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Technical indicators: bearish immediate term, bullish medium term

Libya's president Gaddafi, according to Jacob Zuma, President of the Republic of South Africa, on Sunday accepted a cease-fire with the rebels.The possibility of an end to the war in Libya and the latest earthquake in Japan also weigh on prices. The earthquake hit the same area that was devastated by the March 11 quake and tsunami. The latest earthquake had a magnitude of 7.1 on the Richter scale. A tsunami warning was issued. Reassuringly there were no immediate reports of damage or injury. Oil prices rose unexpectedly after the opening of NYMEX session Friday as a rally in the euro weighed on the dollar and supported the oil complex. Market participants invested into the euro on hopes that the ECB will decide on further interest rates hikes in the near future.

ICE Gasoil contract for April delivery settled at 1.053,00 dollars Friday night. This was 28,50 dollars above Thursday's settlement. Volume with some 74.400 deals above average.

OPEC Seaborne oil exports are seen falling by 380.000 barrels per day in the four weeks before April 23rd, so Tanker Tracker Oil Movements. OPEC members have not yet succeeded in making up for the loss in Libya's oil production which will support oil prices. Meanwhile the IEA and the EIA warn that rising oil prices will pose a risk for demand.

U.S.

Nymex Access losing. Oil futures eased in Asian trading and Globex electronic trading this morning on profit taking after Friday's rally and hopes that the conflict in Libya could soon be solved The traded volume is significantly above average.

Houston (ex-wharf indications 11-4)

380 cst $675
180 cst $695
MDO $1010

Very tight avails for 180 cst

New Orleans (ex wharf indications 11-4)

380 cst $677
180 cst $698
MDO $1012

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

Crude is gaining still with WTI +$1.53 Singapore paper is less bullish now as well with +$3.80 for 180 cst and +$3.80 for 380 cst for Apr, and for May 180 cst +$3.45 and 380cst +$3.45 with MGO Apr contracts at +$1.89 and for May at +$ 1.87 The cargo market is really adopting paper previous bullshiness with 180cst +$6.19, 380cst +$5.02 and MGO +$2.05.

The Singapore fuel oil markets were up more than $5.00 last week tracking the crude strength during the Platts window. The Singapore heavy residual inventories reported a build of +2.1 mbbl to 20.67 mbbl as incoming cargoes enter Singapore. Most of the products that arrived are not bunker grade specifications products yet as such market may experience some tightness sporadically. The delivered bunker premium was at around $6.0 above cargo prices last Friday.

High premiums for prompt deliveries.

380 cst $692
180 cst $703
MDO $1077

Fujairah (delivered indications 11-4)

380cst: $705
180cst: $720
MGO: $1045

Rotterdam

Yesterday in the MOC lsfo was traded between 727-733 usd, hsfo between 648-653 usd.

Indications for delivered bunkers:

380cst: $661
(1.0%): $740
180cst: $684
(1.0%): $761 (very low avails)
MGO 0.1%S: $1063