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Oil prices struggled for direction in European trade this morning, flipping between small gains and losses as market players looked ahead to fresh weekly information on U.S. stockpiles of crude and refined products.

Oil futures tested Monday's highs in electronic trading this morning but failed to break above these markers. The traded volume at NYMEX is above average this morning. Market players are now waiting for the European financial and forex markets to open as well as for the release of the economic indicators due today. Moreover, they are waiting for comments on a possible output freeze by OPEC and non-OPEC producers as well as on the API's data on US oil inventories due at 9.30 p.m.

ICE Gasoil contract for April delivery settled at 370.25 USD on Monday, this was 4.75 USD below Friday's settlement. With some 63,800 deals, the traded volume (front month) was above average.

The lines of the Stochastic indicator have crossed at the ICE and NYMEX oil charts, generating fresh selling signals. The support near the 7-period moving average has remained strong so far, limiting the downside on Monday. Against the backdrop of the selling signal of the Stochastic indicator, we assess the technical constellation as slightly bearish. Oil futures might thus renewedly test their key supports. However, a sharper downward correction is only possible if prices sustainably drop below the 7-period moving average.

U.S.

Nymex above average: Oil futures tested Monday's highs in electronic trading this morning but failed to break above these markers. The traded volume at NYMEX is above average this morning. Market players are now waiting for the European financial and forex markets to open as well as for the release of the economic indicators due today. Moreover, they are waiting for comments on a possible output freeze by OPEC and non-OPEC producers as well as on the API's data on US oil inventories due at 9.30 p.m..

Houston (ex-wharf indications 22-3)
380cst $164
180cst $274
MGO $378

New Orleans (ex-wharf indications 22-3)
380cst $173
180cst $219
MGO $369

Singapore (delivered indications 22-3)

Brent is bearish with +$0.52 for Apr contracts. Singapore paper is down with +$3.75 for 180cst with +$3.75 for 380cst for Apr, and for May 180cst +$3.50 and 380cst with +$3.25 with MGO contracts Apr with +$0.15 and in May with +$0.24.The cargo market is down with 180cst -$2.79, 380cst with -$2.16 and MGO with -$0.78.

380cst $181
180cst $186
MGO $345

Fujairah (delivered indications 22-3)

380cst $177
180cst $192
MGO $419

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $163
MGO 0.1%S: $368