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Technical indicators: neutral to bearish

After having briefly consolidated in the morning, oil futures have slightly retreated around noon. Only NYMEX C.Oil and gasoline are still bullish on current hurricane warnings. Doubts about the actual impact of Fed President Bernanke's speech, scheduled this afternoon, made oil futures as well as equities lose some ground. Ahead of the speech, market participants expect no larger price fluctuations.

After prices rose in electronic trading market participants were still positive that the FED would announce new stimuli measures for the US economy on the occasion of today's yearly meeting at Jackson Hole , Wyoming . Worse-than-expected US unemployment figures had no influence on prices at this stage. Short after the opening of NYMEX session, the dollar rallied and stock markets in the US and Europe tumbled when doubts about the stability of the US economy weighed. Oil prices dropped below first support lines in the process. ICE gasoil lost almost 20 dollars within one hour and the WTI crude dropped to 83.01 dollars, its lowest level since Monday. Later in the session, oil pared most of its losses, drawn by the gasoline contract that soared on fears that Hurricane Irene, one of the strongest in the past years, would destroy oil infrastructure along his route up the US East Coast.

ICE gasoil for September delivery settled at 942.00 dollars on Thursday. This was 0.25 dollars below Wednesday's settlement. With some 51,100 contracts the traded volume was on average.

The stochastic indicator at the NYMEX and ICE charts remains bullish but the buying signals isn't as strong any more. The RSI remains in neutral territory. After resistance lines for ICE gasoil at 950.00 dollars and for the WTI crude at 86.60 dollars proved strong Thursday, technical analysts expect prices to consolidate within the medium-term uptrend channels. The first support for the WTI crude is seen at 83.00 dollars, its first resistance at 86.60 dollars. The Brent's first resistance is seen at 111.45 dollars, its first support is at 109.25 dollars.

U.S.

Nymex Access gaining: Oil futures rose in East Asia and Globex electronic trading this morning, still supported by Hurricane Irene and the FED meeting. The traded volume is below average. Investors anticipate the release of US indicators and the speech of Ben Bernanke later today.

Houston (ex-wharf indications 25-8)

380 cst $627
180 cst $663
MDO $958

New Orleans (ex wharf indications 25-8)

380 cst $629
180 cst $665
MDO $961

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

Crude is losing again with WTI -$0.47. Singapore paper is mirroring the turn with -$3.80 for 180cst and -$3.95 for 380cst for Sep, and for Oct 180 cst -$3.80 and -$3.95 for 180cst with MGO Sept contracts at -$0.78 and for Oct at -$0.77. The cargo market is not reacting, gaining with 180cst +$6.48, 380cst +$6.18 and MGO +$1.63.

The Singapore heavy residual inventory saw a marginal build of +0.32 mbbl to 20.19 mbbls. Market fundamentals are firm on tight on spec bunker grade products. The delivered bunker premiums were maintained around $8.00 above cargo prices yesterday. This morning both markets are trading down.

High premiums for prompt deliveries.

380 cst $647
180 cst $657
MDO $912

Fujairah (delivered indications 25-8)

380 cst $661
180 cst $683
MDO $1061

Rotterdam

Indications for delivered bunkers:

380cst : $ 634
(1.0 %) :$ 665
180cst: $ 655
(1.0 %):$ 688
MGO 0.1%S: $ 949