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Oil prices eased in Asia on Tuesday with U.S. industry data ahead on stockpiles.br>
Thursday morning oil futures at ICE and NYMEX tended to the downside. Ahead of the longer Easter weekend, the technical constellation remained bearish, favouring tests of the 21-period moving averages. As to market fundamentals, the massive builds in US crude oil inventories reported by the DOE on Wednesday weighed on oil futures. As expected, oil futures tested their supports near the 21-period moving averages. However, they failed to sustainably break below these levels. Ahead of the long weekend, investors avoided new riskier positions. That is why oil prices were able to regain some ground Thursday evening. They were also buoyed by the Baker Hughes rig count which showed that the number of active US oil rigs had declined by 15. Due to the holiday on Good Friday, the report has already been released on Thursday. Although most traders were absent on Easter Monday, trading places in London and New York were open. Oil Futures edged higher on Monday morning but failed to defend their gains in the afternoon. In a calm trade which was lacking fresh cues, oil futures renewedly tested their supports near the 21-period moving averages. However, Brent and WTI once again failed to sustainably break below these levels. In the evening, oil prices recovered but, nonetheless, they stayed in the red as analysts expect renewed builds in nationwide US crude oil inventories..

ICE Gasoil contract for April delivery settled at 352.00 USD on Monday, this was 8.75 USD below Thursday's settlement. With some 16,600 deals, the traded volume (front month) was far below average.

The lines of the Stochastic indicator have converged at the Brent and the WTI chart. The indicator has thus turned neutral after briefly having given off a buying signal on Monday. However, this buying signal has meanwhile been spent. The lines of the indicator are running in parallels at the Gasoil chart. The RSI can't provide any signals - neither at the ICE nor at the NYMEX charts. Even though the 21-period moving average has already been sustainably breached at the Gasoil chart, this hasn't been the case yet at the Brent and the WTI chart. If the contracts sustainably break below this marker, technical selling pressure might increase. Oil futures might even approach the lower Bollinger Band. As long as Brent and WTI don't sustainably break below the 21-period moving average, though, we assess the technical constellation as neutral, the more so as the Stochastic indicator might renewedly turn bullish if WTI rebounces from the 21-period moving average.

U.S.

Nymex below average: Oil futures at ICE and NYMEX held above Monday's lows in Asian trading and in Globex electronic trade this morning. Even so, they are testing their downward potential, with Brent and WTI renewedly approaching their 21-period moving averages. The traded volume at NYMEX is far below average this morning. Investors are now waiting for the European financial and forex markets to open as well as for the release of some economic indicators due today. Moreover, they are eying the release of the API's data on US oil inventories.

Forecast: Crude oil +2.9; Distillates -0.8; Gasoline -2.0 million barrels vs previous week.
DOE: Crude oil +9.4; Distillates +0.9; Gasoline -4.6 million barrels vs previous week.
API: Crude oil +8.8; Distillates -0.4; Gasoline -4.3 million barrels vs previous week.

Houston (ex-wharf indications 29-3)
380cst $162
180cst $275
MGO $378

New Orleans (ex-wharf indications 29-3)
380cst $172
180cst $219
MGO $366

Singapore (delivered indications 29-3)

Brent is bearish with -$0.95 for Apr contracts. Singapore paper is down with -$5.00 for 180cst with -$4.80 for 380cst for Apr, and for May 180cst -$4.50 and 380cst with -$4.00 with MGO contracts Apr with -$1.25 and in May with -$1.26.The cargo market is down with 180cst +$3.00, 380cst with +$3.22 and MGO with -$0.10.

380cst $190
180cst $195
MGO $358

Fujairah (delivered indications 24-3)

380cst $182
180cst $195
MGO $419

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $168
MGO 0.1%S: $348