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Crude oil prices rebounded slightly in Asia early this morning, but remain under pressure from a stronger dollar and ample supplies.

Oil futures in London and New York slightly retreated at the beginning of European trading on Thursday morning. Around noon, they regained ground, however. The technical constellation supported prices at that time of day. After the roller coaster ride quotations had seen the days before, market players have become cautious which is why oil futures consolidated on a high level near Wednesday's highs as investors were waiting for new cues from the ECB and for the DOE's report on US oil stocks. The ECB massively eased its monetary policy, oil futures shrugged off the announcement of a lower benchmark interest rate and of bond buying, however. The additional liquidity is a bullish factor for oil futures but the euro's slump prevented too large long positions. Late in the afternoon, the DOE released its data on US oil inventories which contained bullish as well as bearish cues. Since the economic indicators out of the USA also came in mixed, oil futures failed to gain considerable momentum. In the evening, investors increasingly tended to take profits as the euro remained weak and as there is still a glut of crude oil on the market.

ICE Gasoil contract for September delivery settled at 863.75 USD on Thursday, this is +1.25 USD above Wednesday's settlement. With some 37,500 deals the traded volume (front month) was on average.

The stochastic indicator already gave a buying signal at the Brent and the Gasoil chart. This morning it provides a buying signal at the WTI chart, too. The lines of the indicator have meanwhile crossed at this chart which is why the indicator has turned bullish. The RSI still doesn't provide any clear signals at ICE or at NYMEX chart. Despite the new buying signal at the WTI chart, like yesterday, we are still assessing the technical constellation as neutral to bullish. Yesterday's buying signals at the Brent and the Gasoil chart weren't enough to generate new upward potential. Therefore, the impact of the bullish signals is less strong than usual today. Lately, investors had focused on market fundamentals pushing the technical constellation in the background.

U.S.

Nymex below avarage: The weaker euro caused some profit taking at oil markets yesterday evening. In Asian and electronic trading this morning, oil futures at first traded in a rather narrow range, however. They have just edged higher testing their first resistances this can't be considered a real upward correction, yet. The traded volume at NYMEX is slightly below average for this time of day. Investors are now eying the development at stock and forex markets. They will also keep a close eye on the situation in Ukraine, Iraq and Libya and today's economic indicators, particularly on data regarding the US labor market. Moreover, they are waiting for the results of the NATO's summit.

Forecasts: Crude oil -1.0; Distillates -1.2; Gasoline -1.5 million barrels vs previous week.
DOE: Crude oil -0.9; Distillates +0.6; Gasoline -2.3 million barrels vs previous week.
API: Crude oil -0.5; Distillates +0.4; Gasoline +0.4 million barrels vs previous week.

Houston (ex-wharf indications 5-9)
380cst $579
180cst $656
MGO $957

New Orleans (ex-wharf indications 5-9)
380cst $582
180cst $670
MGO $951

Singapore (delivered indications 5-9)

WTI is losing with -$0.02 Singapore paper is up with +$0.30 for 180cst and down with -$0.85 for 380cst for Sep, and for Oct 180 cst x$0.00 and 380cst with -$1.25 with MGO contracts Sep losing with -$0.53 and in Oct with -$0.37. The cargo market is gaining with 180cst +$3.98, 380cst with +$5.63 and MGO with +$1.35.

The Singapore fuel oil prices rose between +$4.0 to +$6.0 during the Asian Platts window. The demand was said to be muted as higher outright prices dampened buying interest. The delivered bunker premiums were seen at $10.0-7.0 above cargo prices.

380cst $582
180cst $594
MGO $860

Fujairah (delivered indications 5-9)

380cst $608
180cst $638
MGO $980

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $564
(1.0 %) : $574
180cst: $594
MGO 0.1%S: $838