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West Texas Intermediate oil futures were little changed near the previous session’s two-week low this morning, as market players awaited key U.S. weekly supply data to gauge the strength of oil demand from the world’s largest consumer.

After oil markets had seen some profit taking on Friday, they were able to regain some ground on Monday morning as good economic indicators out of China released at the weekend lent some support. The rise was already limited near oil futures' first short-term resistances, however. In the course of the day, the bearish tendency increasingly predominated. Disappointing economic data out of the EU and the USA raised more doubts over economic growth and the rise in oil demand. Moreover, the state-run company Nation Oil Corporation (NOC) annonunced that operations at the terminals of the Libyan port Hariga might soon be resumed. Apart from this, traders obviously cut their risk premium regarding Ukraine as military and political tensions have slightly eased and a halt of Russian gas deliveries could be prevented at least temporarily. Quotations thus kept track of their losses settling near their lows as the economic data released in the USA yesterday afternoon also came in disappointing, prompting investors to take some profits.

ICE Gasoil contract for June delivery settled at 890.25 dollars on Monday. This was -2.25 USD below Friday's settlement. With some 35,700 deals, the traded volume (front month) was below average.

There are still no new cues to be expected from the stochastic indicator or the RSI this morning. A short-term downtrend had formed at the Brent chart but the North Sea crude oil contract has already dropped below this trend. This added to technical selling pressure yesterday afternoon. WTI remained relatively steady within its downtrend, however. Given the accelerated decline oil futures saw in the past few days and as there are no fresh bearish cues, the technical indicators at ICE meanwhile are in oversold territory favouring a light upward correction. Currently, the according buying signals are still lacking as the RSI is still below 30% and the lines of the stochastic indicator neither cross at the Gasoil nor at the Brent chart. Therefore, we are still assessing the technical constellation as bearish this morning.

U.S.

Nymex on avarage: So far, oil futures have remained in a relatively narrow range this morning. Even though some economic indicators have already been released in China, they have failed to give oil markets a clear direction. The traded volume at NYMEX is on average at this time of day. Investors are now eying stock and forex markets, looking ahead to the release of some economic indicators.

Houston (ex-wharf indications 3-6)
380cst $605
180cst $719
MGO $982

New Orleans (ex-wharf indications 3-6)
380cst $607
180cst $692
MGO $984

Singapore (delivered indications 3-6)

WTI is down with -$0.62. Singapore paper is down with -$2.50 for 180cst and -$2.75 for 380cst for Jun, and for Jul 180 cst -$3.00 and 380cst with -$3.00 with MGO contracts being bearish in Jun with -$1.30 and in Jul with -$1.15. The cargo market is bullish with 180 cst +$3.48, 380cst with +$3.28 and MGO is down with -$1.37.

The Singapore fuel oil prices were accessed higher by +$3.25 during the Platts. Market appears firmer and strong trading interests with a fundamental view that seem to be improving forward. The delivered bunker premiums were between +$3.5 to +$4.5 above cargo prices. In Europe Barges ended more or less unchanged while delivered premiums continue to trade $1.0+-$2.0 above cargo prices.

380cst $605
180cst $622
MGO $902

Fujairah (delivered indications 3-6)

380cst $612
180cst $640
MGO $981

ARA (Amsterdam - Rotterdam - Antwerp)

380cst : $580
(1.0 %) : $645
180cst: $620
MGO 0.1%S: $858