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Crude oil prices rebounded in early Asia this morning, shrugging off large builds in U.S. stockpiles, as investors looked ahead to Greece and the euro zone and whether the country can manages to secure continued debt financing.

The API's bearish data and the bearish technical constellation weighed on oil prices early Thursday morning. Oil futures successively retreated, breaching several supports. This generated more downward potential. Market participants thus increased their short-positions as the DOE's data on US oil inventories were expected to show record builds in US crude oil stockpiles, providing more bearish cues. However, the data that was released at 5 p.m. disappointed, showing less massive builds in crude oil inventories than the API's report had led to expect. Even though the DOE's figures also contained bearish components that seemed to balance the bullish effect provided by the category of crude oil, oil futures eventually rose. Market players who had bet on massive builds in US crude oil inventories covered these short-positions in the evening. Oil prices thus gained ground and so Brent climbed back above 60 USD, whereas WTI surged above 50 USD.

ICE Gasoil contract for March delivery settled at 568.25 USD on Thursday, this is -9.25 USD below Wednesday's settlement. With some 80,300 deals the traded volume (front month) was above average.

The selling signal of the RSI is largely spent as the indicators sharp decline is slowing down. Even though the stochastic indicator dropped below 50% at the WTI chart, it can also be interpreted as neutral again after its lines crossed yesterday. The lines of the stochastic indicator are converging again at all charts, leading to expect that the bearish cues are likely to be spent. The technical constellation is thus neutral this morning. Fresh downward potential and lasting technical selling cues are only likely to generate if futures break below their short-term uptrends. Key-supports are at 49.20 USD WTI and 57.10 USD Brent.

U.S.

Nymex on average: Oil futures hardly changed this morning, consolidating on a high level. The traded volume at NYMEX is on average at this time of the day. Investors are waiting for the European financial and the forex markets to open, for news concerning the strikes at US oil refineries and the economic indicators that are on the agenda today.

Forecast: Crude oil +3.1; Distillates -2.1; Gasoline -0.5 million barrels vs previous week.
DOE: Crude oil +7.7; Distillates -3.7; Gasoline +0.5 million barrels vs previous week.
API: Crude oil +14.3; Distillates -2.7; Gasoline +1.3 million barrels vs previous week.

Houston (ex-wharf indications 20-2)
380cst $344
180cst $407
MGO $668

New Orleans (ex-wharf indications 20-2)
380cst $356
180cst $385
MGO $669

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $313
MGO 0.1%S: $566