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Global oil prices continued the week's rout with benchmark Brent crude falling for a fourth consecutive session this morning to its lowest in more than five years, despite China reporting record crude imports.
br> Further downward potential was to be seen on Monday morning at the oil market without the supporting technical signals which caused a consolidation at the oil market at the end of the last week. Oil futures at ICE and NYMEX already breached their first supports in the course of the morning. Selling pressure increased due to the expiry date of ICE Gasoil's front month in the afternoon. There were no important fundamental news but the new price forecasts of Goldman Sachs and Société Générale which caused quite a stir on Monday morning weighed on the futures. Especially the forecast of Goldman increased the selling pressure at the oil market as analysts expect an average Brent price in the first quarter of 47.00 USD and they don't exclude prices below 40.00 USD. The breach of Friday's long-term lows triggered a technical selling wave, as expected, which continued until late trading. Futures finally settled near fresh day lows on Monday evening in London and New York.

ICE Gasoil contract for February delivery settled at 471.50 USD on Monday, this is 7.25 below Friday's settlement. With some 74,600 deals the traded volume (front month) was above average.

The stochastic indicator's lines crossed at ICE as well as at NYMEX triggering fresh selling signals. Oil futures dropped early this morning below their Monday's lows indicating further downside in a calm market. Therefore, we consider the technical constellation as bearish this morning and oil futures are expected to eye their next key supports at 45.00 USD at the Brent and the WTI chart.

U.S.

Nymex above average: Oil futures already set fresh long-term lows this morning testing further downside in the technical and fundamental bearish constellation. 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 13-1)
380cst $270
180cst $468
MGO $621

New Orleans (ex-wharf indications 13-1)
380cst $282
180cst $362
MGO $621

Singapore (delivered indications 13-1)

WTI is losing with -$2.90. Singapore paper is down with -$7.60 for 180cst with -$7.75 for 380cst for Jan, and for Feb 180 cst -$8.35 and 380cst with -$8.25 with MGO contracts Jan bearish with -$2.85 and in Feb with -$2.70. The cargo market is bearish with 180cst -$11.51, 380cst with -$10.74 and MGO with -$1.85.

380cst $275
180cst $295
MGO $488

Fujairah (delivered indications 13-1)

380cst $280
180cst $324
MGO $828

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $233
MGO 0.1%S: $453