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Crude oil prices dipped slightly in Asia this morning as investors looked ahead to the last suite of weekly data on U.S. supplies and output.

There were no clear signals to be seen at the oil market on Thursday morning. Market players still digested US figures as the DOE released a bearish US oil inventory report and as the FOMC announced supporting statements. Due to the fact that the Fed released its meeting minutes in Europe at 8.00 pm after European trading, its statements still influenced the European forex market on Thursday morning. Oil futures increased and the buying signals at the Brent and WTI chart confirmed the bullish stochastic indicator at the Gasoil chart. Therefore, oil futures jumped upwards breaching several resistances until Brent run out of air near 65.00 USD and profit taking above the 60.00 USD mark weighed on WTI. Market players are of the opinion that US shale oil production and its investments gets profitable again at this price level, this is why the 60.00 USD mark serves as natural resistance. Oil futures didn't find a clear direction after market players took profit in the afternoon as there were hardly any news at the oil market. Oil futures finally consolidated above their Thursday's lows and settles slightly higher in London and New York.

ICE Gasoil contract for July delivery settled at 588.00 USD on Thursday, this is +2.50 USD above Wednesday's settlement. With some 56,400 deals the traded volume (front month) was about on average.

The stochastic indicator at the WTI and the Brent chart confirmed Gasoil's buying signal yesterday morning supporting the upward movement on Thursday morning. But this confirmation already lost its influence by yesterday's reaction. Besides, technical triangles have been build which currently indicate a consolidation. If oil futures breach a triangle, a technical reaction would be triggered. The moving averages at the Brent and Gasoil chart still didn't trigger. Therefore, market players are still waiting for this buying signal. We consider the technical constellation as slightly bullish this morning due to the buying signals of the stochastic indicator but no important reaction is expected if oil futures don't breach the technical triangle.

U.S.

Nymex on average: Oil futures keep consolidating this morning like they did on Thursday evening. 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, while there are only few European economic indicators on the agenda this morning.

Houston (ex-wharf indications 19-6)
380cst $339
180cst $459
MGO $613

New Orleans (ex-wharf indications 19-6)
380cst $350
180cst $401
MGO $611

Singapore (delivered indications 19-6)

WTI is losing with -$0.40. Singapore paper is down with -$1.25 for 180cst down with -$1.25 for 380cst for Jul, and for Aug 180 cst -$0.75 and 380cst with -$0.20 with MGO contracts Jun losing with -$0.28 and in Jul with -$0.30. The cargo market is bearish with 180cst +$1.97, 380cst with +$0.37 and MGO down with +$0.63.

380cst $357
180cst $374
MGO $566

Fujairah (delivered indications 19-6)

380cst $353
180cst $372
MGO $737

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $332
MGO 0.1%S: $560