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

Crude oil futures in Asia edge lower, paring back gains as bearish U.S. inventories data prompting investors to lock in profits from a rally that took prices rose to their highest level in 2.5 years in the previous trading session.

Yesterday the oil prices rose for the third straight day amid more signs of rising demand and continued turmoil in crude exporters Libya and Yemen. Inventory data released Wednesday suggested that US consumption growth is steady despite rising prices. The Department of Energy said that crude oil inventories rose by 2.1 million barrels last week, but that gasoline (petrol) stockpiles dived by 5.3 million barrels.

ICE Gasoil contract for April delivery settled at 988.00 dollars Wednesday night. This was 0.50 dollars above Tuesday's settlement. Volume with some 65,800 deals on average.

The Stochastic for Brent, Gasoil and WTI remain bullish for today, while the RSI is not giving a clear signal to the market. Oil prices are expected to rise and resistance lines will be tested, should those be breached, many buying orders will be triggered. The first support for the WTI crude is seen at 101.00 dollars, the first resistance at 103.65 dollars. The Brent's first resistance is seen at 117.30 dollars, the first support is at 113.25 dollars.

U.S.

Nymex Access gaining. Oil prices are consolidating on a high level this morning, Brent declined slightly, after the resignation of Portugal's prime minister rekindled euro-zone concerns, prompting oil traders to unwind long positions and take profits. Trade volume is below average.

APIs: crude oil +0.970; distillates -0.612; gasoline -7.883 million barrels vs previous week. Refinery utilization +0.3%

DOEs: crude oil + 2.131; distillates +0.007; gasoline -5.320 million barrels vs previous week. Refinery utilization +0.7%

Forecasts: crude oil +2.000; distillates -1.400; gasoline -1.900 million barrels vs previous week. Refinery utilization -0.2%

Houston (ex-wharf indications 23-3)

380 cst $613
180 cst $633
MDO $984

Very tight avails for 180 cst

New Orleans (ex wharf indications 23-3)

380 cst $616
180 cst $636
MDO $987

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

Crude is gaining still with WTI +$0.92 Singapore paper is mirroring it with +$2.45 for 180 cst and +$2.25 for 380 cst for Apr, and for May 180 cst +$2.25 and 380cst +$1.95 with MGO Apr contracts at -$0.35 and for May at -$ 0.36 The cargo market is starting to react to crude and paper with 180cst +$8.26, 380cst +$7.57 and MGO +$1.40.

The Singapore fuel oil markets were up more than $7.50/mt tracking crude movements during the Platts window. Fundamentally, the Singapore market is expected to be tighter on lower incoming cargoes. The bunker delivered premiums were at around $10.00 above cargo price yesterday. Both markets are trading slightly higher this morning.

High premiums for prompt deliveries.

380 cst $646
180 cst $662
MDO $1000

Fujairah (delivered indications 24-3)

380cst: $642
180cst: $670
MGO: $985

Rotterdam

Indications for delivered bunkers:

380cst: $607
(1.0%): $633
180cst: $632
(1.0%): $674 (very low avails)
MGO 0.1%S: $980