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Technical indicators: neutral to bearish

Oil futures ease after the release of the German ZEW survey, which showed economic confidence fell sharply in September. European equities are down, while the euro is maintaining gains against the dollar. There is no further impact on prices from the Enbridge pipeline leak for the time being.

Oil futures in London remained high, while WTI crude shed most of its gains during the session in New York. Analysts explain this with oil stocks being particularly high in the USA, while reserves in the rest of the world are also high, but not at record levels.

ICE gasoil October is expected to open 1.25 to 2.25 dollars lower at about 672.50 dollars/ton after settling at 674.25 dollars (official settlement price) Monday night. This was 9.25 dollars above Friday's settlement. Volume with some 73,800 deals far above average.

Oil prices are ranging at the upper limits of a solid uptrend. WTI crude could be rising as high as 78.35 dollars today, where a strong resistance will limit gains, according to analysts. Both RSI and Stochastic are in overbought territory, but there are no signs for an immediate downward correction. First NYMEX crude resistance line seen at 78.00 dollars today, first support line at 75.35 dollars.

U.S.

Nymex Access trade: Oil prices are steady in Asian trading hours and NYMEX electronic trading this morning, WTI crude trading near one-month highs above 77.00 dollars for a barrel ahead of US petroleum inventory reports expected to show considerable crude stock draws after the shutdown of the biggest Canada-U.S. pipeline. No news in the markets. The traded volume is on average.

Survey of US petroleum inventories: Crude oil -2.6; distillates +0.3; gasoline -1.1 million barrels vs previous week. Refinery utilization: -0.6%;

Houston (ex-wharf indications 13-9)

380cst: $438
180cst: $457
MGO: $719

Very tight avails for 180cst

New Orleans (ex-wharf indications 13-9)

380cst: $441
180cst: $460
MGO: $722

Singapore (correct as of 1430hrs local time)

Crude is cooling again with -$0.06 Singapore paper gaining now responding to Yesterday's crude with 180 cst +$2.15 and 380cst +$2.20 for Sep, and Oct 180 cst +$2.20 and 380cst +$1.05 with MGO Sep contracts at +$0.67 and for Oct at +$0.65. The cargo market is cautiously trading down with 180cst -$3.70, 380cst -$3.60 and MGO +$0.62.

The Singapore fuel oil prices were down more than $3.5 during the Platts window yesterday tracking sluggish crude prices. The bunker demand in Singapore was soft yesterday. The Asian fuel oil crack weakened yesterday as well. The delivered bunker premiums maintained at ranging $1.50 to $2.0 above the cargo prices.

High premiums for prompt deliveries:

380cst: $442
180cst: $449
MGO: $665

Fujairah (delivered indications 14/9)

380cst: $445
MGO: $724

Rotterdam

Yesterday (Only barge trade deals of >2 KT reported) 34KT was traded in the MOC between 427.00-428.00 with Litasco as the main seller to BP as the main buyer.

NWE HSFO markets are still weak, supported by healthy avails of belending product outweighing the bullish sentiment of new fixtures. 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: $434
(1.0%): $465
180cst: $451
(1.0%): $484
DMB: N/A
MGO 0.1%S: $675