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Crude oil prices gained slightly in Asia this morning as investors kept up a focus on China's stock market volatility for demand cues fromt he world's top importer.

Market fundamentals have become less bearish as there has been some doubt lately over whether there will be a deal with Iran. The slightly bullish technical constellation also buoys oil futures which are heading for their resistances. The traded volume at NYMEX is far above average at this time of the day. Market participants are waiting for the European financial and forex markets to open and for the release of a few economic indicators. They will also closely eye the nuke talks in Vienna and the developments in Greece's crisis. Moreover, the IEA's monthly energy report is on the agenda today.

ICE Gasoil contract for July delivery settled at 536.75 USD on Thursday, this is +12.50 USD above Wednesday's settlement. With some 50,000 deals the traded volume (front month) was slightly below average.

After having given selling signals, the stochastic indicator is still slightly bullish this morning favouring tests of the upside. The RSI is bullish as well. The buying signals were generated on Thursday which is why - in part - they have already been spent by now. If the stochastic indicator rose above 50% at ICE charts, technical buying would increase again. Thursday's highs are regarded as key resistances, however. That is why we still assess the technical constellation as neutral to bullish.

U.S.

Nymex above average: Market fundamentals have become less bearish as there has been some doubt lately over whether there will be a deal with Iran. The slightly bullish technical constellation also buoys oil futures which are heading for their resistances. The traded volume at NYMEX is far above average at this time of the day. Market participants are waiting for the European financial and forex markets to open and for the release of a few economic indicators. They will also closely eye the nuke talks in Vienna and the developments in Greece's crisis. Moreover, the IEA's monthly energy report is on the agenda today.

Houston (ex-wharf indications 10-7)
380cst $313
180cst $468
MGO $576

New Orleans (ex-wharf indications 10-7)
380cst $320
180cst $383
MGO $543

Singapore (delivered indications 10-7)

WTI is bullish with +$1.24. Singapore paper is up with +$8.50 for 180cst up with +$8.25 for 380cst for Jul, and for Aug 180 cst +$6.50 and 380cst with +$7.00 with MGO contracts Jun gaining with +$0.77 and in Jul with +$0.75. The cargo market is bullish with 180cst +$8.17, 380cst with +$9.12 and MGO down with +$1.22.

380cst $314
180cst $327
MGO $513

Fujairah (delivered indications 10-7)

380cst $305
180cst $339
MGO $724

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $303
MGO 0.1%S: $508