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U.S. oil futures tumbled this morning, as investors grew cautious ahead of this weekend's highly anticipated meeting between major oil producers in Doha, Qatar, to discuss a potential output freeze.

Oil futures in London and New York edged lower Thursday morning, weighed down by the slightly bearish technical constellation and some profit taking. However, oil markets remained volatile as traders were still nervous. Oil futures made up for their earlier losses by noon, bolstered by the IEA's monthly energy report which confirmed the EIA's and the OPEC's expectation of a faster than expected decline in US crude oil output. In the early afternoon oil futures reached fresh highs. They consolidated near these levels as breaking news were lacking. Oil futures only erased their gains over night on reports on a rise in Iran's crude oil exports. Earlier on Thursday, Russia's Energy minister had allegedly uttered that the producers probably wouldn't sign any binding documents at the meeting in Doha on Sunday. This added to selling pressure. That is why oil futures settled nearly unchanged and slightly above their lows..

ICE Gasoil contract for May delivery settled at 376.75 USD on Thursday, this was 0.25 USD below Wednesday's settlement. With some 52,000 deals, the traded volume (front month) was on average.

After the lines of the Stochastic indicator crossed on Thursday, the indicator is currently losing some of the bearish bias it provided. The lines are still crossed but they are no longer drifting apart. The RSI on Thursday moved more deeply into overbought territory. However, it has failed to provide a selling signal up to now, staying above 70%. The 7-period and the 21-period moving average remain bullish after having given off a buying signal. The Double Top which has formed at the WTI chart is still limiting the upward potential. The technical constellation is thus providing no clear cues. However, selling pressure slightly eased compared to Thursday. That is why we assess the technical constellation as neutral.

U.S.

Nymex above average: In Asian trading and Globex electronic trade this morning oil futures stayed near the lows they had hit last night. The traded volume at NYMEX is about on average this morning. Investors are waiting for the European financial and forex markets to open as well as for the economic indicators due today. They are also eying further comments on the meeting of important oil producers in Doha and the Baker Hughes rig count which is due after hour office hours.

Houston (ex-wharf indications 15-4)
380cst $168
180cst $293
MGO $382

New Orleans (ex-wharf indications 15-4)
380cst $187
180cst $230
MGO $380

Singapore (delivered indications 15-4)

Brent is possibly losing momentum temporarily with -$0.26 for Apr contracts. Singapore paper is following with -$1.25 for 180cst with -$1.00 for 380cst for Apr, and for May 180cst -$1.25 and 380cst with -$1.50 with MGO contracts Apr with -$0.70 and in May with -$0.17. The cargo market is up with 180cst -$0.90, 380cst with -$2.27 and MGO with -$0.45.

380cst $195
180cst $201
MGO $358

Fujairah (delivered indications 15-4)

380cst $191
180cst $196
MGO $431

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $188
MGO 0.1%S: $363