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WTI oil futures tumbled this morning, after data showed that China’s economy grew at the slowest pace in 24 years and after the IMF slashed its global growth outlook.

Market players started cautious on Monday after last week's surprisingly bullish IEA monthly report especially as some US traders didn't participate in trading yesterday due to the Martin Luther King Day. The slightly bullish technical constellation faced bearish fundamentals which finally predominated as technical buying signals were already absorbed by last week's increases and fresh signals were missing. Oil futures breached several short-term supports while trading volume stayed relatively low in general. There was no important fundamental news either. Therefore, futures at ICE and NYMEX finally settled lower near their Monday's lows while US floor trading at NYMEX ended earlier than usual due to the US holiday.

ICE Gasoil contract for February delivery settled at 473.50 USD on Monday, this is 1.25 USD above Friday's settlement. With some 43,300 deals the traded volume (front month) was below average.

The RSI's bullish influence is rather absorbed and the indicator is therefore to interpreted as neutral again. Signals of the stochastic indicator are expected to be triggered at ICE as well as at NYMEX. If the indicator at the Brent and at the Gasoil chart considerably surpasses the 50 line a slightly bullish signal would be triggered. But if the indicator's lines cross a bearish signal would be generated. Therefore, the technical constellation is to be interpreted as neutral this morning, while important signals might be triggered in the course of the day.

U.S.

Nymex above average: Oil futures consolidate in a narrow range this morning as technical analysis doesn’t give any signal. The positive Chinese economic data and the disappointing growth forecast of the IMF neutralise each other. The traded volume at NYMEX is above average at this time of the day. Market players are waiting for the European financial, the forex markets to open and the return of US traders after their long weekend as well as for important economic indicators which are to be released today.

Houston (ex-wharf indications 20-1)
380cst $259
180cst $499
MGO $574

New Orleans (ex-wharf indications 20-1)
380cst $272
180cst $374
MGO $574

Singapore (delivered indications 20-1)

WTI is losing with -$1.09. Singapore paper is up with -$3.40 for 180cst with -$2.75 for 380cst for Feb, and for Mar 180 cst -$3.40 and 380cst with -$3.25 with MGO contracts Feb bearish with -$0.97 and in Mar with -$0.90. The cargo market is bullish with 180cst +$5.67, 380cst with +$4.69 and MGO with -$0.07 .

380cst $278
180cst $305
MGO $495

Fujairah (delivered indications 20-1)

380cst $288
180cst $315
MGO $845

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $243
MGO 0.1%S: $463