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Oil futures have gained some ground during morning trade but remained far below their resistance lines. Investors wait for new impulsions provided by the EU's summit and the ECB's decision on interest rates. Market players fear the EU's summit might bring no groundbreaking decisions to resolve the area's debt crisis.

Yesterday, oil futures at ICE and NYMEX have initially traded steadier, supported by the advancing euro and gaining equities. Oil prices' gains have been capped, however, as investors have been expecting the DOE's data. They have also remained prudent as they have been waiting for the ECB's decision on interest rates due today and for the results of the EU's summit tomorrow. Investors' growing scepticism that the EU's summit will bring about decisive resolutions caused some profit taking regarding the euro and equities. Thus, oil futures have likewise marked some losses. Given the builds in crude oil and products, the DOE's data, published in the afternoon, have been considered clearly bearish. At ICE and NYMEX several short term supports have been breached and technical selling orders accelerated the downward movement. Oil futures only stopped at the 109.00 dollar support for the Brent and at the 99.75 dollar support for the WTI crude. ICE Gasoil's fall has renewedly been stopped by its strong support at 950.00 dollars. While oil futures at ICE settled near their intra-day lows, oil prices at NYMEX slightly recovered making the WTI crude climb above 100 dollars.

ICE Gasoil contract for December delivery settled at 957.25 dollars on Wednesday. This was 1.00 dollars below Tuesday's settlement. With some 46,800 contracts the traded volume was below average.

The stochastic oscillator is still bearish for the WTI crude this morning, whereas the indicator remains bullish at ICE. Given the differing signals technical analysts assess the situation rather neutral pointing at the supports and resistances which have remained strong. As the ECB's decision on interest rates and the EU summit are the most important factors, market dynamics are currently not sufficient to make oil futures breach their range. Analysts thus expect that oil prices will consolidate within their given ranges, see chart analysis. If they break out of this ranges, larger buying orders are to be expected. The first support for the WTI is at 100.00 dollars today, its first resistance is seen at 101.95 dollars. The Brent's first resistance is seen at 111.35 dollars, its first support is at 109.20 dollars.

U.S.

Nymex acces gaining. Oil futures trade slightly higher in Asiaand on Globex electronic trading platform this morning. After having rebounded off their supports last evening, oil futures currently slightly recover. The traded volume at NYMEX is slightly below average. Market participants eye the European session and the ECB's interest rate decision at 1.45 p.m.. Later in the afternoon weekly USemployment data might provide for additional impetus.

API's: Crude oil -5.0; distillates +1.7; gasoline +6.0 million barrels vs previous week. Refinery utilization +3.3%
DOE's; Crude oil +1.3; distillates +2.5; gasoline +5.2 million barrels vs previous week. Refinery utilization +3.1
Forecasts: Crude oil -0.8; distillates +0.8; gasoline +0.9 million barrels vs previous week

Houston (ex-wharf indications 7-12)

380cst $633
180cst $671
MGO $973

Very tight avails for 180 cst

New Orleans (ex-wharf indications 7-12)

380cst $635
180cst $674
MGO $976

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

Crude is back on its bearish track, losing Yesterday's gains with WTI -$0.79. Singapore paper is reacting, turning with -$1.80 for 180cst and -$1.70 for 380cst for Dec, and for Jan 180 cst -$1.95 and 380cst -$1.70 with MGO Dec contracts at -$0.54 and for Jan -$0.54. The cargo market is lagging with 180cst +$4.55, 380cst +$6.21 and MGO +$2.08.

The Singapore fuel oil markets rebounded more than +$4.5 during the Platts window yesterday tracking previous crude gain. Market looks to be firm as bunker demand remains robust. The delivered bunker premiums slipped to around $17.25 above the cargo prices yesterday. This morning markets are trading higher.

High premiums for prompt deliveries.

380 cst $659
180 cst $667
MGO $925

Fujairah (delivered indications 8-12)

380cst $686
180cst $717
MGO $1045

ARA (Amsterdam - Rotterdam - Antwerp)

Northwest European bunker values softened Tuesday following weaker 3.5% Fob Rotterdam barges, as oil prices were struggling for direction over the day. However, trading activity for bunker fuel oil in most of the NWE bunker hubs was supported despite oil market participants awaiting fresh news about the Eurozone. High sulfur fuel oil supplies for prompt inquiries in ARA remained tight as at least three VLCCs were expected to load for the Asian market by the end of the month. LSFO in Antwerpremained very tight as local suppliers were keeping their stocks low before the end of the year.

Rotterdam

Indications for delivered bunkers:

380cst : $ 633
(1.0 %) :$ 670
180cst: $ 647
(1.0 %):$ 679
MGO 0.1%S: $965