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WTI oil futures gave back some of the previous session's strong gains this morning, as market participants looked ahead to fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of demand in the world’s largest oil consumer.

Oil futures orientated downwards on Thursday before the long Easter weekend as an agreement in Iranian nuclear negotiations was to be seen in Lausanne. The increase in Russian oil production weighed also on oil futures as it increased to its highest level in March since the end of the Soviet Union. The oil market in London and New York was open on Easter Monday. Prices increased at the beginning of the week showing a backlash against Thursday's losses. It is clear that sanctions against Teheran will be lifted slowly due to the achieved framework agreement. Therefore, the large quantities of stored Iranian oil won't enter the market as fast as expected. Genscape announced that stocks in Cushing decreased by about -0.3 mbpd against last months' tendency in the period from 31 March to 3 April. Besides, Saudi Arabia revised up its prices for Asian buyers for the second time in succession. Due to this combination of bullish news, oil futures considerably increased on Monday while the market stayed volatile and prone to price jumps due to the low traded volume.

ICE Gasoil contract for April delivery settled at 538.75 USD on Monday, this is +24.75 USD above Thursday's settlement. With some 15,400 deals the traded volume (front month) was far below average.

The stochastic indicator generated buying signals at ICE and NYMEX after its lines crossed breaching the 50 line. Upward potential has been almost absorbed by yesterday's strong increase. Therefore, we consider the technical constellation as neutral to bullish this morning.

U.S.

Nymex above avarage: Oil futures slightly ease this morning returning from their Monday's highs due to the strong increase on Easter Monday. 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 development in Yemen and the oil rig Abkatun and for today's economic indicators.

Houston (ex-wharf indications 7-4)
380cst $300
180cst $476
MGO $587

New Orleans (ex-wharf indications 7-4)
380cst $310
180cst $379
MGO $578

Singapore (delivered indications 7-4)

WTI is gaining with +$1.00. Singapore paper is bullish with +$4.25 for 180cst with +$5.55 for 380cst for Apr, and for May 180 cst +$5.00 and 380cst with +$5.75 with MGO contracts Apr gaining with +$0.65 and in May with +$0.62. The cargo market is bullish with 180cst +$0.27, 380cst with +$0.48 and MGO bearish with -$0.49.

380cst $319
180cst $338
MGO $531

Fujairah (delivered indications 7-4)

380cst $320
180cst $335
MGO $736

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $308
MGO 0.1%S: $523