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Crude oil futures rebounded this morning, but held near recent lows amid concerns over sluggish global demand and ample supplies.

Oil futures at ICE and NYMEX eased on Tuesday morning due to the bearish guidelines due to the low Chinese annual growth and the reduced global growth forecast of the IMF. Futures changed direction due do the positive economic activity estimate of the ZEW at midday but the bearish fundamental constellation kept predominating. Selling pressure increased again qhen US floor trading opened after the holiday on Monday. Meanwhile, news about Nigerian pipelines which have been put out of service supported futures but this situation isn't expected to change anything concerning global oversupply. Futures increased once again in the short term on Tuesday afternoon in a volatile market but finally the bearish tendency predominated and futures settled lower near their Tuesday's long-term lows in London and New York.

ICE Gasoil contract for February delivery settled at 474.25 USD on Tuesday, this is 0.75 USD above Monday's settlement. With some 68,300 deals the traded volume (front month) was about on average.

The stochastic indicator dropped again below the 50 line triggering fresh selling signals. While the RSI stays neutral, the stochastic indicator is to be interpreted as bearish again. The selling signals speak for tests of the downside. Therefore, we consider the technical constellation as neutral to bearish again this morning. The supports at 468.25 USD Gasoil and 48.00 USD Brent and yesterday's long-term lows might be crucial concerning further downward potential. If these marks are breached technical selling pressure would continue to increase and we would have to consider the technical constellation as completely bearish.

U.S.

Nymex above average: Futures slightly increase this morning after they settled yesterday near the day lows. There are no important news or signs at the market. 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, as well as the API data to be released tonight at 10.30 p.m.

Houston (ex-wharf indications 21-1)
380cst $263
180cst $428
MGO $562

New Orleans (ex-wharf indications 21-1)
380cst $269
180cst $367
MGO $574

Singapore (delivered indications 21-1)

WTI is gaining with +$0.10. Singapore paper is up with +$1.00 for 180cst with +$1.65 for 380cst for Feb, and for Mar 180 cst +$0.35 and 380cst with +$1.00 with MGO contracts Feb bullish with +$0.33 and in Mar with +$0.22. The cargo market is bearish with 180cst -$2.49, 380cst with -$1.94 and MGO with -$1.00 .

380cst $278
180cst $300
MGO $485

Fujairah (delivered indications 21-1)

380cst $286
180cst $315
MGO $842

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $245
MGO 0.1%S: $468