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Crude oil prices dipped in Asia this morning with some signs that a deal appears possible on Greece's debt bailout package after proposals were swapped at the weekend ahead of a crucial meeting.

Oil futures at ICE and NYMEX stayed in a rather narrow range on Friday morning as important signals were missing. But oil futures breached their first supports in the course of the morning triggering a technical selling wave. Market players hardly engaged in futures as they wanted to minimize their risks before the weekend. After oil futures dropped, traders especially liquidated their long positions in which they engaged in the course of the past few months. The reason for this drop was the weak euro which decreased due to a still missing solution concerning the crisis in Greece. Meanwhile, Greek problems are an affecting factor for oil futures as market players fear that oil demand could decrease after a Grexit. Therefore, oil futures considerably dropped and finally settled lower on Friday evening even though the euro recovered again.

ICE Gasoil contract for July delivery settled at 571.00 USD on Thursday, this is -17.00 USD below Thursday's settlement. With some 59,000 deals the traded volume (front month) was about on average.

The lines of the stochastic indicator at the Gasoil and the WTI chart already crossed triggering first selling signals. The confirming signal at the Brent chart is still missing but could be triggered in the course of the day as soon as the stochastic indicator's lines also sustainably cross at this chart. WTI still fights against its 21 day moving average and wasn't able to settle below this level in the last few days. A settlement below this level could trigger a strong selling signal. A bearish signal would also be triggered if the 7 day moving average falls below the 21 day moving average at the WTI chart. There are no more important technical signals but those at the Gasoil and the WTI chart. Therefore, we consider the technical constellation as neutral to bearish this morning.

U.S.

Nymex on average: Oil futures slightly increase this morning due to the increasing euro which caused short covering. 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, for new concerning Greece and for economic indicators that are on the agenda today, while there are only US existing home sales on the agenda this afternoon.

Houston (ex-wharf indications 22-6)
380cst $336
180cst $459
MGO $608

New Orleans (ex-wharf indications 22-6)
380cst $350
180cst $404
MGO $613

Singapore (delivered indications 22-6)

WTI is losing with -$0.81. Singapore paper is down with -$4.80 for 180cst down with -$4.00 for 380cst for Jul, and for Aug 180 cst -$5.05 and 380cst with -$5.00 with MGO contracts Jun losing with -$1.030and in Jul with -$1.02. The cargo market is bearish with 180cst -$2.52, 380cst with -$2.03 and MGO down with -$0.30.

380cst $353
180cst $369
MGO $558

Fujairah (delivered indications 22-6)

380cst $349
180cst $371
MGO $735

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $329
MGO 0.1%S: $553