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Crude oil futures declined on Monday, amid lingering concerns over a supply glut, especially in the U.S., where inventories are at record highs.

Oil futures at ICE and NYMEX traded in a rather narrow range on Friday morning and stayed below their first resistances. The technical constellation was to be interpreted as neutral while the fundamental situation was slightly bearish in general. The bearish DOE data which was released on Thursday hardly influenced oil futures as market players were waiting for figures concerning active US oil rigs. Traders counted on further shut downs. In the course of the afternoon NYMEX product futures caused a considerable buying pressure which also influences other futures. Especially ICE Gasoil was pushed upwards by Heating Oil futures. Therefore, a price increase was caused. The cold weather in large parts of the United States and further shut downs of refineries due to the strike of the United Steelworker union triggered NYMEX Heating Oil's price increase. Crude oil futures stayed weak in the afternoon and the evening contrary to product futures. The still oversupplied and bearish market situation weighed on crude oil futures. The Baker Hughes report was released on Friday after FS office hours showing further decrease in active US oil installations while the speed of shut downs decelerated. All in all, Gasoil and Heating Oil futures considerably increased while Brent and WTI hardly changed or rather settled with a slightly easing tendency on Friday evening in London and New York.

ICE Gasoil contract for March delivery settled at 581.50 USD on Friday, this is +13.25 USD above Thursday's settlement. With some 45,300 deals the traded volume (front month) was below average.

The stochastic indicator at the ICE Gasoil chart currently triggers a first buying signal after the indicator's lines crossed. But the indicator is expected to be slightly blurred due to short covering which is expected to enter the market through Heating Oil futures. Therefore, we consider this influence as smaller than usual and we point to the other indicators which don't confirm the buying signal yet. Therefore, technical constellation is still neutral this morning until the stochastic indicator's lines at the Brent and the WTI chart also cross and turn out to be bullish. But the stochastic indicator as well as the RSI at these charts stays neutral so far.

U.S.

Nymex on average: Futures increase this morning due to the buying pressure caused by NYMEX Heating Oil. The traded volume at NYMEX is slightly 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 the strikes at US oil refineries and the economic indicators that are on the agenda today.

Houston (ex-wharf indications 23-2)
380cst $341
180cst $438
MGO $657

New Orleans (ex-wharf indications 23-2)
380cst $341
180cst $380
MGO $656

Singapore (delivered indications 23-2)

WTI is losing with -$2.73. Singapore paper is down with -$22.25 for 180cst with -$22.95 for 380cst for Mar, and for Apr 180 cst -$22.25 and 380cst with -$22.45 with MGO contracts Mar bearish with -$1.80 and in Apr with -$1.96. The cargo market is bullsh with 180cst +$9.00, 380cst with +$9.14 and MGO bullish with +$0.02.

380cst $384
180cst $399
MGO $599

Fujairah (delivered indications 23-2)

380cst $382
180cst $399
MGO $764

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $316
MGO 0.1%S: $568