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Crude oil futures gave back some of the previous session's strong gains this morning, coming under pressure from a broadly stronger U.S. dollar.

Oil futures at ICE and NYMEX slightly tended to the upside on Friday morning as the data on US oil inventories released by the DOE on Thursday evening had come in bullish and the technical constellation favoured a rise. In the course of the day there were but few fresh cues. Since the euro/dollar remained in a narrow range, futures in London and New York struggled to find a direction as well. After a short dip, oil prices finally surged. The expiry of the NYMEX Heating Oil and Gasoline contracts with June delivery made markets more volatile than usual and so, the DOE's bullish data showed some repercussions and the technical constellation supported prices, too. The stochastic indicator at the Brent and the Gasoil chart confirmed the buying signal it had already given at the WTI chart. This triggered further technical buying that accelerated the price increase. Late in the evening, after our submission deadline, Baker Hughes released its latest weekly report on active US oil rigs. This report showed that the number of rigs renewedly declined. This buoyed prices until late at night. Oil futures thus made up for Thursday's gains ahead of the weekend.

ICE Gasoil contract for June delivery settled at 593.00 USD on Friday, this is +22.25 USD below Thursday's settlement. With some 55,200 deals the traded volume (front month) was about on average.

After having given a buying signal at the WTI chart, the stochastic indicator gave a confirming buying signal at the Brent and the Gasoil chart. Besides, the Bollinger-lines had indicated an upward correction which happened on Friday when oil prices rallied. Most of the bullish potential has thus been spent on Friday. Since the stochastic indicator is still bullish at ICE and NYMEX charts, however, we keep assessing the technical constellation as neutral to bullish. The MA21 might limit the upside today. If oil futures break above this level in the course of the day, though, technical buying pressure would increase.

U.S.

Nymex above average: After having gained ground ahead of the weekend, oil futures remain on a high level this morning trading in a narrow range. They already surpassed their Thursday's highs. The traded volume at NYMEX is above average at this time of the day. Investors are waiting for the European market and forex markets to open and for the economic indicators that are on the agenda today.

Houston (ex-wharf indications 1-6)
380cst $333
180cst $469
MGO $637

New Orleans (ex-wharf indications 1-6)
380cst $343
180cst $403
MGO $624

Singapore (delivered indications 29-5)

No news today due to public holiday.

380cst $362
180cst $381
MGO $563

Fujairah (delivered indications 29-5)

380cst $369
180cst $390
MGO $736

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $342
MGO 0.1%S: $578