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Crude oil prices eased in Asia this morning after OPEC cut a demand forecast for its crude and Libyan officials reportedly said they expect their biggest oil field to recover from a rebel attack and restart production soon.

Oil futures at ICE and NYMEX were relatively volatile yesterday. While Wednesday's decline in the euro weighed on the market, the technically and fundamentally slightly bullish constellation limited the downward potential. Selling pressure which was caused by forex trading increased in the afternoon after the euro dropped on the comments Mario Draghi made during the press conference following the ECB's meeting. Prices tended to the downside in the afternoon even tough there were bullish news from Lybia. The country's biggest oil field was shut down because of an attack. Crude oil futures stayed weak in late trading but futures on refined products proved comparatively strong. News about problems at a US pipeline in combination with low product stockpiles in the USA (DOE on Wednesday) favored some upward movement. Finally product futures settled higher at ICE and NYMEX while Brent and WTI kept track of their losses until the night.

ICE Gasoil contract for November delivery settled at 724.75 USD on Thursday, this is 4.75 USD below Friday's settlement. With some 39,900 deals the traded volume (front month) was below average.

The stochastic indicator at the WTI chart stays bullish after its buying signal yesterday while the lines of the indicator at the Brent and the Gasoil chart haven't crossed sustainably enough yet to trigger a bullish signal. The RSI at the Brent chart doesn't provide any signals either, staying below 30%. Downside was generated when oil futures dropped below their technical triangles as investors took profits this morning. Even though the buying signal at the WTI chart still has a slightly bullish influence we consider the constellation neutral as the short-term technical triangles have already been breached.

U.S.

Nymex below avarage: Traders took some profits after Gasoil's and oil production's late upward movement at NYMEX from their long-positions. The traded volume at NYMEX is below average at this time of the day. Market players are waiting for the European financial and the forex markets to open and will eye the situation in the geopolitical hotspots and the economic indicators which are to be released today as well as the US labor market data which market players concentrate on.

Houston (ex-wharf indications 7-11)
380cst $446
180cst $555
MGO $831

New Orleans (ex-wharf indications 7-11)
380cst $456
180cst $516
MGO $834

Singapore (delivered indications 7-11)

WTI is gaining with +$0.09 Singapore paper is up with +$3.40 for 180cst with +$2.75 for 380cst for Nov, and for Dec 180 cst +$3.00 and 380cst with +$2.30 with MGO contracts Nov bullish with +$0.11 and in Dec with +$0.05. The cargo market is losing with 180cst -$0.14, 380cst gaining with +$0.99 and MGO with +$0.10.

380cst $457
180cst $472
MGO $716

Fujairah (delivered indications 7-11)

380cst $470
180cst $515
MGO $930

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $443
(1.0 %) : $458
MGO 0.1%S: $728