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Technical indicators: neutral to bearish

Crude oil prices changed marginally this morning, trading within a tight lateral range, losing more this afternoon.

Oil prices at the ICE and the heating oil in New York regained ground lost earlier upon the opening of NYMEX session Yesterday, just to decline again late in the session and during after-hour trading, as Libyan rebels gained ground against embattled leader Gaddafi, boosting expectations supplies from the nation may be restored quicker than expected. Positive US economy data also lent some support.The crude oil in New York remained week after important support lines were breached.

OPEC: Quatar's Energy Minister Mohammed Saleh Al-Sada stated last Sunday that there is no need to hold a meeting before June as the market is in a comfortable position.

ICE Gasoil contract for April delivery settled at 979.75 dollars Friday night. This was 2.00 dollars below Thursday's settlement. Volume with some 40,000 deals below average.

Oil prices are seen moving in a narrow short-term downtrend today. The brent's 114.50 dollar support remained strong Monday while the 104.50 dollar support of the WTI crude was breached in early NYMEX session. Stochastic indicators are still seen bearish for all contracts, but markets are not so much overbought any more after yesterday's late price decline. Only if the RSI falls through the 70% line would a selling signal be triggered. Yet technical analysts see only little potential for a lasting change in the medium-term uptrend. The first support for the WTI crude is seen at 103.15 dollars, the first resistance at 105.35 dollars. The Brent's first resistance is seen at 115.85 dollars, its first support is at 114.00 dollars which is expected to remain strong today.

U.S.

Nymex Access easing. After easing a bit in Asian trading and Globex electronic trading early in the morning, oil prices are recovering as the US dollar continues to loose ground vs the euro. The traded volume is on average.

Houston (ex-wharf indications 28-3)

380 cst $637
180 cst $657
MDO $994

Very tight avails for 180 cst

New Orleans (ex wharf indications 28-3)

380 cst $641
180 cst $661
MDO $1002

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

Crude is dropping like a stone with WTI -$1.45 Singapore paper is more cautious with -$0.75 for 180 cst and -$0.05 for 380 cst for Apr, and for May 180 cst -$0.20 and 380cst -$0.30 with MGO Apr contracts at -$0.64 and for May at -$ 0.73 The cargo market is turning with 180cst -$4.96, 380cst -$4.13 and MGO -$0.68.

The fuel oil markets came off more than $4.00/mt tracking crude movements during the Platts window. The Asian crack spread strengthened on buying interest on thin volume in the market. The current range bounding crude could have injected cautiousness in the market as well. The bunker delivered premiums yesterday maintained at around $10.00 above cargo price. Both markets are trading down this morning.

High premiums for prompt deliveries.

380 cst $646
180 cst $660
MDO $985

Fujairah (delivered indications 29-3)

380cst: $641
180cst: $665
MGO: $985

Rotterdam

Indications for delivered bunkers:

380cst: $607
(1.0%): $668
180cst: $628
(1.0%): $691 (very low avails)
MGO 0.1%S: $975