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Oil futures have pulled back from their lows in the course of the afternoon. They have been supported by better-than-expected US economic data. US durable goods orders have sharply increased in November.

Oil futures traded sideways in a narrow marge Thursday morning. First resistances at 99.25 dollars for the WTI crude and at 920.00 dollars for the ICE Gasoil proved strong triggering some profit taking every now and again. There was no significant correction down, however, as the strong euro and equities supported prices. Against the backdrop of positive US economic indicators which were published in the course of the afternoon oil futures finally rose over their resistance lines, with the WTI even testing the psychologically important mark at 100.00 dollars. As this resistance remained strong in the evening and new bullish impetus was lacking, market participants reduced their long positions and took some profit. Compared to the other futures, profit taking regarding the WTI crude and gasoline were few, however, reducing the spread between the Brent and the WTI crude to less than 8.50 dollars during late trade.

ICE Gasoil contract for January delivery settled at 910.50 dollars on Wednesday. This was +8.25 dollars above Tuesday's settlement. With some 44.500 contracts the traded volume was below average.

The stochastic indicator remains clearly bullish this morning but already heads towards the overbought level. Given yesterday's positive US economic data and the massive draws in crude oil according to the DOE's data oil prices are likely to consolidate on a high level. Technical analysts expect the WTI crude will again test the mark of 100 dollars which remained strong yesterday. If this mark is breached persistantly in the course of the day, the WTI crude might rise up to its 100.85 dollars resistance ahead of some profit taking given the long Christmas weekend. The first support for the WTI is at 98.50 dollars today, its first resistance is seen at 100.00 dollars. The Brent's first resistance is seen at 108.50 dollars, its first support is at 107.30 dollars.

U.S.

Nymex acces gaining. Oil futures edge higher in East Asia and on Globex electronic trading platform this morning. In a thin trade the WTI crude tests the 100 dollar bar. The traded volume is far below average. Many investors are finishing early today focussing on consolidating their riskier positions. Market participants eye the opening of European markets, news about the Iranian marine's manoeuver and today's economic data.

Houston (ex-wharf indications 21-12)

380cst $628
180cst $664
MGO $956

Very tight avails for 180 cst

New Orleans (ex-wharf indications 21-12)

380cst $631
180cst $667
MGO $959

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

Crude is slowing with WTI +$0.88. Singapore paper is slowing as well with +$0.75 for 180cst and +$0.25 for 380cst for Jan, and for Feb 180 cst unchanged and 380cst +$0.25 with MGO Jan contracts at +$0.40 and for Feb +$0.50. The cargo market is mirroring crude and paper with 180cst +$1.18, 380cst +$3.79 and MGO +$0.40.

The Singapore fuel oil markets extended another day of rally up more than $11.0 during the Platts window. The delivered bunker premiums remains around $22.5 above cargo prices as sellers were thin going into year-end to reduce holding inventory. This morning markets are trading higher.

High premiums for prompt deliveries.

380 cst $675
180 cst $688
MGO $940

ARA (Amsterdam - Rotterdam - Antwerp)

Northwest Europe saw variable demand Thursday, despite stronger sentiment on the oil markets and some expectations that the upcoming holiday season would trigger an increased number of fixtures. ARA saw reduced buying interest while Hamburg and Great Belt reported some activity over the day. High and low sulfur supplies for prompt in ARA remained tight with some suppliers fully committed for before and after the Christmas holidays.

Rotterdam

Indications for delivered bunkers:

380cst : $ 622
(1.0 %) :$ 668
180cst: $ 645
(1.0 %):$ 689
MGO 0.1%S: $920