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Wall Street futures pointed to a higher open this morning, boosted by rising oil prices and as investors awaited a fresh batch of quarterly earnings reports.

Oil futures at ICE and NYMEX kicked off the week with considerable losses, losing ground early Monday morning on a lacking deal between the oil producers who had met in Doha on Sunday. Although investors were disappointed that producers had failed to agree upon a concerted output freeze, market fundamentals were neutral for Kuwait's oil production dropped by more than 60% due to a strike of oil workers. This erased global oil supplies in the short-term, fostering oil prices. Reports on Italy's oil major Eni having declared "force majeure" over crude oil deliveries from Nigeria (Brass River crude oil) and on the Houston Ship Channel having been closed also supported oil prices. Although the technical constellation pointed to some downward potential early Monday morning, this potential was largely spent after the first decline in prices. Given the bullish news that were released in the course of the day, the bearish aspects couldn't prevail. Oil futures rose until the evening, paring earlier losses.

ICE Gasoil contract for May delivery settled at 370.25 USD on Monday, this was 5.75 USD above Friday's settlement. With some 98,600 deals, the traded volume (front month) was far above average..

The RSI gave a selling signal on Monday but this morning it has already climbed back above 70% at the Brent chart. The indicator has thus turned neutral again at this chart whereas it is still bearish at the WTI chart. The influence of the Stochastic indicator has waned, too, compared to Monday. At the ICE charts its lines are no longer diverging as strongly as they did on Monday. That is why the technical selling pressure has eased. It hasn't disappeared completely, though. We thus assess the technical constellation as neutral to bearish this morning.

U.S.

Nymex above average Oil futures edged lower in Asian trading but are currently regaining some ground in Globex electronic trade this morning. Nonetheless, they are still trading in a rather narrow range. The traded volume at NYMEX is far above average this morning. Market participants are waiting for the European financial and forex markets to open as well as for the economic indicators due today. This evening at 10.30 p.m., the API's data on US oil inventories is due, too.

Houston (ex-wharf indications 19-4)
380cst $164
180cst $287
MGO $383

New Orleans (ex-wharf indications 19-4)
380cst $179
180cst $221
MGO $378

Singapore (delivered indications 19-4)

Brent is losing sharply with +$1.92 for June contracts. Singapore paper is following with +$10.75 for 180cst with +$10.25 for 380cst for May, and for June 180cst +$10.75 and 380cst with +$9.50 with MGO contracts May with +$2.29 and in June with +$2.22. The cargo market is yet to really embrace the drops with 180cst -$12.39, 380cst with -$12.19 and MGO with -$2.04

380cst $191
180cst $197
MGO $355

Fujairah (delivered indications 19-4)

380cst $188
180cst $193
MGO $427

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $183
MGO 0.1%S: $358