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WTI oil futures edged higher this morning, amid speculation weekly supply data due later in the session will show U.S. crude inventories fell at a faster pace than expected last week.

There were neither clear technical nor fundamental signals on Tuesday morning at the oil market. The tropical storm Bill due to which oil producers in the Gulf of Mexico evacuated their non-necessary personnel from their oil installations was a supporting factor at the oil market and pushed oil futures upwards The weak euro weighed on oil futures around midday but especially product futures increased again in late trading due to the tropical storm. The API released its US oil inventory report at 10.30 pm which especially caused upward potential for NYMEX Gasoline. Crude oil futures hardly changed after the release of the report. The trading range finally stayed rather narrow while product futures finally settled stronger due to the supporting influence of the tropical storm Bill while Brent and WTI settled lower.

ICE Gasoil contract for June delivery settled at 577.75 USD on Tuesday, this is +1.75 USD above Monday's settlement. With some 57,100 deals the traded volume (front month) was about on average.

The technical constellation hardly changed. The lines of the stochastic indicator at ICE and NYMEX converge and are to be interpreted as neutral. The buying signal at the WTI chart which was caused by the moving averages is already an old signal and wasn't yet confirmed by a crossing of the moving averages at the Gasoil or the Brent chart. If these lines at these charts sustainably cross in the course of the day a buying signal would be triggered. These lines serve at the same time as support at ICE while the 21 day moving average at WTI is still a key support which wasn't breached sustainably in the course of yesterday. If oil futures breach this support in the course of the day technical selling orders would weigh on them. We consider the technical constellation as neutral this morning as there are no fresh signals to be seen so far.

U.S.

Nymex on average: Gasoil slightly ease this morning after it increased again in late Tuesday trading. Brent and WTI hardly change at the moment. The traded volume at NYMEX is about on average at this time of the day. Market players are waiting for the European market and forex markets to open and for the economic indicators that are on the agenda today. Moreover, they are looking ahead to the DOE's report on US oil inventories due at 4.30 p.m. this afternoon.

Houston (ex-wharf indications 17-6)
380cst $338
180cst $469
MGO $631

New Orleans (ex-wharf indications 17-6)
380cst $348
180cst $406
MGO $612

Singapore (delivered indications 17-6)

WTI is gaining with +$0.41. Singapore paper is up with +$0.50 for 180cst down with -$0.05 for 380cst for Jul, and for Aug 180 cst +$0.50 and 380cst with +$2.00 with MGO contracts Jun gaining with +$0.67 and in Jul with +$0.69. The cargo market is bearish with 180cst +$3.85, 380cst with -$0.30 and MGO down with -$0.33.

380cst $358
180cst $373
MGO $557

Fujairah (delivered indications 17-6)

380cst $352
180cst $376
MGO $734

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $331
MGO 0.1%S: $568