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Oil prices headed for a seventh straight weekly loss this morning, with key producers showing no sign of cutting output in the face of a global supply glut.

Oil futures at ICE and NYMEX stayed strong as expected after Wednesday's rebound from the 50.00 USD supports Brent. The situation changed from a technical point of view due to the stochastic indicator's first buying signals and became slightly bullish. A technical consolidation was to be seen on Thursday morning after the losses of the first half of the week. Futures still tested downward potential in the fundamentally bearish overall situation, but futures at ICE and NYMEX stayed above their Wednesday's levels. Gasoil's short covering had a supporting influence before the expiry of its front month on Monday and the switch from Gasoil containing 1,000 ppm of sulphur to Gasoil containing 50ppm sulphur. The shares market also supported oil futures as further expansive measures of the ECB are expected as well as the adjustments of the portfolio of commodity funds which cause buying interest. Since there are no new arguments for further upward movement oil futures dropped once again in the short term in late trading. In the course of this, Brent dropped below its 50.00 USD support. But immediately after Brent's drop, futures jumped upward again as the downward movement triggered technical buying orders. Finally, futures settled stronger compared to the previous day in London and New York.

ICE Gasoil contract for January delivery settled at 479.75 USD on Thursday, this is 2.25 above Wednesday's settlement. With some 21,400 deals the traded volume (front month) was far below average.

The stochastic indicator is still bullish after its yesterday's buying signal at the WTI chart while the indicators at the Brent and the Gasoil chart confirm it. The futures still are at an oversold level which could favour upward movements. Therefore, we consider the technical constellation still as slightly bullish this morning. If oil futures breach yesterday's highs the bulls will be pushed and futures could keep increasing, reaching even their levels of their moving average 7 days (GD7). The psychological important support at 50.00 USD Brent stays.

U.S.

Nymex above average: Futures consolidate in a narrow range this morning without any important news. Currently, the technical liability to upward corrections and the fundamentally bearish overall situation seem to neutralise. The traded volume at NYMEX is 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.

Houston (ex-wharf indications 9-1)
380cst $284
180cst $435
MGO $635

New Orleans (ex-wharf indications 9-1)
380cst $298
180cst $367
MGO $623

Singapore (delivered indications 9-1)

WTI is losing with -$0.12. Singapore paper is up with +$4.25 for 180cst with +$4.25 for 380cst for Jan, and for Feb 180 cst +$4.25 and 380cst with +$3.75 with MGO contracts Jan bullish with +$0.18 and in Feb with +$0.23. The cargo market is bullish with 180cst +$13.23, 380cst with +$13.32 and MGO with +$0.72.

380cst $289
180cst $305
MGO $516

Fujairah (delivered indications 9-1)

380cst $285
180cst $325
MGO $820

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $253
MGO 0.1%S: $473