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WTI oil futures edged higher this morning, as market participants looked ahead to fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of demand in the world's largest oil consumer.

After the euro-critical Syriza party had won the elections in Greece, the common currency edged lower early Monday morning, weighing on oil prices at ICE and NYMEX. Technically, WTI's break below Friday's lows had generated new downward potential and so futures remained softer in the course of the morning. In the early afternoon, investors took advantage of the low price level, covering their short positions. Only little later, these short coverings triggered a price rally at ICE and NYMEX. In the USA, a blizzard is expected to bring a lot of snow and cold temperatures. This particularly boosted demand for NYMEX Heating Oil futures with a sooner delivery date. The other futures profited from this development as well. The rise triggered technical buying signals from the stochastic at the ICE charts, accelerating the upward correction at oil markets. Remarks from OPEC's secretary general, who thinks that it might be possible that oil prices have already found a bottom and prices might climb back to 200 USD, have also caused some volatility and insecurity at oil markets. However, the price rally proved unsustainable in the evening, which is why oil futures shed their gains completely.

ICE Gasoil contract for February delivery settled at 475.25 USD on Monday, this is 1.75 USD below Friday's settlement. With some 61,700 deals the traded volume (front month) was above average.

The buying signals the stochastic indicator had given at the Brent and the Gasoil chart on Monday have been absorbed by now. The lines of the indicator have even crossed again at the Brent chart, giving a bearish signal, whereas the indicator is still neutral at the Gasoil chart. If the selling signal at the Brent chart is confirmed, technical selling pressure should increase. However, the technical constellation continues to be rather unstable as the stochastic might theoretically give a buying signal at the WTI chart. Given the formal selling signal at the Brent chart, we are assessing the technical constellation as slightly bearish, however.

U.S.

Nymex above average: Oil futures started within a rather narrow trading range near Monday evening's levels this morning. The traded volume at NYMEX is slightly below average at this time of the day. Market players are waiting for the European financial and the forex markets to open and for the release of the economic indicators that are on the agenda today. Moreover, the API is going to release its data on US oil inventories at 10.30 p.m. tonight.

Houston (ex-wharf indications 27-1)
380cst $269
180cst $383
MGO $577

New Orleans (ex-wharf indications 27-1)
380cst $277
180cst $357
MGO $573

Singapore (delivered indications 27-1)

WTI is losing with -$0.21. Singapore paper is down with -$7.30 for 180cst with -$6.50 for 380cst for Feb, and for Mar 180 cst -$6.45 and 380cst with -$6.10 with MGO contracts Feb bearish with -$0.10 and in Mar with -$0.27. The cargo market is bearish with 180cst -$3.52, 380cst with -$4.67 and MGO with -$1.47.

380cst $280
180cst $305
MGO $490

Fujairah (delivered indications 27-1)

380cst $296
180cst $318
MGO $850

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $243
MGO 0.1%S: $468