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WTI oil futures edged lower to trade near a two-week trough this morning, amid expectations weekly supply data due later in the session will show U.S. crude inventories rose to the highest level on record last week.

Oil futures at ICE and NYMEX eased in early trading on Tuesday testing their supports. While the key support at the WTI chart stayed strong strikes at US refineries pushed oil futures upwards again. Therefore, futures orientated upwards in the course of the day. Brent even climbed above its 60.00 USD mark while Gasoil consolidated in a narrow range between its first support and its first resistance in the afternoon. Janet Yellen's speech in front of the US Congress in which she indicated that an interest rate hike will be postponed had a supporting influence yesterday as well as the news concerning the fresh shut down of the Libyan oil field Sarir. Especially the front month contracts of NYMEX product futures eased in the second half of the day. Market players took some profit from their long positions which were built due to the last price rallye. This profit taking caused considerable selling pressure which also had a limited influence on all other futures at ICE and NYMEX. US oil inventory data as per API which was released last night is to be interpreted as bearish as US crude oil stocks increased considerably stronger than expected. But market players reacted rather cautious to these figures due to last week's discrepancy between API and DOE report. Therefore, oil futures hardly moved during the night.

ICE Gasoil contract for March delivery settled at 579.25 USD on Tuesday, this is 0.75 USD below Monday's settlement. With some 41,800 deals the traded volume (front month) was below average.

The stochastic indicator at the Gasoil chart is to be interpreted as neutral again after he generated a wrong bullish signal during the last few days. The stochastic indicator at the Brent and the WTI chart stays also without signals. Therefore, we consider the technical constellation as neutral this morning. The RSI triggered a first selling signal at the Gasoil chart and short-term downtrends have been built at the WTI and the Brent chart but yesterday's key supports at 48.80 and 48.20 USD WTI stayed strong limiting further downside so far. If these marks are sustainably breached a technical selling signal would be triggered.

U.S.

Nymex on average: Futures hardly move this morning. The Chinese economic indicators and the API's figures currently have only a limited influence on oil futures. Therefore, futures consolidate in a rather narrow range this morning. 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, 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 DOE which is to be released this afternoon at 4.30 pm.

Houston (ex-wharf indications 25-2)
380cst $337
180cst $447
MGO $681

New Orleans (ex-wharf indications 25-2)
380cst $345
180cst $370
MGO $675

Singapore (delivered indications 25-2)

WTI is losing with +$0.40. Singapore paper is down with -$0.15 for 180cst with -$0.95 for 380cst for Mar, and for Apr 180 cst -$0.55 and 380cst with -$0.55 with MGO contracts Mar bullish with +$0.04 and in Apr with +$0.07. The cargo market is bearish with 180cst -$10.18, 380cst with -$9.94 and MGO bullish with -$1.19.

380cst $343
180cst $359
MGO $546

Fujairah (delivered indications 25-2)

380cst $354
180cst $374
MGO $757

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $308
MGO 0.1%S: $558