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WTI oil futures edged lower on Tuesday, 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 started strong on Monday morning at the beginning of the week after their price drop on Friday and ignored the slightly bearish technical situation. But as the fundamental constellation was rather bearish too, oil futures didn't increase considerably and the resistances at 53.65 USD Brent and 60.50 USD WTI limited the upward movement. Bearish factors predominated the market in the course of the afternoon weighing on oil futures at ICE and NYMEX. Besides, unsold cargos in the Atlantic and the still unsolved situation in Greece also weigh on oil futures. The stochastic indicator at the Brent chart confirmed the selling signal of the stochastic indicator at the Gasoil chart which was triggered on Monday morning. Therefore, selling pressure increased. This constellation caused a considerable price drop and oil futures dropped to fresh day lows. Oil futures increased again in late trading after a phase of consolidation due to the expiry of WTI's front month. This change in direction was especially caused by the fact that market players rolled their risks into the following months. Oil futures finally settled slightly higher on Monday evening in London and New York.

ICE Gasoil contract for July delivery settled at 570.25 USD on Monday, this is -0.75 USD below Friday's settlement. With some 54,000 deals the traded volume (front month) was about on average.

Meanwhile, the stochastic indicator at the Brent chart confirmed the selling signals of the stochastic indicators at the Gasoil and the WTI chart which were built on Monday morning. Therefore, bearish signals got stronger. But we consider the technical constellation still as neutral to bearish this morning. The 21 day moving average at the WTI chart stayed strong and limits downward margins building a key support between 59.95 USD and 60.00 USD WTI. If oil futures breach this support the technical constellation will turn out to be completely bearish and oil futures could eye their Monday's lows again.

U.S.

Nymex on average: Oil futures currently consolidate near their Monday's settlement levels. 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, as well as for the US oil inventory data as per API which are to be released tonight at 10.30 pm while the DOE's figures are on the agenda tomorrow afternoon at 4.30 pm.

Houston (ex-wharf indications 23-6)
380cst $338
180cst $458
MGO $612

New Orleans (ex-wharf indications 23-6)
380cst $349
180cst $400
MGO $599

Singapore (delivered indications 23-6)

WTI is losing with -$0.07. Singapore paper is down with -$0.45 for 180cst down with -$0.60 for 380cst for Jul, and for Aug 180 cst -$0.70 and 380cst with -$0.25 with MGO contracts Jun losing with -$0.27 and in Jul with -$0.25. The cargo market is bearish with 180cst -$5.82, 380cst with -$4.53 and MGO down with -$0.97.

380cst $353
180cst $369
MGO $558

Fujairah (delivered indications 23-6)

380cst $348
180cst $373
MGO $733

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $328
MGO 0.1%S: $550