---

Technical indicators: neutral to bullish

Oil prices rose above 91 dollar a barrel this morning amid mixed U.S. crude and gasoline supply figures and violent street clashes in Egypt. U.S. energy supply data gave mixed signals about the strength of consumer demand. The DOE said Wednesday that crude supplies rose less than expected last week but that gasoline inventories jumped more than analyst forecasts to the highest level since March 1993.

Oil futures rose to two-year highs in electronic morning trading, supported by tensions in Egypt, but collapsed later during NYMEX session, weighed down by the strong dollar that received support from positive US economy data and technical selling after the WTI crude's 92.00 dollar resistance had proved strong. Technical buying orders late in the session and in after-hour trading helped oil prices back up but futures still remained close to their day's lows.

ICE Gasoil contract for February delivery settled at 860.75 dollars Thursday night. This was 2.75 dollars above Wednesday's settlement. Volume with some 47,100 deals about on average.

As technical analysts had expected, investors took profit after NYMEX crude resistance at 92.00 had proved strong Thursday, but the brent's support at 103.00 dollars did not hold and consequently prices fell as low as the NYMEX crude support at 90.00 dollars. The Stochastic indicator is still in overbought territory for all contracts as is the RSI this morning which is an indication for a continuation of the downward correction, but for today, analysts see a consolidation in electronic morning trading. The first support for the WTI crude is still seen at 90.00 dollars, the first resistance at 91.80 dollars. The brent's first support is at 101.80 dollars and the first resistance at 103.40 dollars.

U.S.

Nymex Acces gaining: Oil futures are edging higher in Asian trading hours and electronic Globex trade this morning, heading for a second straight week of gains in a technical reaction to Thursday's hefty losses. The traded volume is on average.

APIs: crude oil +3.770; distillates -1.138; gasoline +3.909 million barrels vs previous week. Refinery utilization +3.5%

DOEs: crude oil +2.594; distillates -1.579; gasoline +6.154 million barrels vs previous week. Refinery utilization +2.7%

Forecasts: crude oil +2.600; distillates -1.400; gasoline +2.200 million barrels vs previous week. Refinery utilization -0.4%

Houston (ex-wharf indications 3/2)

380 cst $547
180 cst $579
MDO $854

Very tight avails for 180 cst

New Orleans (ex wharf indications 3/2)

380 cst $549
180 cst $581
MDO $857

Singapore (Closed due to Lunar New Year)

Many buyers are away celebrating the Chinese New Year. Bunker fuel swap markets remained awkward and did not follow typical patterns for the Chinese New Year period. Papers gained few dollars along the curve both in Rotterdam and Singapore being slightly stronger at the front. Eats/West spread remains wide with March assessed around $33/mt. the spread between 180 and 380cst papers in Singapore has broadened to more than $14 at the front of the curve. Both markets are currently traded lower.

Fujairah (delivered indications 4-2)

380cst: $607
180cst: $647
MGO: $935

Rotterdam

Indications for delivered bunkers:

380cst: $545
(1.0%): $557
180cst: $566
(1.0%): $587 (very low avails)
MGO 0.1%S: $863