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Technical indicators: neutral to bullish

Oil prices are seen moving in a tight range on their high level with a bullish undertone today. Ongoing political unrest and the bullish technical constellation will lend support.

After several attempts during the day, oil prices eventually breached their key resistance lines during the session in New York on Friday (1,000.00 dollars for ICE gasoil, 118.00 dollars for the brent and 108.00 dollars for the WTI crude), when the bearish influence of the rising dollar after better-than-expected US jobs data fizzled out on a speech of FED official William Dudley who rejected the possibility of an early interest rate hike in the USA. The bullish technical constellation and new global hot spots lent support.

OPEC is not due to meet until June and current OPEC president Iran has said that it sees no need for an emergency meeting to discuss the recent spike in oil prices to their highest level since September 2008. Brent Blend futures Monday traded at $119.30/barrel after a strong open at the start of the trading week

ICE Gasoil contract for April delivery settled at at 1,000.50 dollars Friday night. This was 7.50 dollars above Thursday's settlement. Volume with some 41,200 deals below average.

Oil prices breached its key resistance levels across the complex Friday, giving oil markets more bullish technical momentum. Stochastic indicators give bullish signals for all contracts, but the RSI shows that markets are heavily overbought, tempting traders to take profit, but technical analysts are in favour of a continuation of the uptrend, forecasting the brent to hit 120.00 dollars still this week. The first support for the WTI crude is seen at 108.00 dollars, the first resistance at 108.75 dollars. The Brent's first resistance is seen at 119.50 dollars, its first support is at 118.70 dollars.

U.S.

Nymex Access gaining. Oil prices remain strong in Asian trading and Globex electronic trade early this morning, the WTI crude rose to a 30-month high, as political unrest in the Arab world and Africa continues. The traded volume is on average.

Houston (ex-wharf indications 1-4)

380 cst $647
180 cst $668
MDO $1012

Very tight avails for 180 cst

New Orleans (ex wharf indications 1-4)

380 cst $649
180 cst $670
MDO $1014

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

Crude is gaining still with WTI +$1.41 Singapore paper is mirroring crude with +$12.00 for 180 cst and +$13.45 for 380 cst for Apr, and for May 180 cst +$12.50 and 380cst +$13.15 with MGO Apr contracts at +$2.03 and for May at +$ 1.98 The cargo market gaining bullish momentum with 180cst +$8.24, 380cst +$9.83 and MGO +$2.24.

The Singapore fuel oil markets were up more than $8.00 tracking crude movement during the Platts window. The bunker delivered premiums were around $7.00 above cargo price last Friday. Despite the softening in the bunker premium, the market is expected to be tighter going forward. Last Friday Bunker fuel oil swaps were assessed up by $6.00-10.00/mt along the curve both in Rotterdam and Singapore. Gains were more pronounced in the front of the forward curve adding even more to existing backwardation. Both markets are trading this morning.

High premiums for prompt deliveries.

380 cst $676
180 cst $686
MDO $1028

Fujairah (delivered indications 4-4)

380cst: $670
180cst: $700
MGO: $1012

Rotterdam

Indications for delivered bunkers:

380cst: $639
(1.0%): $704
180cst: $664
(1.0%): $731 (very low avails)
MGO 0.1%S: $1018