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Oil futures traded with a downward tendency during morning trade, according to the slightly bearish technical analysis. After reports that Greek might have a referendum regarding the measures to tackle its debts, which were decided on during the last week'S EU summit, equities lost considerable ground at the opening of European stock markets. The euro likewise declined. As a consequence, oil futures dropped and breached several supports. ICE Gasoil fell through its psychologically important support at 950,00 dollars and NYMEX Crude Oil breached its second support at 91,35 dollars.

ICE Gasoil contract for November delivery settled at 950,50 dollars on Monday. This was 11,75 dollars below Friday's settlement. With some 51.200 contracts the traded volume was slightly below average.

U.S.

Nymex Access losing: Oil prices retreated only slightly during East Asia and Globex electronic trade this morning. After some technical correction up last night, oil futures trade lower this morning. According to market participants, the main impetus is provided by the continually strong dollar. The traded volume is slightly below average. Traders look ahead to the opening of European and US stock markets today, as well as to further impetus provided by foreign exchange.

As there is still regular maintenance work concerning the refineries, analysts expect an unchanged refinery utilization. Thus analysts still forecast builds in crude stocks, whereas crude stocks show draws.

Houston (ex-wharf indications 1-11)

380cst $646
180cst $698
MGO $1000

Very tight avails for 180 cst

New Orleans (ex-wharf indications 1-11)

380cst $649
180cst $701
MGO $1003

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

Crude is now losing sharply with the euro losing after the new self-inflicted crisis with WTI -$1.42. Singapore paper is cautious dropping only slightly with -$2.95 for 180cst and -$2.25 for 380cst for Nov, and for Dec 180 cst -$3.90 and 380cst -$3.25 with MGO Nov contracts at -$1.03 and for Dec at -$1.18. The cargo market is more ready to take up crude's losses with 180cst -$15.58, 380cst -$15.51 and MGO -$2.00.

The Singapore fuel oil markets fell more than $15.00 during the Platts window tracking the softer crude movement. The market has more selling interest as prices were pressured lower. The delivered bunker premium remains around $18.00 above the cargo prices. Bunker fuel oil swaps lost app. $9.00/mt at the front and a dollar more at the backend of the forward curve for both Rotterdam FOB Barges 3.5% and Singapore 180cst Cargo FOB papers.

High premiums for prompt deliveries.

380 cst $681
180 cst $695
MDO $948

Fujairah (delivered indications 1-11)

380cst $662
180cst $685
MGO $1040

Avails issues are sustaining the market.

ARA (Amsterdam - Rotterdam - Antwerp)

In the MOC HSFO traded betwee $629-634 with 66KT changing hands with Lukoil the keenest seller. High sulfur fuel oil prices in Rotterdam softened $7/mt after a spike of $13/mt Thursday afternoon on escalating oil prices in the afternoon. Despite weaker Fob Rotterdam barges, bunker prices for prompt inquiries remained strong on ongoing shortages and congestion at loading installations in the port, sources said. Most suppliers are fully booked for this month with some even fully committed until November 5.

Rotterdam

Indications for delivered bunkers:

380cst : $ 634
(1.0 %) :$ 647
180cst: $ 651
(1.0 %):$ 666
MGO 0.1%S: $ 939