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Quotations at ICE started Thursday's session testing their upward potential. They tested some resistances but failed to breach them sustainably until noon. Futures only surged around noon on reports that Russian troops had cooperated with the separatists seizing a Ukrainian border town in the south-east. Better than expected economic data out of the USA added to momentum in the early afternoon and so, oil futures at ICE and NYMEX breached several resistances. In the course of the afternoon, oil markets proved increasingly volatile as market players took profits from the price increase ahead of the change in the NYMEX Heating Oil and Gasoline front month contracts and the long weekend in the USA. In late trade, quotations oscillated between gains and losses but ICE futures settled with losses whereas WTI was able to mark some gains buoyed by convincing US data.

ICE Gasoil contract for September delivery settled at 865.00 USD on Thursday, this is +0.50 USD above Tuesday's settlement. With some 51,100 deals the traded volume (front month) was on average.

As expected, the selling signal the stochastic indicator gave at the Brent chart yesterday had but little impact on oil futures as the short-term uptrends at ICE and NYMEX stayed intact and confirming signals at the Gasoil and WTI chart were lacking. The lines of the stochastic indicator have meanwhile converged again at the Brent chart and so the bearish impact of the indicator has neutralized. At the Gasoil chart, the lines of the indicator have met. If they clearly cross, the indicator will give a selling signal. Apart from this, the indicators are still neutral giving oil markets no new direction which is why we assess the technical constellation as neutral this morning.

U.S.

Nymex neutral: After having seen some profit taking yesterday afternoon, oil futures edged higher again in Asia and in electronic trading this morning. The traded volume at NYMEX is on average for this time of day. Investors are now waiting for the development at stock and forex markets. They will also keep a close eye on the situation in Ukraine, Iraq and Libya. Moreover they are waiting for today's economic indicators particularly the consumer price index out of the Eurozone.

Houston (ex-wharf indications 26-8)
380cst $575
180cst $667
MGO $964

New Orleans (ex-wharf indications 26-8)
380cst $583
180cst $664
MGO $957

Singapore (delivered indications 29-8)

The Singapore fuel oil prices were up around +$1.0 during the Asian Platts window yesterday. Market fundamentals remain firm with strong bids. The Asian crack spreads narrowed as a result. The delivered bunker premiums were maintained at +$8.0 above cargo prices. This morning both markets are trading slightly higher.

380cst $589
180cst $602
MGO $869

Fujairah (delivered indications 29-8)

380cst $604
180cst $638
MGO $982

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $573
(1.0 %) : $582
180cst: $603
MGO 0.1%S: $850