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Technical indicators: neutral to bullish

Oil prices rising during electronic trading due to weaker dollar and stronger european equities. First resistance lines were breached across the whole complex, and many buying orders were triggered.

Yesterday, oil prices were in a narrow lateral range on a high level in the morning, than started to rise in the afternoon on a stronger euro and yesterday's bullish ISM and Construction data from the USA and strong chinese PMI data, first resistance lines were breached cross the whole complex. Later on, prices declined again on technical selling. But rose again strongly, after the release of bullish API data.

ICE Gasoil November is expected to open 1.00 to 2.50 dollars up at about 718.00 dollars/ton after settling at 716.25 dollars (official settlement price) Tuesday night. This was +4.00 dollars vs Monday's settlement. Volume with some 45,000 deals on average.

RSI remains neutral but is moving towards the overbought area and Stochastics indicator gives bullish signals. Traders are focusing on economic data, DOE and FOMC statement today. First WTI crude support line seen at 83.00 dollars today, first resistance line at 84.50 dollars.

Nymex Access : Oil prices declining slightly due to firmer dollar in early trading hours this morning. No further news in the markets. Traded volume is above average.

APIs: crude oil -4.137; distillates -4.272, gasoline -3.202 million barrels vs previous week. Refinery utilization -0.4%

DOEs: due out tonight.

Forecasts: crude oil +1.2; distillates -0.8; gasoline +0.2 million barrels vs previous week. Refinery utilization: +0.3%

U.S

Houston (ex-wharf indications 2-11)

380cst: $467
180cst: $487
MGO: $755

Very tight avails for 180cst

New Orleans (ex-wharf indications 2-11)

380cst: $469
180cst: $489
MGO: $758

Singapore (correct as of 1430hrs local time)

Crude is still bullish with WTI +$0.73. Singapore paper reflecting it with 180cst +$5.95 and 380cst +$5.80 for Nov, and Dec 180 cst +$5.00 and 380cst +$4.70 with MGO Nov contracts +$0.15 and for Dec at +$0.13. The cargo market is starting to react to crude and paper with 180cst +$6.59, 380cst +$4.98 and MGO +$1.85.

The Singapore fuel oil markets rebounded more than $5.0/mt during the Platts window yesterday on stronger crude movement. The cargo premiums have improved recently as November incoming cargoes are less than the average volume. The delivered bunker premiums stayed more than $3.0 above cargo prices yesterday.

High premiums for prompt deliveries:

380cst: $480
180cst: $491
MGO: $708

Rotterdam

Yesterday (Only barge trade deals of >2 KT reported) 106KT was traded between 464-466 with Petroned as the main seller to Litasco as the main buyer.

Mainly due to resurfacing end users demand, the NWE HSFO is back into normal backwardation. The values were tracking the jump in crude. The Eastern arbitrage remained unworkable, with no fixtures reported. The HSFO Med market is not attracting any influx as the local market remains slow. The NWE LSFO markets continue to see imports out of the Americas, keeping them long.

380cst: $469
(1.0%): $493
180cst: $491
(1.0%): $515
DMB: N/A
MGO 0.1%S: $725