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Crude oil futures slumped this morning, as concerns over a glut in global supplies remained in focus.

Oil futures at ICE steadied on Friday morning, fostered by the shutdown of the Statfjord C platform in the North Sea and the slightly bullish technical constellation. Brent and Gasoil soon breached the first resistances. However, gains were capped by Brent's strong resistance at 61.75 USD. As expected, the NYMEX Heating Oil and Gasoline contracts proved rather volatile as they expired on Friday evening. This lead to some short covering in the evening. Brent and Gasoil kept track of the rise in NYMEX futures, finally surpassing the resistances that had limited the upside before. The report on active US oil rigs - released by Baker Hughes - hardly influenced oil markets on Friday as less rigs had been decommissioned as expected. WTI remained rather weak compared to the other contracts as experts expect that the glut in crude oil will chiefly affect the US crude oil market. Moreover, the latest disruptions in Libyan and Iraqi supplies mainly affect Brent. The spread between the two benchmark blends thus renewedly widened on Friday, amounting to 12.82 USD at the time of settlement. Oil futures kept track of their gains until late at night and so Brent renewedly reached Thursday's high whereas WTI failed to exceed 50 USD.

ICE Gasoil contract for March delivery settled at 593.75 USD on Friday, this is +8.00 USD above Thursday's settlement. With some 27,000 deals the traded volume (front month) was below average.

The bullish technical cues at ICE and NYMEX have meanwhile waned. The lines of the stochastic indicator are converging again at the Gasoil and the crude oil charts. However the indicator will only give a selling signal if these lines cross. A double top is limiting the upside for Brent whereas Gasoil is still hovering near 600 USD. The resistance at this level is also capping gains. The technical constellation can thus be considered neutral. If Brent and Gasoil break above their resistances, there would be a bullish signal whereas a bearish signal would be generated if the lines of the stochastic indicator cross.

U.S.

Nymex above average: Whilst the convincing economic indicators released in China at the weekend buoy oil futures, prices are currently edging lower, weighed down by the expectation of increasing oil exports from Libya and Iraq. The traded volume at NYMEX is above average at this time of the day. Market participants 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 this Monday.

Houston (ex-wharf indications 2-3)
380cst $341
180cst $454
MGO $673

New Orleans (ex-wharf indications 2-3)
380cst $353
180cst $387
MGO $680

Singapore (delivered indications 2-3)

WTI is losing with +$0.54. Singapore paper is up with +$1.75 for 180cst bearish with -$1.00 for 380cst for Mar, and for Apr 180 cst +$0.75 and 380cst bearish with -$0.75 with MGO contracts Mar bullish with +$1.30 and in Apr with +$1.26. The cargo market is bullish with 180cst +$3.75, 380cst bearish with +$3.05 and MGO bullish with +$0.11.

380cst $359
180cst $376
MGO $579

Fujairah (delivered indications 2-3)

380cst $368
180cst $389
MGO $760

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $322
MGO 0.1%S: $583