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Crude oil prices were flat in Asia this morning with the market waiting for cues on events in the Ukraine and the outlook from the Fed later this week.

Oil futures at ICE and NYMEX retreated on Friday morning keeping track of the rather bearish technical constellation. Technical selling signals favored profit taking. Quotations dropped down to Thursday's lows but failed to break below these markers. Thus there was no sharper technical downward move. In the course of the afternoon the bullish market fundamentals gained the upper hand sending prices higher. On the one hande, market players acted like they did in the past few weeks, avoiding short positions ahead of the weekend with regard to the politically unstable situation in Ukraine and Libya. Oil futures were also buoyed by news on renewed combats in Libya, where a former general and his loyal troops started an operation against islamistic militia. Meanwhile, Iran and the 5+1 powers of the UN's Security Counsil haven't provided any joint statement regarding the nuke talks in Vienna, yet. The negotiations apparently were more difficult than expected and so this topic didn't provide any bearish cues, either. Even though Gasoil renewedly retreated in late trade, the bullish tendency at oil markets prevailed and so quotations settled higher ahead of the weekend.

ICE Gasoil contract for June delivery settled at 916.25 dollars on Friday. This was +2.25 USD above Thursday's settlement. With some 54.800 deals, the traded volume was above average.

The stochastic indicator is still slightly bearish at the Gasoil chart but it already gave its selling signal on Friday morning. Since this signal wasn't confirmed by other signals from the RSI and as quotations overall stuck to their short-term uptrends, the stochastic indicator lost its influence. At the WTI and the Brent chart the indicator has meanwhile turned neutral anyways, with the RSI staying above 70% at all relevant charts. Thus there haven't been any selling signals this morning. Thus, the short-term uptrends should remain intact. A sharp technical downward correction is only likely if oil futures clearly drop below these trends and if the technical indicators provide selling signals. In all, we thus assess the current technical constellation as neutral.

U.S.

Nymex on average: The renewed fighting in Libya certainly didn't help ease the tensions in the country and so quotations at ICE and NYMEX edged slightly higher this morning. The traded volume at NYMEX is about on average at this time of day. Investors are now eying stock and forex markets, awaiting news regarding Ukraine and Libya. Today, there are no important economic indicators on the agenda.

Houston (ex-wharf indications 19-5)
380cst $609
180cst $681
MGO $980

New Orleans (ex-wharf indications 19-5)

380cst $611
180cst $663
MGO $982

Singapore (delivered indications 19-5)

WTI is up with +$0.93. Singapore paper is up with +$4.50 for 180cst and +$4.00 for 380cst for Jun, and for Jul 180 cst +$3.50 and 380cst +$2.75 with MGO contracts being bearish in Jun with -$0.35 and bullish in Jul with +$0.65. The cargo market is bullish with 180 cst with +$3.92, 380cst +$3.24 and MGO bearish with -$0.32.

The Singapore fuel oil prices were trading $3.0-0.0 during the Asian Platts window last Friday. The delivered bunker premiums were seen at app.$2.5 above cargo prices.

380cst $595
180cst $612
MGO $922

Fujairah (delivered indications 19-5)

380cst $604
180cst $640
MGO $986

ARA (Amsterdam - Rotterdam - Antwerp)

380cst : $586
(1.0 %) : $643
180cst: $626
MGO 0.1%S: $892