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WTI oil futures rebounded from the previous session's heavy losses this morning, as market participants awaited the release of weekly supply data out of the U.S. later in the day to gauge the strength of oil demand from the world’s largest consumer.

Oil futures at ICE and NYMEX started rather strong on Tuesday morning and were slightly pushed upwards by the OPEC's monthly report which was released on Monday. The IEA which followed on Tuesday morning favoured the strong tendency as well due to which especially Brent was able to breach first short-term supports. Gasoil was rather volatile due to its upcoming expiry date in the course of the week and as market players liquidated their risk positions. WTI consolidated in a narrow range most of the time but triggered a technical selling wave by sustainably breaching the 52.00 USD mark from top to bottom. WTI dropped near the 50.00 USD mark in late trading pulling other oil futures along with it. Therefore, oil futures finally settled lower in London and New York on Tuesday evening. While the EIA's monthly report which was released after FS office hours was slightly bullish, the API US oil inventory data was rather slightly bearish.

ICE Gasoil contract for February delivery settled at 557.00 USD on Tuesday, this is 13.00 USD below Monday's settlement. With some 24,200 deals the traded volume (front month) was far below average.

The stochastic indicator's lines at ICE and NYMEX finally crossed in late trading on Tuesday and triggered a clear selling signal. The RSI stays above the 70 line and will only be able to confirm the stochastic indicator's selling signals if he drops below this line. Therefore, the stochastic indicator indicates that the upward correction of the last two weeks might have finished. The oversold constellation of the RSI and of the stochastic indicator encourages downward movements. Currently, Tuesday's lows still limit downside. Therefore, market players are waiting for further signals.

U.S.

Nymex above average: Futures tested their Tuesday's lows in early trading but rebounded so far. 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 for the US oil inventory report as per DOE which is to be released this afternoon at 4.30 pm while there are no further economic indicators on the agenda today.

Houston (ex-wharf indications 11-2)
380cst $331
180cst $414
MGO $635

New Orleans (ex-wharf indications 11-2)
380cst $338
180cst $370
MGO $619

Singapore (delivered indications 11-2)

WTI is losing with -$0.79. Singapore paper is down with -$1.75 for 180cst with -2.25 for 380cst for Feb, and for Mar 180 cst -$2.25 and 380cst with -$2.00 with MGO contracts Feb bearish with -$0.47 and in Mar with -$0.46. The cargo market is bullish with 180cst +$3.66, 380cst with +$3.37 and MGO with +$0.91.

380cst $343
180cst $360
MGO $540

Fujairah (delivered indications 11-2)

380cst $347
180cst $369
MGO $766

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $300
MGO 0.1%S: $540