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Technical indicators: neutral

Crude oil prices were steady this morning as traders shifted their attention from tensions in the Middle East to focus on the slower pace of economic growth in the U.S., which could weigh on energy demand in the coming month.

Yesterday the oil prices held under 106 dollars per barrel Thursday, as U.S. supplies remain strong despite chaos in the Middle East. Oil prices in New York are near a 2 1/2 year high, breaking out of a pattern between 90 dollars and 95 dollars per barrel after civil unrest in Tunisia spread to Egypt. It has spread since to oil-rich Libya, a source of low-sulfur crude oil.

ICE Gasoil contract for April delivery settled at 981.75 dollars Thursday night. This was -6.25 dollars below Wednesday's settlement. Volume with some 62,600 deals on average.

The Stochastic for ICE Gasoil starts to show a light bearish tendency, while the indicator for Brent and WTI remain neutral. Markets are still in the overbought territory, and profit takings are expected. But overall the tendency remain bullish. The first support for the WTI crude is seen at 105.00 dollars, the first resistance at 106.70 dollars. The Brent's first resistance is seen at 116.65 dollars, the first support is at 114.50 dollars.

U.S.

Nymex Access easing. Oil prices open today’s trading session flat around 105 dollars a barrel, while new data shows that OPEC member countries crude oil exports dropped off nearly 2 percent in the last month, lifting expectations that OPEC will soon have to increase oil output. Trade volume is below average.

Houston (ex-wharf indications 24-3)

380 cst $613
180 cst $633
MDO $998

Very tight avails for 180 cst

New Orleans (ex wharf indications 24-3)

380 cst $616
180 cst $636
MDO $1002

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

Crude is turning with WTI -$0.61 Singapore paper is not yet reacting with +$3.75 for 180 cst and +$3.70 for 380 cst for Apr, and for May 180 cst +$2.75 and 380cst +$3.05 with MGO Apr contracts at -$0.69 and for May at -$ 0.64 The cargo market is bullish still with 180cst +$8.26, 380cst +$7.57 and MGO +$1.40.

The Singapore fuel oil markets were up only more than $1.50/mt tracking crude movements during the Platts window. The Singapore heavy residual inventory reported almost flat draw to 18.45 mbbl. There were not big changes to the bunker delivered premiums which hovered at around $10.00 above cargo price yesterday. Bunker fuel swaps gained a few cents in the front and lost app.$1.00/mt at the backend of the forward curve both in Rotterdam and Singapore. Both markets remain backwardated with Cal12 papers in Singapore trading at a discount close to $30.00/mt versus spot prices (app. $25/mt discount in Rotterdam). Both markets are trading higher this morning.

High premiums for prompt deliveries.

380 cst $650
180 cst $665
MDO $998

Fujairah (delivered indications 25-3)

380cst: $642
180cst: $669
MGO: $985

Rotterdam

Indications for delivered bunkers:

380cst: $609
(1.0%): $673
180cst: $628
(1.0%): $696 (very low avails)
MGO 0.1%S: $985