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Crude oil prices carried gains into Asia this morning with U.S. jobs data in focus as well as the latest developments as Greece tries to reach new terms with reluctant creditors.

Oil futures at ICE and NYMEX started weak on Thursday morning after Wednesday's losses and first technical selling signals of the stochastic indicator. Futures tested their downward potential first due to the technical neutral to bearish direction while the RSI gave no confirming signals. A mix of different slightly bullish factors caused a change in direction in the course of the day. Therefore, oil futures orientated upwards again. The reduce of Chinese equity requirements for commercial banks supported oil futures as well as the attack on an oil tanker near Nigeria and the conflicts in Libya between Islamists and the government which spread the more and more to oil installations. Furthermore, in dollar negotiated oil futures became more attractive for traders outside the United States due to the weak dollar or rather the strong euro encouraging short covering. The combination of these factors led to an increase up to the 50.00 USD mark WTI. Several stop loss orders (short covering) were realised after the breach of this mark generating a technical buying wave at the oil market. Oil futures kept increasing until late trading and finally settled higher with considerable gains in London and New York on Thursday evening. However, the news which indicates that Saudi Arabia reduced its prices to a new record level for deliveries in March to Asia thwarted the technical price rally.

ICE Gasoil contract for February delivery settled at 545.75 USD on Thursday, this is 8.00 USD above Wednesday's settlement. With some 51,100 deals the traded volume (front month) was slightly below average.

The stochastic indicator's selling signals aren't confirmed by the RSI at the Brent and the Gasoil chart. Therefore, the bearish technical influence is already absorbed. As the stochastic indicator's lines at ICE and NYMEX currently converge again the stochastic indicator is to be interpreted as neutral this morning. If these lines converge, even a buying signal might be triggered. We consider the technical constellation as neutral this morning while buying pressure might increase again by the breach of Thursday's highs as well.

U.S.

Nymex above average: Oil futures at ICE and NYMEX already increase in the early morning focussing their Thursday's highs. They still seem to be pushed upwards by short covering as some traders fear having missed the moment where futures build a bottom. The traded volume at NYMEX is far above average at this time of the day. Market players are waiting for the European financial and the forex markets to open, for news concerning strikes at US oil refineries and the economic indicators which are to be released today.

Houston (ex-wharf indications 6-2)
380cst $325
180cst $383
MGO $632

New Orleans (ex-wharf indications 6-2)
380cst $325
180cst $364
MGO $618

Singapore (delivered indications 6-2)

WTI is gaining with +$3.46. Singapore paper is up with +$23.00 for 180cst with +$23.25 for 380cst for Feb, and for Mar 180 cst +$22.70 and 380cst with 22.50 with MGO contracts Feb bullish with +$2.90 and in Mar with +$2.94. The cargo market is bearish with 180cst -$16.81, 380cst with -$16.43 and MGO with -$2.78.

380cst $342
180cst $354
MGO $538

Fujairah (delivered indications 6-2)

380cst $354
180cst $383
MGO $801

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $313
MGO 0.1%S: $543