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After oil futures rose this morning, ICE Brent and MGO softened on some profit taking. US labor figures are due this afternoon, and are expected to be more optimistic, forcasting a strong job growth.

With growing optimism that negotiations regarding Greece's debt swap deal would have a positive outcome oil futures and the euro already gained ground in the morning. Quotations exceeded first resistances before the 107.20 dollars bar for the WTI crude proved strong. Slightly disappointing US employment data prompted investors to take some profits in the afternoon. In the course of the evening oil prices were able to extend their earlier gains, however, and breached more supports after more and more private creditors agreed to the "voluntary" Greek debt cut. Oil futures at ICE particularly benefited by these news, that made the spread between the WTI crude and the Brent widen to over 18.50 dollars.

ICE Gasoil contract for March delivery settled at at 1,032.75 dollars on Thursday. This was +26.75 dollars compared to Wednesday's settlement. With some 36,100 contracts the traded volume was far below average.

OPEC: Way before July 1 (when the EU's oil embargo against the Iran is going to start), a Shell-spokesman has confirmed that the company would stop purchasing Iranian crude oil within a few weeks. Older contracts will be fulfilled within the next week. There is no information yet as to the quantity of Iranian oil Shell has drawn on.

At ICE as well as at NYMEX charts the stochastic indicator's lines have crossed, giving a buying signal to market participants, see also technical analysis. From a merely technical stance these signals lead to expect that oil prices will continue yesterday evening's rally and test resistance lines again. However, market players reacted rather sensitive on macroeconomic data, lately. Thus they are waiting for impulsions from the official US labor market statistics for February which will be published this afternoon. Moreover, analysts say that oil futures will find strong technical supports near this year's highs, as they may hamper global economy on a level high as that prompt speculators to reduce their long positions.

U.S.

Nymex acces gaining. Oil futures traded hardly changed on a high level in Asian trading hours and on Globex electronic trading platform this morning. As of now, oil futures trade sideways in a narrow range at ICE and NYMEX, near yesterday's settlement prices. The traded volume is on average. Investors now eye the official announcement of the results of the Greek debt swap deal, the developments at European stock markets, new impulsions from forex trade and today's economic data, in particular the US labor market statistics.

Houston (ex-wharf indications 8-3)

380cst $725
180cst $765
MGO $1058

Very tight avails for 180 cst

New Orleans (ex-wharf indications 8-3)

380cst $727
180cst $768
MGO $1061

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

Crude is slowing with WTI +$0.02 Singapore paper is ahead of crude, losing with -$8.15 for 180cst and -$9.50 for 380cst for Mar, and for Apr 180 cst -$7.95 and 380cst -$8.00 with MGO contracts Mar +$1.60 and Apr +$1.60. The cargo market is back up again with 180cst +$5.46, 380cst +$5.98 and MGO +$1.81.

The Singapore fuel oil markets were up app. $6.0 Yesterday morning. The Singapore heavy residual inventory saw a draw of -0.38 mbbl to 21.41 mbbl. The delivered bunker premiums were seen around $4.0 above cargo prices. This morning markets are trading down.

High premiums for prompt deliveries.

380 cst $727
180 cst $738
MGO $1010

ARA (Amsterdam - Rotterdam - Antwerp)

The ARA was bullish Yesterday, after the bearish start of the week. Rotterdam Lsfo levels surged on crude rises, with no practically no prompt product available untill mid next week, with shortages expected until next month. In the MOC hsfo was traded between 705-706.50 and lsfo between 765-767 usd.

Rotterdam

Indications for delivered bunkers:

380cst : $ 705
(1.0 %) :$ 765
180cst: $ 730
(1.0 %):$ 777
MGO 0.1%S: $1020