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After having consolidated on a high level during the Asian session, oil prices retreated during the first hours of European trade, which showed a rather low volume. Around noon, oil futures at ICE traded below their first supports. However, the WTI Crude lost ground as well. The Euro's renewed drop had supported the dollar and had added bearish impetus to the development of oil prices. Disappointing European economic data and renewed insecurities after Greek Prime minister Papandreou's resignation additionally weighed on the euro. However, these last few minutes, oil futures have nearly pared their losses on a sharply declining dollar.

Friday, oil prices were in a narrow range in electronic morning trade, rising at midday on a bullish market sentiment and technical indicators. After the dollar rose and US equities fell during floor trading on mixed US and European indicators and uncertainties ahead of the Greek confidence vote, oil lost considerable ground on profit taking. Yet the bullish sentiment eventually prevailed and oil settled near its intraday highs.

ICE Gasoil contract for November delivery settled at 969.50 dollars on Friday. This was 13.50 dollars above Thursday's settlement. With some 45,800 contracts the traded volume was below average.

The stochastic indicator at ICE and NYMEX charts remains bullish but has entered the overbought level this morning. After several resistance lines were breached Friday, more upside is seen for today. The fresh, short-term uptrends that have formed at all charts support the bullish sentiment, so technical analysts. The WTI crude is supported at 92.85 dollars today, its first resistance is seen at 95.00 dollars. The Brent's first resistance is seen at 113.85 dollars, its first support is at 112.00 dollars.

U.S.

Nymex Access gaining: After a rise in early Asian trading hours oil prices are consolidating in Globex electronic trade this morning, taking their breath after Friday's late gains. The traded volume is about on average.

Houston (ex-wharf indications 4-11)

380cst $663
180cst $713
MGO $997

Very tight avails for 180 cst

New Orleans (ex-wharf indications 4-11)

380cst $666
180cst $717
MGO $1002

Singapore (closed today due to National Holiday)

The Singapore market will be closed for a holiday today so thin trading might be expected. Bunker fuel swaps were up by approx. $5.75 - 6.25/mt along the curve. Prices were marginally stronger in the front of the curve. Prices in Singaporeremains stronger compared to Rotterdam keeping front month East/West spread close to $40/mt. Markets are trading higher today.

High premiums for prompt deliveries.

380 cst $693
180 cst $699
MDO $945

Fujairah (delivered indications 7-11)

380cst $690
180cst $715
MGO $1050

Avails issue are sustaining the market.

ARA (Amsterdam - Rotterdam - Antwerp)

Demand in some Northwest European bunker hubs remained supported Friday on stronger Brent crude values and ongoing high sulfur fuel oil tightness. WTI weakened in the afternoon on weaker-than-expected USjobs data, while Brent rose over $1/barrel from Thursday’s settle on some optimism that Europe’s leaders would find a resolution on the Greecedebt crisis. Rotterdamand Antwerpsaw some buying interest on ongoing HSFO shortages. Tight HSFO supplies on a recent VLCC loading for Singaporecontinued to trigger operational delays at loading installations in Rotterdam.

Rotterdam

Indications for delivered bunkers:

380cst : $ 653
(1.0 %) :$ 680
180cst: $ 682
(1.0 %):$ 710
MGO 0.1%S: $ 968