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Crude oil futures were little changed near four-week lows this morning, as worries over potential supply disruptions in the Middle East continued to subside.

Oil prices at ICE and NYMEX stabilized in morning trading on Friday just to rise at the beginning of the European session on short covering after the Stochastic indicator had given a technical buying signal at the Brent chart. But in the absence of any confirming signals in a market with very little volume due to the U.S. Independence Day the technical aspects had not much influence so that gains were limited. The prospect of Libyan crude returning to the international market weighed on prices, tempting traders to take profit, erasing oil's earlier gains. In a market without direction and at extremely low trading volumes operators then consolidated their risk positions and oil prices settled lower in the end near previous day's lows.

ICE Gasoil contract for July delivery settled at 897.75 USD on Friday, this is 2.00 USD below Tuesday's settlement. With some 13,400 deals the traded volume (front month) was far below average due to the U.S. holiday.

Neither RSI nor Stochastic have triggered fresh signals at the charts and are thus being considered as neutral. Only if the two lines of the Stochastic indicator cross or if the RSI breaches the 30 line from below will a fresh buying signal be triggered. If, however, Friday's lows are being breached the market could be given a bearish signal. The technical constellation is thus being considered as neutral today.

U.S.

Nymex on avarage: Oil futures at ICE and NYMEX rose in Asian trading this morning but erased earlier gains in electronic trading hours in a market lacking direction. The traded volume at NYMEX is about on average for this time of day. Market participants will closely watch stock and forex markets today and keep an eye on the developments in Iraq, Ukraine, Iran and Libya. The data on industrial production in Germany having been released well below expectations this morning are the only economic indicators that are on the agenda today.

Houston (ex-wharf indications 7-7)
380cst $600
180cst $677
MGO $981

New Orleans (ex-wharf indications 7-7)
380cst $617
180cst $661
MGO $989

Singapore (delivered indications 7-7)

WTI is down with -$0.35. Singapore paper is down with -$2.95 for 180cst and -$3.50 for 380cst for Jul, and for Aug 180 cst -$3.00 and 380cst with -$3.25 with MGO contracts being bearish in Jul with -$0.67 and in Aug with -$0.62. The cargo market is bullish with 180cst +$1.36, 380cst with +$0.87 and MGO with +$0.09.

The Singapore fuel oil prices rebounded by app. $1.0 during the Asian Platts window last Friday. The Singapore heavy residual inventory reported a big build of +1.34 mbbl to 23.20 mbbl. The delivered bunker premiums were mostly kept at around +$5.0 above cargo prices.

380cst $599
180cst $615
MGO $898

Fujairah (delivered indications 7-7)

380cst $612
180cst $642
MGO $985

ARA (Amsterdam - Rotterdam - Antwerp)

380cst : $583
(1.0 %) : $627
180cst: $623
MGO 0.1%S: $885