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U.S. oil futures traded above the $100-a-barrel level on Monday, after results of Sunday's referendum showed 89% of voters in the eastern Ukrainian city of Donetsk voted in favor of self-rule.

On Friday morning, oil futures initially tended to the upside. Brent thus tested its key-resistance at 108.45 USD. On the one hand, prices were buoyed by the possibility of new sanctions against Russia, as the EU changed the criteria for its sanctions so not only individuals but also companies may be sanctioned. On the other hand, the planned referendum to secede in the east of Ukraine supported oil futures. Therefore, market players hedged the risks of an escalation by increasing their long-positions - like they did in the past few weeks. When Brent breached the resistance of its mid-term downtrend at 108.45 USD, technical buying orders that accelerated the rise were automatically generated. Brent thus climbed to a new May-high. Only near the resistance at 109.00 USD technical buying waned. The euro that kept losing ground in the course of the day (settling at its lowest level in May so far) favored a consolidation of too large long-positions prompting profit taking at oil markets. Quotations at ICE as well as at NYMEX thus dropped so significantly in late trade that they even marked new lows.

ICE Gasoil contract for May delivery settled at 906,25 dollars on Friday. This was +3.25 USD above Thursday's settlement. With some 39,300 deals, the traded volume was below average.

The indicators at the ICE charts are neutral this morning having spent their bullish impact during Friday's price rally.. At the WTI chart, the stochastic indicator has already given a selling signal as its lines have crossed. From a merely technical point of view, we thus assess the situation as neutral to bearish. However, the geopolitical situation regarding Ukraine will be in the spotlight today pushing the technical factors in the background. The technical constellation is currently being rather unstable, anyway. After Gasoil and Brent broke above their mid-term downtrends on Friday, they have re-entered these trends by now. If the contracts renewedly surpass these trends, technical buying might be triggered. If the futures stay below the resistances of their downtrends, the lines of the stochastic indicator might renewedly cross at the Brent and the Gasoil chart in the coming days prompting technical profit taking.

U.S.

Nymex below average: Given the referendum in Ukraine and the EU's threat of new sanctions against individuals and companies, oil futures traded with a slightly steadier tendency in Asian and electronic trading this morning. So far, Brent and Gasoil haven't succeeded in sustainably surpassing their resistances at 108.35 USD and 908.50 USD, however. The traded volume at NYMEX is below average at this time of day. Market players are now monitoring stock and forex markets, awaiting news regarding Ukraine. As to economic indicators, there are none of importance on today's agenda.

Houston (ex-wharf indications 12-5)
380cst $606
180cst $690
MGO $977

Very tight avails for 180 cst

New Orleans (ex-wharf indications 12-5)

380cst $608
180cst $661
MGO $975

Singapore (delivered indications 12-5)

WTI is up with +$0.17. Singapore paper is down with -$2.35 for 180cst and -$2.75 for 380cst for May, and for Jun 180 cst -$2.50 and 380cst -$3.35 with MGO contracts slightly bearish May -$0.65 and Jun -$0.52. The cargo market is bullish with 180 cst +$1.56, 380cst +$2.41 and MGO +$0.42.

The Singapore fuel oil prices traded higher by another +$1.5 to +$2.5 during the Asian Platts window last Friday. The delivered bunker premiums were around +$4.25 to +$5.25 above cargo prices. Please note that the Singapore market will be closed tomorrow for public holiday and will reopen on Wednesday.

380cst $594
180cst $610
MGO $922

Fujairah (delivered indications 12-5)

380cst $605
180cst $635
MGO $985

ARA (Amsterdam - Rotterdam - Antwerp)

380cst : $577
(1.0 %) : $635
180cst: $617
MGO 0.1%S: $883