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Crude oil prices continued overnight gains in early Asia this morning as investors kept an eye on demand cues from countries like India and China to see if falling prices spur consumers. Oil futures at ICE and NYMEX slightly increased in the course of Thursday morning partly taking profits from short covering but as well from the stronger euro-dollar parity. The positive US economic data of which the better than expected US labour market data supported in the afternoon pushed oil futures upwards. Prices considerably decreased in the late afternoon and breached under the guidance of NYMEX WTI. In late trading it emerged that a report from Genscape weighed on the market which expects rapidly raising US crude oil stocks in Cushing. In combination with the rebound from the 45.00 USD resistance mark at the WTI chart, this triggered a selling wave. Therefore, the US crude oil sort dropped for the first time since 2009 below 44.00 USD. At the same time, the euro dropped as well favouring a downward movement at the oil market. But WTI stopped decreasing at the support at 43.50 USD. There were no further bearish news and futures at ICE weren't able to breach their Thursday morning's lows. Therefore, traders used this situation for short covering. Oil futures returned to their settlements in late trading settling in general slightly higher in London and New York. ICE Gasoil contract for February delivery settled at 473.50 USD on Thursday, this is 5.00 USD below Wednesday's settlement. With some 35,200 deals the traded volume (front month) was below average.

The technical constellation is relatively instable in the current consolidation. The stochastic indicator at the Brent chart triggered a buying signal yesterday but there is also a divergence. Therefore, this indicator is not to be interpreted as bullish this morning. The stochastic indicator at the Gasoil and the WTI chart doesn't indicate any fresh signal and even the RSI is currently neutral. A short-term downtrend was built at the WTI chart while Brent and Gasoil still consolidate inside of the superior bearish trend-channel. The stochastic indicator might trigger bullish as well as bearish signals in the course of the day at the Gasoil and the WTI chart. As the technical constellation is rather instable so far and as there were no important signals within the last few days a direction giving signal at ICE is expected to be triggered by breaching the upper or the lower limit of the consolidation. Therefore, we consider the technical constellation as neutral this morning.

U.S.

Nymex above average: Oil futures stabilised at the level of yesterday's late highs and consolidate so far in a rather narrow range. The traded volume at NYMEX is about on average at this time of the day. Market players are waiting for the European financial and the forex markets to open and the economic indicators which are to be released today.

Houston (ex-wharf indications 30-1)
380cst $271
180cst $382
MGO $580

New Orleans (ex-wharf indications 30-1)
380cst $278
180cst $353
MGO $570

Singapore (delivered indications 30-1)

WTI is gaining with +$0.40. Singapore paper is up with +$4.50 for 180cst with +$2.65 for 380cst for Feb, and for Mar 180 cst +$4.35 and 380cst with +$2.55 with MGO contracts Feb bullish with +$0.10 and in Mar with +$0.06. The cargo market is bearish with 180cst -$2.29, 380cst with -$2.44 and MGO with -$0.52.

380cst $282
180cst $306
MGO $488

Fujairah (delivered indications 30-1)

380cst $291
180cst $312
MGO $786

ARA (Amsterdam - Rotterdam - Antwerp)

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