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Oil prices eased from early highs this morning after Saudi Arabian Oil Minister said production in the world's biggest crude exporter would stay near record peaks around 10 million barrels per day (bpd) in April.

The crude oil sorts Brent and WTI reached fresh year highs last Thursday as several indicators pointed at a decreasing US oil production last week. Market players priced in a certain degree of risk premium due to the conflict in Yemen. Therefore, oil futures started on a high level on Friday morning. Investors were waiting for technical selling signals which finally weren't triggered in the course of the day. The market stays oversupplied in spite of its recent bullish development. The fundamental situation hardly influences oil futures on Friday. Oil futures at ICE and NYMEX consolidated on a rather high level without any important signals while market players were waiting for the Baker Hughes report. The report was published in the late evening indicating that the number of active US oil rigs decreased again. This was no surprise due to the figures of the last few months. Therefore, the report didn't cause any strong reaction. On the bottom line, oil futures defended their last week's gains on Friday settling slightly lower in London and New York before the weekend.

ICE Gasoil contract for May delivery settled at € 532.64 on Friday, this is +€ 5.07 above Thursday's settlement. With some 41,700 deals the traded volume (front month) was below average.

The stochastic indicator at ICE and NYMEX indicates a selling signal. It is still to be interpreted as neutral as its lines didn't cross sustainably yet. The same applies to the RSI, which only triggers a selling signal by breaching its 70 line sustainably. Therefore, we consider the technical constellation as neutral this morning. If the indicators trigger their selling signals in the course of the day, technical constellation will become bearish and could initiate a downward correction.

U.S.

Nymex above avarage: Oil futures at ICE and NYMEX stay strong due to the supporting measures of the Chinese central bank. Market players are still waiting for important signals which could be triggered by the technical constellation today. The traded volume at NYMEX is far above average at this time of the day because of the rolling of risk positions due to the upcoming expiry of WTI's front month tomorrow. Investors are waiting for the European financial and forex markets to open, for news concerning Yemen and for the economic indicators that are on the agenda today.

Houston (ex-wharf indications 20-4)
380cst $329
180cst $481
MGO $620

New Orleans (ex-wharf indications 20-4)
380cst $337
180cst $387
MGO $631

Singapore (delivered indications 20-4)

WTI is gaining with +$0.46. Singapore paper is bullish with +$2.00 for 180cst with +$2.40 for 380cst for May, and for Jun 180 cst +$1.75 and 380cst with +$2.00 with MGO contracts may losing with -$0.31 and in Jun with -$0.25. The cargo market is bullish with 180cst +$2.13, 380cst with +$1.85 and MGO with +$0.76.

380cst $348
180cst $366
MGO $566

Fujairah (delivered indications 20-4)

380cst $353
180cst $373
MGO $733

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $333
MGO 0.1%S: $558