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After having traded sideways first, oil prices have slightly retreated during morning trading as investors took some profit. Furthermore market participants assume that it is still a long way to go until the eurozone's debt crisis is overcome. Investors today look ahead to the opening of US markets and economic data in the afternoon.

Oil futures traded steady on Thursday morning. Positive impetus was provided by the agreements, which had been found during the EU summit the night before. Equities and the euro profited considerably from this, which in consequence led to massive gains throughout the oil complex. Risk aversion had decreased and market participants had been relieved by this accord, an analyst said. In the course of the day, better-than-expected US economic indicators (3rd term GDP, employment data) additionally supported oil prices. As to the foreign exchange market, the euro breached several resistance lines, rising up to 1.4248 dollar in the evening. Oil futures also breached several resistances, triggering technical buying orders which added to the increase in prices until late in the evening.

The euro pulled back from yesterday's peak at 1.4248 dollar during the Asian session as investors took a breather after a huge relief rally in riskier assets following a deal on Europe's debt crisis, though investors were eyeing more short-term gains in the currency. While the agreement is unlikely to solve all Europe's financial problems, the clear signs of progress, combined with healthy U.S. third-quarter GDP, changed the outlook for the dollar to strongly bearish and to more upbeat for riskier currencies. In the longer term the euro remains vulnerable, however, as the EU still needs to find the money for the newest version of its bailout fund, with doubts lingering on whether its new size of around 1 trillion euros ($1.4 trillion) will be enough to staunch the crisis.

ICE Gasoil contract for November delivery settled at 969.75 dollars on Thursday. This was 15.75 dollars above Wednesday's settlement. With some 59,000 contracts the traded volume was on average.

Although the stochastic indicator does not give any clear signals this morning, it indicates a slightly overbought market situation. When resistance lines were breached, new upward potential was created rendering possible the testing of the marks of 113.90 dollars as for the Brent and 94.65 dollars as for the WTI Crude. However, analysts also expect some profit taking after yesterday's increase in prices. The WTI crude is supported at 91.40 dollars today, its first resistance is seen at 94.25 dollars. The Brent's first resistance is seen at 112.80 dollars, its first support is at 110.25 dollars.

U.S.

Nymex Access slowing. Oil futures slightly retreat during East Asiaand Globex electronic trade this morning. Investors have reduced some of their long positions to take some profit after yesterday's rally. The traded volume is slightly below average. Traders eye the opening of European and US stock markets and today's economic indicators, due in the afternoon.

Houston (ex-wharf indications 27-10)

380cst $653
180cst $705
MGO $983

Very tight avails for 180 cst

New Orleans (ex-wharf indications 27-10)

380cst $656
180cst $707
MGO $986

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

Crude is bullish still gaining with WTI +$1.38 Singapore paper has adopted the bullishness with +$10.35 for 180cst and +$10.05 for 380cst for Nov, and for Dec 180 cst +$9.35 and 380cst +$10.10 with MGO Nov contracts at +$1.75 and for Dec at +$1.75. The cargo market is turning bearish, ignoring crude and paper with 180cst -$2.86, 380cst -$2.53 and MGO +$0.13.

High premiums for prompt deliveries.

380 cst $690
180 cst $699
MDO $948

ARA (Amsterdam - Rotterdam - Antwerp)

The Northwest European bunker market was busy in early trading Thursday, as oil and equity markets reacted to bullish sentiment coming from both coasts of the Atlantic. Brent crude prices jumped $3/barrel on news that European leaders have reached an agreement to tackle the eurozone debt crisis and USgross domestic product expanded at a 2.5% annual rate in the third quarter. A lot of suppliers are fully booked for this month and vessels were still queuing at loading installations due to ongoing congestion. In the MOC 1% was traded between $654-659 with hs between $642.25-646 levels traded.

Rotterdam

Indications for delivered bunkers:

380cst : $ 652
(1.0 %) :$ 665
180cst: $ 670
(1.0 %):$ 687
MGO 0.1%S: $ 975