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Oil prices were little changed this morning, one day after plunging more than 3% amid ongoing concerns over a global supply glut.

Oil prices ticked lower in quiet trading ahead of the end of the year this morning, as last week's sharp rally came to a halt. After many investors had covered their short positions before Christmas, oil futures kicked off this week on a steadier note. However, there were no fundamental reasons for a price rally and as most market players had already cut their short positions, oil prices lost ground in the first half of the day. In a rather thin trade, the ICE Gasoil contract dropped to its support at 330.00 USD. This support remained strong until the evening. Selling pressure was mainly generated by the factors which weighed on crude oil prices. Reports on the first exports of US crude oil being effectuated sent crude oil futures down. The ban on US crude oil exports was only lifted about two weeks ago. The technical constellation didn't provide any selling signals in European trading on Monday but expectations of renewed builds in Cushing crude oil stockpiles pushed crude oil futures back down near their lows. Crude oil futures thus ended the day with considerable losses.

ICE Gasoil contract for January delivery settled at 336.00 USD on Monday, this is -3.75 USD below Thursday's settlement. With some 17,900 deals, the traded volume (front month) was far below average.

Whilst the technical constellation didn't provide any fresh selling signals on Monday afternoon, the Stochastic indicator gave off such signals later in the evening as the lines of the indicator clearly crossed at the ICE as well as at the NYMEX charts. Gasoil, Brent and WTI slipped below the 7-period moving average, generating fresh downward potential. That is why the technical constellation can be assessed as bearish this morning. It might push oil futures back down to their long-term lows. However, it needs to be mentioned that the market remains very volatile as many traders are still on holiday. The technical selling signals might thus fail to impact oil prices. In this case, market players might renewedly cover their short positions. If oil futures fall below Monday's lows, however, and if the Stochastic indicator drops below 50%, oil futures could see a sharp decline.

U.S.

Nymex is below average: Oil futures slightly recovered from Monday's losses in Asian and electronic trading this morning. They were buoyed by some short-covering. The traded volume at NYMEX is below average this morning. Market participants are waiting for the European financial and forex markets to open today as well as for the release of some economic indicators out of the USA. Moreover, the API's report on US oil inventories is due at 10.30 p.m. tonight.

Houston (ex-wharf indications 29-12)
380cst $148
180cst $212
MGO $363

New Orleans (ex-wharf indications 29-12)
380cst $190
180cst $251
MGO $390

Singapore (delivered indications 29-12)

380cst $173
180cst $184
MGO $338

Fujairah (delivered indications 29-12)

380cst $166
180cst $210
MGO $595

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $138
MGO 0.1%S: $318