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Oil prices pushed lower in European trade on Tuesday, falling for the first time in three days as market players looked ahead to fresh weekly information on U.S. stockpiles of crude and refined products.

Oil prices rose early on Monday on technical movements as the bullish formation at the WTI chart called "bullish engulfing" triggered technical buying signals. As regards the fundamentals, market participants still focus on any news regarding the British referendum on Thursday. As the latest polls show that a slight majority backs a remain vote optimism has also returned to the oil market and supported oil prices at ICE and NYMEX along with technically driven buying orders. Bearish news such as an increasing number of active U.S. oil rigs have been pushed aside. During NYMEX session oil accelerated its rise with the gasoline contract at the NYMEX taking the lead. While there was no real fundamental news in the market oil prices settled considerably higher in London and New York.

ICE Gasoil contract for July delivery settled at 450.50 USD on Monday, this was 17.50 USD above Friday's settlement. With some 51,000 deals, the traded volume (front month) was on average.

The Stochastic's buying signals have been partly absorbed in the course of yesterday's price increase and thus the bullish impact of the indicator is diminishing. The futures at ICE and NMYEX on Monday breached their 21-day MA's and settled above this level which opens a fresh margin until the upper Bollinger bands. Should the futures settle above their MA 21 for a second day this line could easily come within reach. Yet, the technical buying pressure having eased compared to yesterday, we consider the technical constellation as neutral to bullish this morning. The MA 21 serve as support lines today, the breaching of which would trigger a series of technically driven selling signals. Still, we like to point out that the impact of the technical instruments is less stable in a market lacking a clear trend.

U.S.

Nymex below Average: After Monday's rise oil futures pause in East Asia and in electronic trading this morning, trading in a quite narrow range with a bearish tendency. The traded volume at NYMEX is below average this morning, the new front month August being more actively traded than the contract for July delivery that expires tonight. Market players are waiting for the European financial and forex markets to open, for news regarding Nigeria as well as for today's economic indicators. They will also keep monitoring investor sentiment regarding the Referendum in Great Britain later this week while waiting for the API to release its latest data on U.S. petroleum inventories, tonight at 10.30 p.m.

Houston (ex-wharf indications 21-6)
380cst $236
180cst $331
MGO $471

New Orleans (ex-wharf indications 21-6)
380cst $238
180cst $288
MGO $449

Singapore (delivered indications 21-6)

380cst $241
180cst $246
MGO $441

Fujairah (delivered indications 21-6)

380cst $244
180cst $249
MGO $510

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $233
MGO 0.1%S: $442