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Crude oil futures swung between small gains and losses this morning, as traders awaited new developments from Ukraine and the Middle East.

On Friday morning, oil futures started with a steadier tendency keeping track of Thursday evening's gains. The permission of US air strikes in Iraq as well as the IS (Islamist State) fighters' advance sent oil prices higher in this phase. Until the afternoon oil futures didn't see any more upward potential, however, as the decline in China's crude oil imports (July: -9.0%) were interpreted as bearish. Moreover some market players remarked that the US air strikes would lead to a stabilisation in Iraq having rather a bearish than a bullish impact. In the afternoon, the OPEC released its monthly energy report. Showing a rise in the cartel's own output in July and a light downward revision of the OPEC's 2014 oil demand forecast, the report underlined the currently bearish market fundamentals. Oil futures in London and New York temporarily shed their earlier gains breaching first supports. At the end of the day, quotations even erased some of Thursday's gains settling with considerable losses.

ICE Gasoil contract for August delivery settled at 879.75 USD on Friday, this is +0.25 USD above Thursday's settlement. With some 30,500 deals the traded volume (front month) was below average.

The stochastic indicator is neutral at the Gasoil and the Brent chart this morning. The RSI already rose above 30% on Friday but the indicator is still slightly bullish this morning. Considerable momentum will only be provided if there is another buying signal. The RSI might give such a signal at the WTI chart if it breaks above 30% sustainably. Even though the stochastic indicator at the WTI chart is not giving any new signal, it remains slightly bullish as its lines are still drifting apart. Consequently, the technical constellation is to be interpreted as neutral to bullish this morning.

U.S.

Nymex above avarage: After Friday afternoon's sharp decline, oil futures have edged higher again in electronic trading this morning but gains remained limited up to now. Still, there haven't been any decisive cues so far today. The traded volume at NYMEX is slightly above average for this time of day. Market participants are now waiting for the development at stock and forex markets. They will keep a close eye on the development in Iraq but also on Ukraine, Israel and Libya. This Monday, there are no important economic indicators on the agenda.

Houston (ex-wharf indications 11-8)
380cst $583
180cst $668
MGO $965

New Orleans (ex-wharf indications 11-8)
380cst $587
180cst $672
MGO $961

Singapore (delivered indications 11-8)

WTI is losing with -$0.18. Singapore paper is down with -$10.50 for 180cst and -$11.00 for 380cst for Aug, and for Sep 180 cst -$9.75 and 380cst with -$9.15 with MGO contracts Aug losing with -$1.60 and in Sep with -$1.57. The cargo market is losing with 180cst +$4.47, 380cst with +$6.76 and MGO gaining with +$1.18.

The Singapore fuel oil prices slipped around -$0.25 during the Platts window yesterday. The latest Singapore heavy residual inventory saw another slight build of +0.45 mbbl to +19.27 mbbl. The delivered bunker premiums were around +$9.0 to +$11.0 above cargo prices yesterday. Barges were up $0.5 in the window and delivered prices were about $2-$3 higher.

380cst $593
180cst $609
MGO $880

Fujairah (delivered indications 11-8)

380cst $610
180cst $643
MGO $983

ARA (Amsterdam - Rotterdam - Antwerp)

(delivered indications 8-8)
380cst : $569
(1.0 %) : $572
180cst: $589
MGO 0.1%S: $853