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West Texas Intermediate oil futures declined for the sixth consecutive session on Tuesday, as lingering concerns over a supply glut in the U.S. drove down prices.

Oil futures at ICE and NYMEX eased on Monday morning reacting to the still bearish fundamental situation. The reopening of the Libyan ports Hariga and Zueitina encouraged traders to take profit of the Brent and the WTI contract which eased considerably compared to the product futures. The supports at 60.00 USD and 50.00 USD were breached in the course of the day and fresh technical downside was generated. But product futures stayed well supported, preventing also crude prices from falling further. Because of the cold snap in the United States and the expansion of strikes at US refineries NYMEX Heating Oil and ICE Gasoil front month contracts rose much stronger or rather didn't ease as strong as the following months. In late trading, the Nigerian OPEC president announced to call a special meeting of the cartel if oil prices keep dropping at the oil market. Therefore, oil futures jumped upwards. But this price increase didn't last long as market players don't really count on an OPEC production cut. Futures finally settled lower on Monday evening in London and New York, crude oil futures easing much stronger than product prices.

ICE Gasoil contract for March delivery settled at 580.00 USD on Monday, this is -1.50 USD below Friday's settlement. With some 64,500 deals the traded volume (front month) was slightly above average.

The stochastic indicator at the Gasoil chart stays bullish but, just like yesterday, the indicator isn't included in the technical analysis. The RSI, as well as the Stochastic indicator at the Brent and the WTI chart haven't confirmed the buying signal of Gasoil's stochastic indicator yet, the Stochastic even dropping below the 50 line. Therefore, they are to be interpreted as rather bearish. We consider the technical constellation as neutral this morning. WTI could drop as low as its supports at 48.80 USD and 48.20 USD respectively. If these are breached, technical selling pressure increases.

U.S.

Nymex on average: Oil futures slightly ease this morning. The bearish overall situation weighs on oil futures while the bullish factors that supported product prices at the NYMEX have had no influence on the market yet. 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 the strikes at US oil refineries and the economic indicators that are on the agenda today, as well as for the US oil inventory report as per API which is to be released tonight at 10.30 pm.

Houston (ex-wharf indications 24-2)
380cst $343
180cst $401
MGO $681

New Orleans (ex-wharf indications 24-2)
380cst $347
180cst $395
MGO $675

Singapore (delivered indications 24-2)

WTI is losing with -$1.11. Singapore paper is down with -$8.50 for 180cst with -$8.50 for 380cst for Mar, and for Apr 180 cst -$7.90 and 380cst with -$7.90 with MGO contracts Mar bearish with -$1.20 and in Apr with -$1.24. The cargo market is bearish with 180cst -$23.29, 380cst with -$24.25 and MGO bullish with -$1.70.

380cst $354
180cst $374
MGO $560

Fujairah (delivered indications 24-2)

380cst $363
180cst $383
MGO $757

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $308
MGO 0.1%S: $562