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Crude oil futures held steady on this morning, still hovering near nine-month highs as ongoing concerns over possible supply disruptions in Iraq continued to support demand for the commodity.

Oil futures opened higher Thursday in London and New York supported by ongoing political tensions and the bullish technical constellation. Brent's rise was limited though, its 115.00 dollar resistance proving strong despite a rise in the Iraqi risk premium. As for the WTI crude that was still somewhat muted by the rather bearish DoE report released on Wednesday, the front month contract for July delivery dropped below yesterday's lows, the contract expiring today. Traders therefore transferred their risk positions to the new front month for August delivery, thus widening the spread between the two benchmark crudes to over nine dollars. During NYMEX session Brent eventually breached its 115.00 dollar resistance, hitting its day's high at 115.71 dollars on news that ISIS fighters in Iraq occupied a former chemical weapons factory. Even though the ICE contracts shed most of their earlier gains they still settled higher as did the WTI whose gains were rather modest.

ICE Gasoil contract for July delivery settled at 938.75 USD on Thursday, this is +3.75 USD vs Wednesday's settlement. With some 70,400 deals, the traded volume (front month) was above average.

The technical upward potential that the selling signals of the stochastic indicator generated at the ICE charts yesterday was already absorbed this morning. The indicator is still neutral at the Brent chart while it gives a weak selling signal for gasoil. While the indicator leads to expect that prices will try their downward potential the constellation should still be considered neutral from a technical point of view. Only if the Stochastic indicator gives a selling signal also at the Brent chart a limited technical downward correction is triggered. But also today rising geopolitical tensions will dominate the market and push the technical aspects into the background.

U.S.

Nymex on avarage: Oil futures are trading in a narrow range in Asia and in Globex computer trade this morning, little changed vs yesterday's settlement. The traded volume at NYMEX is about on average at this time of day. Also today investors anticipate the opening of stock and forex markets and will closely watch the development of the situation in Iraq and Ukraine. Today there are only a few European indicators on the agenda.

Houston (ex-wharf indications 20-6)
380cst $617
180cst $719
MGO $993

New Orleans (ex-wharf indications 20-6)
380cst $621
180cst $673
MGO $996

Singapore (delivered indications 20-6)

WTI is up with +$0.50. Singapore paper is up with +$2.75 for 180cst and +$2.90 for 380cst for Jul, and for Aug 180 cst +$2.75 and 380cst with +$2.95 with MGO contracts being bullish in Jul with +$0.32 and in Aug with +$0.32. The cargo market is bullish with 180cst +$2.11, 380cst with +$1.87 and MGO with +$0.39.

The Singapore fuel oil prices extended gains by another +$2.0 during the window tracking the recent strength in crude values. Delivered bunker premiums further weakened slightly to around +$2.5 above cargo prices yesterday in view of higher outright prices. In Rotterdam prices gained +$6 while delivered premium remained unchanged.

380cst $618
180cst $640
MGO $933

Fujairah (delivered indications 20-6)

380cst $629
180cst $655
MGO $1008

ARA (Amsterdam - Rotterdam - Antwerp)

380cst : $607
(1.0 %) : $645
180cst: $647
MGO 0.1%S: $898