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The positive sentiment among investors on financial markets has remained today. Although Greece's problems are still unresolved, equities and the euro marked gains and lifted oil futures correspondingly. First resistances have already been breached at ICE and NYMEX. The conflict regarding the Iran also has a bullish impact on the price level and even bolsters the WTI crude despite of the builds in crude oil stocks in the USA. Investors not only fear an immediate stoppage of Iranian oil deliveries but also that the region might see yet another armed conflict given the recent attempts on Israeli diplomats' lives.

Oil futures at ICE and NYMEX opened lower in electronic morning trading but rose towards noon on a rising euro and positive market sentiment. Better-than-expected euro zone indicators counterbalanced the downgrading of six euro zone countries by rating agency Moody's the night before. After the release of disappointing US retail sales in the afternoon traders took profit and euro and equities lost ground again. After the opening of NYMEX session oil then got a boost from news that the Iranian parliament had approved on banning oil exports to the EU and from the car-bomb attacks on Israeli diplomats in the capital of India that Israel blamed on Iranian-backed terrorists. Neither bearish API data released in after-hour trading nor the MasterCard Spending Pulse could stop oil's rise. Still, futures settled lower in London and New York.

OPEC: Oil futures have sharply risen after reports said that the Iran had realised its threat to immediately cut oil exports to six European countries. Whereas the G.Oil at ICE has breached its second resistance at 1003.25 dollars, the WTI Crude has climbed above the mark of 102.00 dollars.

ICE Gasoil contract for March delivery settled at 992.25 dollars on Tuesday. This was 4.25 dollars below Monday's settlement. With some 77,600 contracts the traded volume was above average.

The Stochastic oscillator at the Brent chart is neutral this morning and the one at the gasoil chart is losing its bearish tone, see also technical analysis. Even though markets are overbought, the Stochastic at the ICE charts is about to reverse its direction and could give a buying signal should its two lines cross. Yet without any momentum, technical analysts assess the situation as neutral but see resistances at 118.25 dollar for the brent and at 1,001.50 dollar for the G.Oil being hit. Above these levels a string of technical buying orders will be triggered but ahead of the release of the DOE data the gains are going to be limited.

U.S.

Nymex acces gaining. Oil futures are rising in Asian trading hours and on Globex electronic trading platform this morning supported by dollar weakness and the positive sentiment on Asian equity markets. The traded volume is well above average. Market participants will eye the release of the DOE data and a string of important economic indicators today.

API's: Crude oil +2.9; distillates -2.2; gasoline +1.8 million barrels vs previous week. Refinery utilization -0.2%

DOE's; due out tonight

Forecasts: Crude oil +1.9; distillates -0.9; gasoline -0.1 million barrels vs previous week

Houston (ex-wharf indications 15-2)

380cst $712
180cst $752
MGO $1058

Very tight avails for 180 cst

New Orleans (ex-wharf indications 15-2)

380cst $714
180cst $754
MGO $1061

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

Crude is slowing, but gaining still with WTI +$0.59 Singapore paper is starting to turn bullish with +$3.75 for 180cst and +$5.05 for 380cst for Feb, and for Mar 180 cst +$4.20 and 380cst +$6.00 with MGO Feb contracts at +$1.39 and for Mar +$1.36. The cargo market is dropping with 180cst -$10.95, 380cst -$11.09 and MGO -$1.29.

The Singapore fuel oil markets lost more than $11.0 during the morning yesterday. The delivered bunker premiums continued to soften assessed at around $13.5 above cargo prices yesterday as market avails increased. Bunker fuel oil swaps lost in a range of $6.0-8.0/mt along the curve both for Rotterdam and Singapore papers with losses slightly more pronounced at the front of the forward curve. This morning both markets are trading higher.

High premiums for prompt deliveries.

380 cst $728
180 cst $737
MGO $1002

Fujairah (delivered indications 15-2)

380cst $728
180cst $748
MGO $1045

ARA (Amsterdam - Rotterdam - Antwerp)

Demand across Northwest Europe for bunker fuel was relatively mute Tuesday, with limited volumes fixed by the close of business and a generally weaker market described by most. HSFO availability in Rotterdam remained tight, with prompt barge delays were still a feature of the market, with some buyers waiting as long as seven days. Meanwhile, adding to the tightness of LSFO in Antwerp, vessel experience delays caused by industrial action by ship pilots.

Rotterdam

Indications for delivered bunkers:

380cst : $ 690
(1.0 %) :$ 725
180cst: $ 709
(1.0 %):$ 754
MGO 0.1%S: $995