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Crude oil prices gained smartly in early Asia this morning as Japan showed solid growth in industrial output, signalling demand growth for the major oil importer, even as prices, jobs and retail sales data lagged expectations.

Oil futures at ICE and NYMEX considerably increased on Thursday morning supported by the bullish technical constellation. Futures eyed their resistances while the 600.00 USD mark at the Gasoil chart limited the upward movement. WTI was rather weak due to the fact that US crude oil stocks reached a fresh record level. Expectations of further increases in crude oil stocks are expected to weigh on the contract in the coming weeks. Therefore, the US benchmark dropped again below the 50.00 USD mark in the afternoon. ICE futures followed WTI crude downwards in the afternoon after Gasoil wasn't able to breach the 600.00 USD mark. But Gasoil and Brent lost considerably less ground than NYMEX contracts did. Therefore, the Brent-WTI spread continued to increase temporarily reaching even levels above 12.00 USD. The drop of the euro-dollar parity also weighed on oil futures as well as the crude oil oversupply in the United States. In dollar-negotiated futures became more expensive for traders outside the United States due to the dollar which profited from positive US economic indicators. Oil futures stayed under pressure until the evening due to the weak WTI contract and finally settled lower in London and New York.

ICE Gasoil contract for March delivery settled at 585.75 USD on Thursday, this is +6.00 USD above Wednesday's settlement. With some 34,500 deals the traded volume (front month) was below average.

After yesterday morning's buying signals at the Gasoil chart the indicator is to be interpreted as neutral again in the meantime. Brent's indicator climbed above the 50 line confirming its bullish tendency. Therefore, we consider the technical constellation still as neutral to bearish this morning. The so far strong resistance of the short-term upward trend at the WTI chart limits WTI's upward potential while Brent's high from the middle of February serves as its key resistance. If these resistances are breached technical buying pressure could increase once again. The stochastic indicator at the Gasoil chart could generate a selling signal if its lines sustainably cross, however.

U.S.

Nymex above average: Futures at ICE are stronger in early trading while WTI still lingers near 49.00 USD. The traded volume at NYMEX is above 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.

Houston (ex-wharf indications 27-2)
380cst $334
180cst $440
MGO $666

New Orleans (ex-wharf indications 27-2)
380cst $343
180cst $381
MGO $668

Singapore (delivered indications 27-2)

WTI is losing with -$0.26. Singapore paper is up with +$3.75 for 180cst with +$3.75 for 380cst for Mar, and for Apr 180 cst +$2.10 and 380cst with +$3.15 with MGO contracts Mar neutral with ±$0.00 and in Apr bearish with -$0.16. The cargo market is bullish with 180cst +$18.80, 380cst bearish with +$14.84 and MGO bullish with +$3.01.

380cst $356
180cst $376
MGO $586

Fujairah (delivered indications 27-2)

380cst $366
180cst $383
MGO $761

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $323
MGO 0.1%S: $573