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Oil prices extended gains into a second day in Asian trade this morning, finding support from brighter economic data and a global stock market rally after the European Central Bank signalled its willingness to launch more stimulus measures.

Thursday morning, the situation at oil markets was far less bearish than on Wednesday. Market fundamentals as well as the technical constellation put less pressure on prices - the Stochastic indicator even generated a buying signal at the Gasoil chart. Oil futures in London and New York were bolstered by short covering in the morning, with bull pressure having been generated by product futures. Along with the bullish signal of the Stochastic indicator at the Gasoil chart, product futures were fostered by the data on stockpiles released by the DOE on Wednesday as the DOE had reported a rise in distillate and gasoline demand. The euro/dollar already tended to the downside in this phase as investors on the financial markets expected the ECB to point to more expansive measures in the press conference following the meeting of the ECB's Governing Council. In the afternoon, Mario Draghi met these expectations, saying that the ECB would re-examine further expansive measures in December. Unsurprisingly, the euro slumped against the dollar after these comments. Oil futures at ICE and NYMEX remained on a high level as additional liquidity from the ECB bolsters the economy and thus oil prices. The dollar profited from Mario Draghi's comment, making oil futures more expensive for traders outside the USA. In the course of the afternoon and in the evening, investors thus took some profits. However, the gains at stock markets supported oil prices and so oil futures held steady, ending the day in the black.

ICE Gasoil contract for November delivery settled at 444.50 USD on Thursday, this is +0.75 USD above Wednesday's settlement. With some 46,300 deals the traded volume (front month) was below average.

The Stochastic indicator has meanwhile turned bullish at the Brent chart, confirming the buying signal it had given off at the Gasoil chart. However, the 7-period moving average is still capping the upside. Moreover, the Stochastic indicator hasn't given a buying signal at the WTI chart yet. The RSI exceeded 30% at the Gasoil chart, generating another bullish signal. Even so, Gasoil hasn't succeeded in breaking above the 7-period moving average yet, either. The buying signals point to more tests of the upside, even though they aren't very strong up to now. In the course of the day, they could wane again, losing their bullish impact. The 7-period moving average might be crucial. If oil futures break above this marker, technical buying would be triggered. In this case, the Stochastic, might give an additional buying signal at the WTI chart.

U.S.

Nymex above average : Oil futures rose in early morning trade, still fostered by the bullish cues provided by the DOE's data on product demand and the ECB's hints on further accommodative measures. The traded volume at NYMEX is above average this morning. Investors are now waiting for the European financial and forex markets to open, as well as the economic indicators which are on the agenda. They will also look ahead to the release of the Baker Hughes report on the number of active US oil rigs.

Houston (ex-wharf indications 23-10)
380cst $218
180cst $280
MGO $480

New Orleans (ex-wharf indications 23-10)
380cst $231
180cst $283
MGO $475

Singapore (delivered indications 23-10)

Brent is gaining with +$0.15. Singapore paper losing with -$0.25 for 180cst with -$0.05 for 380cst for Nov, and for Dec 180 cst -$0.25 and 380cst with -$0.50 with MGO contracts Nov up with +$0.35 and in Dec with +$0.31. The cargo market is up with 180cst +$0.58, 380cst down with +$0.26 and MGO with +$.82

380cst $230
180cst $244
MGO $436

Fujairah (delivered indications 23-10)

380cst $235
180cst $275
MGO $613

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $223
MGO 0.1%S: $418