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Crude oil futures edged higher 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 at ICE and NYMEX lost momentum at the beginning of the week after they increased on Friday. They started on a high level but neither Chinese (trading balance) nor German (trading balance and industrial production) economic indicators didn't trigger any important signal. And even other important signals were missing. Market players seemed to be conscious of taking profit and were still digesting the OPEC's decision which was released on Friday while market players are already waiting for the monthly reports of the EIA, the IEA and the OPEC which are to be released in the course of this week. Oil futures eased in the course of Monday after a slight upward movement in the morning and tested their supports on Monday evening. The euro considerably increased on Monday but had no important influence on prices at ICE and NYMEX.

ICE Gasoil contract for June delivery settled at 571.75 USD on Monday, this is +5.00 USD above Friday's settlement. With some 42,100 deals the traded volume (front month) was below average.

The lines of the stochastic indicator at the Brent chart already crossed triggering a first buying signal. The lines of the indicator at the Gasoil and the WTI chart also seem to cross soon but no confirming signal has been generated so far. The lines of the 7 day moving average and the 21 day moving average diverge again which indicated a technical upward movement. If the stochastic indicator's lines at the Gasoil and the WTI chart confirm Brent's buying signal and if the moving averages become bullish by the crossing of its lines as well, buying pressure is expected to increase considerably. Therefore, we consider the technical constellation as neutral to bullish this morning.

U.S.

Nymex below average: Oil futures stay in their narrow range even though Chinese economic indicators slightly support them. The traded volume at NYMEX is below average at this time of day. Investors are waiting for the European market and forex markets to open and for the economic indicators that are on the agenda today, as well as for the EIA report and the US oil inventory data as per API which is to be released tonight at 10.30 pm.

Houston (ex-wharf indications 9-6)
380cst $333
180cst $469
MGO $634

New Orleans (ex-wharf indications 9-6)
380cst $347
180cst $403
MGO $617

Singapore (delivered indications 9-6)

WTI is gaining with +$0.14. Singapore paper is up with +$2.25 for 180cst with +$1.75 for 380cst for Jun, and for Jul 180 cst -$0.25 and 380cst with -$0.90 with MGO contracts Jun gaining with +$0.20 and in Jul with +$0.20. The cargo market is bearish with 180cst +$4.65, 380cst with +$5.82 and MGO up with +$1.10.

380cst $335
180cst $368
MGO $556

Fujairah (delivered indications 9-6)

380cst $348
180cst $374
MGO $722

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $333
MGO 0.1%S: $568