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Crude oil prices fell in Asia early this morning as ample supplies remained a drag on the market. U.S. oil futures edged lower this morning, as market players awaited the release of fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of demand in the world’s largest oil consumer.

Oil prices at ICE and NYMEX opened higher on Monday, profiting from a combination of short covering and technically driven buying orders in a reaction to the hefty losses incurred the week before. As the Stochastic indicator's buying signal at the WTI chart has not been reinforced by similar signals at the ICE and due to a lack of directive news, prices dropped again in the course of the session in New York in a market still paralyzed by the persisting oversupply. But the shutdown of a 300.000 b/d refinery in Canada because of unplanned maintenance drove prices up again later in the session. The refinery is an important supplier of gasoline to the U.S. market in the North-East of the country. Supply fears thus initially supported the gasoline contract at the NYMEX but also made the other futures at ICE and NYMEX increase. Oil was also helped by the decline in the dollar that was weighed down by profit taking and made dollar-nominated oil futures cheaper for investors outside the U.S. Because of the resulting rise in demand oil prices settled higher in London and New York.

ICE Gasoil contract for October delivery settled at 778.75 USD on Monday, this is 0.50 USD above Friday's settlement. With some 37,800 deals the traded volume (front month) was well below average.

Both stochastic's buying signal at the WTI chart has meanwhile been absorbed, the indicator being judged neutral this morning as its two lines are about to converge. At the ICE the indicator failed to trigger any buying signals and is also regarded neutral. As the RSI is trading at the oversold level, not giving any signals as long as it doesn't breach the 30 line, we regard the technical constellation as neutral this morning.

U.S.

Nymex below avarage: After Monday's late rise oil prices consolidate on a higher level this morning in Asia and Globex electronic trading, in a market without direction. The traded volume at NYMEX is somewhat below average at this time of the day. Today investors will eye the development at stock and forex markets as well as the situation in the geopolitical hotspots as there is only one more economic indicator on the agenda today. Tonight's API data on U.S. oil stocks and the EIA's monthly energy report are also impatiently expected.

Houston (ex-wharf indications 7-10)
380cst $536
180cst $645
MGO $901

New Orleans (ex-wharf indications 7-10)
380cst $540
180cst $653
MGO $890

Singapore (delivered indications 7-10)

WTI is losing with -$1.23 Singapore paper is down with -$11.05 for 180cst with -$10.50 for 380cst for Oct, and for Nov 180 cst -$11.15 and 380cst with -$12.15 with MGO contracts Oct losing with -$1.35 and in Nov with -$1.29. The cargo market is losing with 180cst -$1.11, 380cst losing with -$0.66 and MGO losing with +$0.47.

The Singapore market was closed for public holiday yesterday and reopens today.

380cst $544
180cst $562
MGO $787

Fujairah (delivered indications 7-10)

380cst $570
180cst $619
MGO $975

ARA (Amsterdam - Rotterdam - Antwerp)

The avails of HSFO and LSFO in all of ARA are very tight

Indications for delivered bunkers:
380cst : $534
(1.0 %) : $551
MGO 0.1%S: $774