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Technical indicators: neutral to bullish

Brent crude oil rose back above $100 this morning on lingering concerns over political uncertainty in Egypt. Prices rocketed above the key $100 mark in London last week for the first time in over two years - and went on to cross $103 as sentiment was hit by concerns over the impact of Egypt unrest on global energy supplies.

Oil traded near the lowest in a week as receding violence in Egypt eased concern that supplies of crude from the Middle East will be disrupted. A stronger dollar also weighed on oil futures, after disappointment over the monthly U.S. employment report gave way to guarded optimism that labor markets were rebounding, albeit slowly. The US dollar strengthened against a basket of currencies.

ICE Gasoil contract for February delivery settled at 843.25 dollars Friday night. This was 17.50 dollars below Thursday's settlement. Volume with some 32,300 deals below average.

The Stochastic of Brent and WTI was already bearish on Friday, than both lines of the indicators have crossed throughout the day, and started to give a selling signal to the market. The Stochastic indicator is still in overbought territory for all contracts while the RSI remains in the neutral area. The first support for the WTI crude is still seen at 89.00 dollars, the first resistance at 90.00 dollars. The brent's first support is at 100.00 dollars and the first resistance at 101.65 dollars.

U.S.

Nymex Acces gaining: Oil futures are edging higher in Asian trading hours and electronic Globex trade this morning, heading for a rather calme week after last week's hefty volatility. The traded volume is slightly above average.

Houston (ex-wharf indications 4/2)

380 cst $547
180 cst $579
MDO $854

Very tight avails for 180 cst

New Orleans (ex wharf indications 4/2)

380 cst $549
180 cst $581
MDO $857

Singapore (correct as of 1430hrs LT - delivered indications)

Crude is dropping like a stone with WTI -$2.95 Singapore paper is mixed, looking for direction with +$0.50 for 180 cst and -$2.05 for 380 cst for Feb, and for March 180 cst -$1.95 and 380cst -$3.85 with MGO Feb contracts at -$0.69 and for Mar at -$0.71 The cargo market is surging with 180cst +$21.25, 380cst +$18.23 and MGO +$1.70.

Singapore market was closed for the Chinese New Year celebrations last Friday and will reopen today. Bunker fuel swaps lost more than $6.00/mt along the curve both in Rotterdam and Singapore. Losses were stronger at the end of the forward curve adding again to the backwardation of the curve. Both markets are trading higher today.

High premiums for prompt deliveries.

380 cst $592
180 cst $602
MDO $853

Fujairah (delivered indications 7-2)

380cst: $610
180cst: $648
MGO: $928

Rotterdam

Indications for delivered bunkers:

380cst: $544
(1.0%): $553
180cst: $570
(1.0%): $579 (very low avails)
MGO 0.1%S: $857