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Crude oil futures held near the highest level in nearly five months on Monday, as weak China factory data reinforced expectations that policymakers in Beijing will have to introduce further stimulus measures to jumpstart the economy amid lacklustre growth.

Oil futures at ICE and NYMEX consolidated on a high level on Thursday and were especially influenced by the movements of the euro-dollar parity. The US dollar stayed weak until the evening pushing oil futures to fresh year highs. Gasoil breached its € 535 mark generating fresh upward margins. On Friday, the 1st of May, oil futures increased in the morning but eased considerably in the course of the day. Market players took profit from the upward movement reacting on the news indicating an increase in Iraqi oil exports and a stronger than expected OPEC oil production in April. Oil futures changed direction again in the late evening. Oil futures jumped upwards after the release of the Baker Hughes report concerning the number of active oil rigs in the United States which registered a fresh decline. While Brent and WTI stayed below their Friday morning's highs, Gasoil even expanded its so far year high. The euro stayed strong versus the dollar on Friday and oil futures became less expansive for traders outside the United States. The surplus was absorbed again in the evening. Therefore, oil futures kept consolidating on a high level on the 1st of May in London and New York.

ICE Gasoil contract for May delivery settled at € 534.77 on Friday, this is +€ 0.45 above Thursday's settlement. With some 37,700 deals the traded volume (front month) was below average.

There are no fresh signals either at ICE, or at NYMEX. Currently, neither the RSI nor the stochastic indicator is able to trigger any bullish signal. If the RSI falls below its 70 line and the stochastic indicator's lines cross sustainably, rather bearish signals might be triggered which could lead to a considerable downward correction. Upward trends are still intact and we consider the technical constellation as neutral this morning due to lacking signals.

U.S.

Nymex on avarage: Oil futures slightly eased early this morning after the release of Chinese economic indicators but recovered again in the meantime and consolidate again on their Friday evening's levels. The traded volume at NYMEX is about on average at this time of the day. Market players are waiting for the European financial and the forex markets to open and for economic indicators that are on the agenda today.

Houston (ex-wharf indications 4-5)
380cst $347
180cst $460
MGO $638

New Orleans (ex-wharf indications 4-5)
380cst $350
180cst $415
MGO $640

Singapore (delivered indications 4-5)

WTI is gaining with +$0.72. Singapore paper is bullish with +$7.75 for 180cst with +$6.00 for 380cst for May, and for Jun 180 cst +$6.00 and 380cst with +$5.90 with MGO contracts may gaining with +$0.67 and in Jun with +$0.82. The cargo market is bullish with 180cst +$12.62, 380cst with +$11.31 and MGO with +$2.42.

380cst $363
180cst $385
MGO $583

Fujairah (delivered indications 4-5)

380cst $373
180cst $392
MGO $726

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $348
MGO 0.1%S: $588