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Technical indicators: neutral

After bolstering in the morning trade, oil futures are retrieving slightly this afternoon, weighed down by the stronger dollar and a decline in European equity markets.

Yesterday, Oil prices traded in a narrow lateral range with a bullish tone in electronic morning trading, following the movements of the US dollar. At midday, volatility increased and oil prices rose during NYMEX session as equity markets rose in Europe. But the positive sentiment vanished was disappointing U.S. economic data stoked fresh economic worries and the International Energy Agency suggested members could release emergency stockpiles if producers did not increase supply. IEA also urged oil producers to boost supply to cut fuel costs and protect economic recovery.

ICE Gasoil contract for June delivery settled at 917.75 dollars Thursday night. This was 3.00 dollars above Wednesdays settlement. Volume with some 48,300 deals slightly below average.

The Stochastic indicator is still bullish while the RSI has changed direction and is set for breaching the 30.00% line. Technical analysts forecast prices to consolidate in the morning with room in the one or other direction. There is still no clear tendency to be seen at the crude oil charts in London and New York, but analysts expect the WTI to trade in the range between 95.00 and 101.00 dollars today. The first support for the WTI crude is seen at 98,15 dollars, the first resistance at 100.60 dollars. The Brent's first resistance is seen at 112.75 dollars, its first support is at 111.15 dollars.

U.S.

Nymex Access gaining. Oil prices are little changed in East Asia and Globex electronic trading this morning, the WTI crude lingering below 99.00 dollars for a barrel. Investors speculate Thursday's slump was exaggerated and wait for direction. The traded volume is far below average.

Houston (ex-wharf indications 19-5)

380 cst $617
180 cst $652
MDO $948

Very tight avails for 180 cst

New Orleans (ex wharf indications 19-5)

380 cst $619
180 cst $654
MDO $951

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

Crude is turning bearish, losing with -$0.70 Singapore paper is mixed, losing with -$1.80 for 180 cst and -$1.45 for 380 cst for Jun, and for Jul 180 cst -$1.60 and 380cst -$1.65 with MGO Jun contracts at +$0.06 and for Jul at +$0.08 The cargo market is looking for direction as well with 180cst +$2.48 380cst -$0.17 and MGO +$1.06.

The Singapore fuel oil fell only app. $2.50 during the Platts window yesterday tracking stronger crude. The buyers have waited in anticipation of lower prices. The bunker delivered premiums remained around $7.00 above cargo prices yesterday. Bunker fuel swaps gained app. $13.00/mt along the curve both in Rotterdam and Singapore. This morning both markets are trading flat.

High premiums for prompt deliveries.

380 cst $633
180 cst $648
MDO $940

Fujairah (delivered indications 20-5)

380cst: $635
180cst: $661
MGO: $1032

Rotterdam

Yesterday in the MOC hsfo was traded between 600.25-604 usd and lsfo between 624-637 usd.

Indications for delivered bunkers:

380cst: $607
(1.0%): $641
180cst: $629
(1.0%): $664 (very low avails)
MGO 0.1%S: $931