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Oil prices have climbed in the morning supported by the steady euro and advancing equities. The ICE G.Oil has tested its first resistance at 1,000.00 dollars, the Brent its second resistance at 118.00 dollars, whereas there is still some space left for the WTI crude before it hits its psychologically important mark of 100.00 dollar.

Oil futures at ICE and NYMEX traded within their trendchannels for most of the day due to a lack of economic indicators and with little momentum from forex markets as the Greece problem was still not solved. Surprise builds in U.S. refined product stocks and a modest build in crude oil inventories when the API had reported a big draw the night before weighed on prices, but technical buying orders helped oil back up again when support lines could not be breached. The brent in London was lifted above its 115.50 dollar resistance as speculators bet on a widening of the Brent-WTI price spread while the gasoil contract stayed below the crucial 1,000.00 dollar mark.

ICE Gasoil contract for February delivery settled at 991.00 dollars on Wednesday. This was 4.25 dollars below Tuesday's settlement. With some 36,400 contracts the traded volume was below average.

The Stochastic oscillator at the WTI chart stays bullish while the one at the ICE charts is seen neutral, yet at the overbought level, as is the RSI indicator. This opens some downside but a technical downward correction will only be triggered should the Stochastic's lines cross. If not, analysts expect prices to consolidate on their high level.

U.S.

Nymex acces gaining. Oil futures are mixed in Asian trading hours and on Globex electronic trading platform this morning, lower in London on profit taking but slightly supported at the NYMEX. The traded volume is about on average. Market participants will eye Greece and some indicators from the USA and Europe today.

API's: Crude oil -4,5; distillates +0.4; gasoline +4.4 million barrels vs previous week. Refinery utilization +2.0%
DOE's; Crude oil +0.3; distillates +1.2; gasoline +1.6 million barrels vs previous week. Refinery utilization +1.0%
Forecasts: Crude oil +2.9; distillates -0.8; gasoline -0.4 million barrels vs previous week

Houston (ex-wharf indications 8-2)

380cst $707
180cst $743
MGO $1058

Very tight avails for 180 cst

New Orleans (ex-wharf indications 8-2)

380cst $709
180cst $746
MGO $1061

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

Crude is easing, losing with WTI -$0.30 Singapore paper ignoring crude, gaining bullish momentum with +$10.30 for 180cst and +$10.25 for 380cst for Feb, and for Mar 180 cst +$10.25 and 380cst +$10.00 with MGO Feb contracts at +$0.10 and for Mar +$0.11. The cargo market is gaining modestly with 180cst +$4.08, 380cst +$4.26 and MGO +$0.44.

The Singapore fuel oil markets extended gains by app $4.0 during the morning yesterday. Market is well supplied at the moment as the delivered bunker premiums continued to drop sharply, assessed at around $18.0 above cargo prices yesterday. This morning markets are trading up strongly.

High premiums for prompt deliveries.

380 cst $739
180 cst $748
MGO $995

ARA (Amsterdam - Rotterdam - Antwerp)

In Northwest Europe bunker fuel prices were up on stronger outright oil prices and bullish sentiment on the 3.5% hsfo barge market, with another VLCC fixture, and cold weather conditions underpinning the market. High Chinese refinery demand is supporting the arbitrage to Singapore.

Rotterdam

Indications for delivered bunkers:

380cst : $ 697
(1.0 %) :$ 724
180cst: $ 736
(1.0 %):$ 749
MGO 0.1%S: $995