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Technical indicators: neutral to bullish immediate term / neutral to bearish medium term

Oil prices are trading higher after the shut down of parts of a pipeline system after a leak in Illinois, USA.

Oil futures fell in late NYMEX session when market participants took the opportunity to take profit ahead of the weekend. Despite positive US economy data and a draw in US crude stocks, doubts linger about a quick recovery of global economy, the FED's Beige Book casting a rather gloomy picture and oil stocks still being at record highs.

OPEC crude-oil production in August fell 75,000 barrels, or 0.3 percent, to an average 29.15 million barrels a day, the lowest level since January. Output by members with quotas dropped 5,000 barrels to 26.805 million, 1.96 million above their target.

ICE gasoil September is expected to open 9.00 to 10.00 dollars lower at about 653.00 dollars/ton after settling at 662.75 dollars (official settlement price) Thursday night. This was 2.25 dollars above Wednesday's settlement. Volume with some 43,900 deals on average.

Oilprices breached the technical triangle upwards Thursday and are now in uptrend with a strong support at 72.85 dollars. Both RSI and Stochastic indicators are still in neutral territory this morning and do not give any clear signals. First NYMEX crude resistance line seen at 76.00 dollars today, first support line at 73.85 dollars.

U.S.

Nymex Access trade: Oil prices are flat in Asian trading hours and NYMEX electronic trading this morning, WTI crude lingering below 75.00 dollars as traders are waiting for direction. No news in the markets. The traded volume is above average.

APIs: crude oil -7.308 distillates +1.288, gasoline +0.654 million barrels vs previous week. Refinery utilization +1.7%

DOEs: crude oil -1.853 distillates -0.388, gasoline -0.243 million barrels vs previous week. Refinery utilization +1.2%

Forecasts: +0.3; distillates +0.4; gasoline -0.6 million barrels vs previous week. Refinery utilization: -0.2

Houston (ex-wharf indications 9-9)

380cst: $438
180cst: $457
MGO: $714

Very tight avails for 180cst

New Orleans (ex-wharf indications 9-9)

380cst: $441
180cst: $460
MGO: $718

Singapore (closed due to public holiday)

The Singapore fuel oil prices were up by app. $2.0/mt following crude during the Platts window. The delivered bunker premiums came off, ranging $1.50 to $2.0 above the cargo prices. Singapore market is closed on public holiday today and will reopen again on Monday. Bunker fuel swaps gained few cents in Rotterdam while Singapore papers we almost flat against the previous day. Prices at the back of the curve were a little stronger again. This morning both markets are trading up.

Fujairah (delivered indications 10/9)

380cst: $445
MGO: $720

Rotterdam

Yesterday (Only barge trade deals of >2 KT reported) 56KT was traded in the MOC between 427.00-428.00 with Litasco as the main seller to Petroned and BP as the main buyers.

NWE HSFO markets are weakening, with the East Arbitrage closed and storages well utilized. The Med has seen some influx out of NWE, but the margins are very tight. The LSFO markets are balanced, with some Med demand surfacing.

380cst: $432
(1.0%): $459
180cst: $450
(1.0%): $478
DMB: N/A
MGO 0.1%S: $656