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After the publication of the IEA's rather bearish monthly energy report oil prices have kept track of earlier losses, as market players have taken some profits. The IEA has revised down its 2012 oil demand forecast for the seventh time in a row, after the OPEC had already published bearish figures. Against this backdrop, oil futures have fallen through their second supports by now. The dollar which advanced against the euro given a delay in decisions regarding Greece's refinancing has also put oil futures under pressure. Weak equities have added to the downside. As it will be expiring today, the movement of the ICE G.Oil's front month differs from the other contracts. The next front month (March) is already trading below 1,000 dollars.

Oil futures at ICE and NYMEX stayed depressed in electronic morning trading as market participants were cautious ahead of the decision in Greece. When the Greek leadership eventually agreed to a new austerity plan, boosting confidence that the euro zone is taking steps toward resolving its debt crisis, oil prices started to rise cautiously. Later in the day, oil was helped by positive developments in the USA, where a drop in weekly jobless claims boosted hopes that the economy of the world's biggest oil consumer was on a recovery path. First resistance lines were breached and technical buying orders triggered. The Brent hit a 6-month high of 118.79 dollars and the gasoil at the ICE exceeded the 1,000.00 dollar mark, hitting a nine-month high of 1,005.00 dollars. The WTI briefly breached its crucial 100.00 dollar resistance before investors took some profit on the contract while ICE futures and the heating oil in New York kept rising to finish higher in the end.

ICE Gasoil contract for February delivery settled at 997.75 dollars on Thursday. This was 6.75 dollars above Wednesday's settlement. With some 27,500 contracts the traded volume was well below average. The contract expires today.

The Stochastic oscillator is seen neutral at all charts this morning, its bullish influence vanishing as the red and the black line are converging at the WTI chart. Both, ICE and NYMEX futures are at the overbought level but a technical downward correction needs some strong selling signals. So technical analysts bet once more on a consolidation on a high level while some profit taking is seen before the weekend as no immediate solution to the Greece problem has yet been agreed upon.

U.S.

Nymex acces gaining. Oil futures slipped in Asian trading hours and on Globex electronic trading platform this morning as investors booked profits after Thursday's late gains and the morose indicators from China's economy. The traded volume is slightly below average. There are only a couple of indicators on the agenda today, so market participants will eye forex markets today but are expected to be cautious before the weekend.

IEA monthly energy outlook:

• oil demand seen rising by 800,000 bpd to 89.9 mbpd in 2012
• oil demand forecast revised down by 300,000 bpd in 2012
• the OPEC's January output stood at 30.9 mbpd (highest since October)
• the demand for OPEC oil is seen at 29.9 mbpd in 2012
• OECD stocks below 5-year average for 6 months

Houston (ex-wharf indications 9-2)

380cst $707
180cst $743
MGO $1058

Very tight avails for 180 cst

New Orleans (ex-wharf indications 9-2)

380cst $709
180cst $746
MGO $1061

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

Crude is gaining, countering Yesterday's losses with WTI +$0.26 Singapore paper is slowing, but gaining still with +$2.70 for 180cst and +$2.55 for 380cst for Feb, and for Mar 180 cst +$2.20 and 380cst +$0.55 with MGO Feb contracts at +$0.05 and for Mar +$0.07. The cargo market is gaining bullish momentum with 180cst +$10.02, 380cst +$9.16 and MGO +$0.11.

The Singapore fuel oil markets were up more than +$9.0 during the morning yesterday. The Singapore heavy residual inventory saw a slight draw of -0.2 mbbl to 19.49 mbbl. The delivered bunker premium eased marginally to around $16.5 above cargo prices. This morning markets are trading lower.

High premiums for prompt deliveries.

380 cst $742
180 cst $751
MGO $998

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 : $ 698
(1.0 %) :$ 725
180cst: $ 738
(1.0 %):$ 753
MGO 0.1%S: $998