.

Even though there are no fresh buying signals at ICE and NYMEX this morning, the stochastic indicator at the Brent and the Gasoil chart remains bullish favoring tests of the upside. Brent's mid-term downtrend, the upper limit of which is the resistance at 108.45 USD, is still intact capping the upward potential. If Brent sustainably breaks above this level, there will most likely be a new buying signal and automatically generated technical buying orders. Due to the still bullish constellation of the stochastic indicator, we still assess the technical situation as neutral to bullish.

U.S.

Nymex below average: In electronic morning trading, oil futures at ICE consolidated after yesterday's highs whereas futures at NYMEX caught up with the rise in Brent and Gasoil (Thursday). Meanwhile futures in London have also edged higher, with Brent testing its key-resistance at 108.45 USD. The traded volume at NYMEX is below average at this time of day. Investors are now eying stock and forex markets, the developments in Ukraine as well as today's economic indicators.

Houston (ex-wharf indications 9-5)
380cst $606
180cst $684
MGO $973

New Orleans (ex-wharf indications 9-5)
380cst $609
180cst $663
MGO $975

Singapore (delivered indications 9-5)

WTI is up with +$0.65. Singapore paper is up with +$1.50 for 180cst and +$2.25 for 380cst for May, and for Jun 180 cst +$2.15 and 380cst +$2.75 with MGO contracts slightly bullish May +$0.55 and Jun +$0.55. The cargo market is bullish with 180 cst +$3.25, 380cst +$0.73 and MGO +$0.20.

The Singapore fuel oil prices were trading $1.5-3.0/mt higher during the Platts window yesterday. The latest Singapore heavy residual inventory saw a draw of -2.4 mbbl to 19.96 mbbl. The delivered bunker premiums were seen app.$3.25 above cargo prices. Visco spreads have gained some strength during the last days and closed at $11.47/mt yesterday. May is trading at app.$10/mt while forward prices remain stable trading in a range of $7.0-7.5/mt for the rest of the year.

380cst $591
180cst $607
MGO $920

Fujairah (delivered indications 9-5)

380cst $603
180cst $638
MGO $985

ARA (Amsterdam - Rotterdam - Antwerp)

380cst : $580
(1.0 %) : $630
180cst: $620
MGO 0.1%S: $882