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Crude oil futures edged lower this morning, as investors focused on the geopolitical situation in Eastern Europe and in the Middle East.

After Thursday's sharp rise in oil prices, futures held steady on Friday morning. However, quotations failed to extend their gains. Both at ICE and NYMEX, first resistances were tested but not sustainably breached. In the course of the day, traders thus increasingly took profits from the long positions they had raised the day before. There was no news on the airliner downed in Ukrainian airspace and on the nuke talks with Iran on Friday which is why there were no fresh cues that might have given oil markets a new direction. Profit taking, which increased even more in the early hours of US trading, sent oil futures lower and lower in the late afternoon, however. Eventually, oil futures breached several short-term supports settling with losses in a market that is torn between the still bearish situation of supply and demand and the bullish geopolitical hotspots (Iraq, Ukraine, Libya).

ICE Gasoil contract for August delivery settled at 884,00 USD on Friday, this is +2.50 USD above Thursday's settlement. With some 47,100 deals the traded volume (front month) was above average.

The stochastic indicator had already given a buying signal at ICE and NYMEX charts last week and so, this signal is likely to have largely been spent after Wednesday's and Thursday's sharp rise. Moreover, the lines of the indicator are meanwhile converging again. At the Gasoil chart, the lines have already met. That is why the indicator can be interpreted as neutral at the moment. The RSI has also lost its bullish impact after having provided a buying signal on Thursday afternoon by surpassing 30%. Meanwhile, the RSI is in neutral territory not rising any further currently. Last week's downtrends have been exceeded and so the technical trading ranges can't be defined as exactly as in the last weeks any longer. Since technical cues and trends are lacking today, for the time being, the technical constellation is neutral.

U.S.

Nymex on avarage: In the early morning, oil futures slightly recovered from Friday's losses but in the past few minutes the shed some ground again. The traded volume at NYMEX is about on average for this time of day. Market players will monitor stock and forex markets today keeping a close eye on the developments in Iraq, Ukraine, Israel and Libya. They are also looking ahead to the few economic indicators that are due today.

Houston (ex-wharf indications 21-7)
380cst $586
180cst $669
MGO $965

New Orleans (ex-wharf indications 21-7)
380cst $596
180cst $665
MGO $967

Singapore (delivered indications 21-7)

WTI is down with -$0.91. Singapore paper is down with -$6.00 for 180cst and -$5.75 for 380cst for Aug, and for Sep 180 cst -$5.65 and 380cst with -$5.75 with MGO contracts being bearish in Aug with -$1.01 and in Sep with -$1.00. The cargo market is bullish with 180cst +$2.81, 380cst with +$3.00 and MGO with +$0.14.

The Singapore fuel oil prices were assessed nearly $3.0 up during the Asian Platts window last Friday. The delivered bunker premiums were seen higher at $7.5 to $8.0 above cargo supported by firmer bunker demand.

380cst $595
180cst $615
MGO $880

Fujairah (delivered indications 21-7)

380cst $609
180cst $638
MGO $985

ARA (Amsterdam - Rotterdam - Antwerp)

(delivered indications 18-7)
380cst : $573
(1.0 %) : $596
180cst: $613
MGO 0.1%S: $854