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West Texas Intermediate oil futures turned higher after hitting a one-week low on Thursday, 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.

After having surpassed their resistances at the MA7, oil futures in London and New York unsurprisingly tested their upward potential on Wednesday. However, Brent bounced from its resistance at 50.00 USD and so there was no technical buying. Investors rather tended to take profits. Whilst speculations over OPEC's efforts to seek allies for regulating oil supplies bolstered prices, refinery shut-downs in the USA dented commercial crude oil demand, having a bearish effect on oil futures. Late in the evening, after our office hours, the EIA released its monthly energy report. Even later, the API's data on US oil inventories was due. The data added to selling pressure at oil markets. Oil futures thus ended the day near their lows and clearly in the red.

ICE Gasoil contract for September delivery settled at 472.50 USD on Wednesday, this is -8.50 USD below Tuesday's settlement. With some 65,500 deals the traded volume (front month) was slightly above average.

The technical constellation currently isn't providing many cues as the potential buying signals the Stochastic indicator could have given on Wednesday didn't materialize. If the lines of the indicator sustainably cross at the Brent chart, their might be a bullish signal. After the contract bounced off its key-resistance at 50 USD, oil futures have tended to the downside again, though, breaking below Wednesday's lows. At the WTI chart, the MA21 remains an important support. If this support is sustainably breached, there might be a technical sell-off. Even though there are no clear cues this morning, we assess the technical constellation as slightly bearish as Brent dropped back from its support at 50 USD and futures fell below Wednesday's lows.

U.S.

Nymex above average: Given the API's bearish inventories data and the EIA's monthly energy report, oil futures tended to the downside early this morning. Market players have meanwhile covered some of their short positions but oil futures are still slightly in the red. The traded NYMEX volume is above average at this time of day. Market participants are waiting for the European financial and forex markets to open and for the economic indicators on the agenda today. Moreover, they are looking ahead to the release of the DOE's data at 5 p.m. this afternoon.

Houston (ex-wharf indications 10-9)
380cst $237
180cst $343
MGO $497

New Orleans (ex-wharf indications 10-9)
380cst $248
180cst $304
MGO $476

Singapore (delivered indications 10-9)

WTI is bearish with -$2.10. Singapore paper is down with -$11.75. for 180cst with -$12.50 for 380cst for Sep, and for Oct 180 cst -$12.25 and 380cst with -$12.50 with MGO contracts Sep lose with -$2.03 and in Oct with -$2.03. The cargo market is bullish with 180cst +$4.40, 380cst with +$5.47 and MGO with +$1.79.

380cst $234
180cst $247
MGO $450

Fujairah (delivered indications 10-9)

380cst $243
180cst $264
MGO $589

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $233
MGO 0.1%S: $438