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Oil futures rose in the early morning, with ICE Gasoil breaching its first resistance line. Little later they came back from their highs on a temporarily retreating euro and some profit taking. Meanwhile oil prices have gained some ground again. The market is rather volatile, although investors still hope that a comprehensive solution for the eurozones debt crisis will be found during the EU's summit. Moreover, market participants eye the publication of the DOE's data, due at 4 p.m.this afternoon.

Futures at ICE and NYMEX showed a steady tendency Tuesday morning, keeping the high level of the past few days. The bullish technical constellation and the buying signal, which was caused by the WTI Crude futures' change from contango to backwardation supported oil prices. Investors kept avoiding larger positions ahead of today's EU summit, however. The ICE Brent and the the Euro tested some resistances, which remained strong. The WTI Crude rose again sharply, however, keeping the spread referring to the ICE Brent way below 19 dollars. In the afternoon ambiguous news regarding the EU summit caused a brief correction downward. Rumour had it, that the summit had been cancelled. In fact, however, it was only announced that the finance ministers will not take part. After this misunderstanding had been resolved, oil futures edged higher again. In the course of the evening there was some profit taking reflecting weaker equities. Thus, oil futures settled nearly unchanged.

ICE Gasoil contract for November delivery settled at 957.00 dollars on Tuesday. This was 4.50 dollars below Monday's settlement. With some 63,900 contracts the traded volume was on average.

The Stochastic indicator remains bullish at ICE and NYMEX this morning. Futures at ICE continue trading on a high level, even if upward leeway is limited by the currently still strong resistances. Technical analysts expect another consolidation on the current level until the results of the EU summit and the DOE's data will be published. The WTI crude is supported at 91.10 dollars today, its first resistance is seen at 94.65 dollars. The Brent's first resistance is seen at 111.90 dollars, its first support is at 109.60 dollars.

U.S.

Nymex Access gaining. Oil futures slightly rise in East Asia and Globex electronic trade this morning. After a brief correction downward yesterday, oil prices trade slightly higher this morning. According to market participants, impetus has been provided by strong Asian stocks. The traded volume is on average. Traders' main focus today will be on the opening of European markets, on news about the Eurozone's debt crisis as well as on the DOE's oil inventories data, to be published this afternoon at 4.30 p.m.

API's: Crude Oil +2.7; distillates -1.8; gasoline +0.2 million barrels vs previous week. Refinery utilization -0.2%

DOE's: due out tonight

Forecasts: Crude oil +0.5; distillates -1.7; gasoline -1.3 million barrels vs previous week.

Houston (ex-wharf indications 25-10)

380cst $663
180cst $713
MGO $993

Very tight avails for 180 cst

New Orleans (ex-wharf indications 25-10)

380cst $666
180cst $715
MGO $996

Singapore (closed today due to National Holiday)

Singapore prices were assessed with a gain of approx. $8.5/mt as crude was higher during Platts window. Bunker premium remains around healthy $8/mt in Singaporewith no major logistic problems reported from the market. Bunker fuel swaps were mixed yesterday. Front month Barges were almost unchanged while Singaporepapers gained a little in the front. To the contrary prices at the back of the curve were weaker with Calendar 2012 papers losing approx. $1.75/mt. Markets are trading slightly lower today.

High premiums for prompt deliveries.

380 cst $679
180 cst $688
MDO $935

ARA (Amsterdam - Rotterdam - Antwerp)

Northwest European bunker values edged lower Tuesday on softer Fob Rotterdam barges, which had followed weaker Brent crude prices in the afternoon. WTI prices continued to firm on falling US inventories and improved USmacroeconomic sentiment while Brent crude prices lost their earlier gains. Rotterdamand Antwerpcontinued to see limited HSFO availability and ongoing congestion at loading installations. Hsfo product remains tight, some suppliers are fully booked until Thursday, with vessels experiencing operational delays due to congestion at loading installations.

Rotterdam

Indications for delivered bunkers:

380cst : $ 641
(1.0 %) :$ 655
180cst: $ 660
(1.0 %):$ 675
MGO 0.1%S: $ 956