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Crude oil prices dipped sharply in Asia this morning, extending overnight losses as over-supply worries weighed.

Futures took some profit during the night and on Thursday morning as expected after sharp losses on Wednesday. Oil futures at ICE and NYMEX increased slightly until midday and tested their first resistance which couldn't be breached. Therefore, no bullish signals were triggered which could have justified further upward movement so that market players refrained from technical buying orders in the course of the day. The fundamentally clear bearish constellation weighed on the prices in the afternoon, which breached their Wednesday's 5-year-lows. This triggered further downside even though the 60.00 USD mark at the WTI chart stayed strong so far. The positive US economic data supported the futures at that time of the day but the prices eyed their Thursday's lows again in late trading. WTI finally breached its 60.00 USD mark towing the other futures downwards as well. That's why oil prices at ICE and NYMEX expanded their 5-year-lows yesterday.

ICE Gasoil contract for January delivery settled at 580.75 USD on Thursday, this is 1.25 below Wednesday's settlement. With some 78,600 deals the traded volume (front month) was about on average.

Technical analysis stays without signals. The stochastic indicator's lines at the Gasoil chart crossed again due to the expiry of Gasoil's front month so that this indicator is to be interpreted fundamentally bearish. There are still no fresh signals at the Brent and the WTI chart. The RSI which marks at the oversold level has no chance to trigger any signals neither. Further downside was generated after WTI breached its important psychological support at 60.00 USD. Together with the long-term downtrends we consider the technical constellation as neutral to bearish this morning in spite of the missing signals at the Brent and WTI chart.

U.S.

Nymex above avarage: Short covering raised the price level in the morning again. The traded volume at NYMEX is far above 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. The market players are expected to concentrate especially on the IEA's monthly report which is to be released today.

Houston (ex-wharf indications 12-12)
380cst $349
180cst $458
MGO $724

New Orleans (ex-wharf indications 12-12)
380cst $382
180cst $461
MGO $713

Singapore (delivered indications 12-12)

WTI is losing with -$1.54 Singapore paper is down with -$11.90 for 180cst with -$12.75 for 380cst for Dec, and for Jan 180 cst -$11.10 and 380cst with -$11.30 with MGO contracts Dec bearish with -$1.73 and in Jan with -$1.68. The cargo market is losing with 180cst -$10.30, 380cst with -$11.18 and MGO with -$1.45.

380cst $370
180cst $385
MGO $600

Fujairah (delivered indications 12-12)

380cst $372
180cst $418
MGO $850

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $333
(1.0 %) : $343
MGO 0.1%S: $563