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Oil futures have been rangebound during morning trade. The WTI crude has tested its first resistance line which remained strong, however. The advancing dollar is currently limiting gains. The traded volume has been rather low in London and in New York. Market players expect positive US economic data this afternoon.

After the price rally at the end of last week, oil futures in London and New York retreated on Monday morning. Having already marked considerable gains against the euro on Friday, the strong dollar prompted investors to take some profits on oil markets. Quotations only breached their first short-term supports around midday seizing their downward potential. The Brent remained far from mid-term supports, however, see also technical analysis. As persisting geopolitical tensions (e.g. Iran) are still limiting downward corrections, oil futures pulled back from their lows in the course of the afternoon and evening, receiving some additional support by strong equities and a softer dollar.

ICE Gasoil contract for April delivery settled at at 1,028.25 dollars on Monday. This was -8.50 dollars below Friday's settlement. With some 76,800 contracts the traded volume was above average.

After yesterday's correction, the stochastic indicator at ICE and NYMEX charts consumes its bullish impact in the overbought territory this morning. Technical analysts take a rather neutral stance and expect prices to keep consolidating within their technical range. At ICE, the Brent is likely to find some resistance near 126.35 dollars and the Gasoil near 1,038.00 dollars, whereas midterm supports will probably limit profit taking that may occur. As to NYMEX C.Oil, a triangle has formed, likely to provide support at 105.75 dollars and some resistance at 107.85 dollars.

U.S.

Nymex acces gaining. Oil futures were steady in Asian trading hours and on Globex electronic trading platform this morning. The traded volume is slightly above average. Investors look ahead to the development at European stock exchanges and to impulsions from forex markets, which may particularly result from the FOMC's meeting this evening. Moreover, market players will eye the API's forecast of US oil inventories, published tonight at 9.30 p.m. already, given the switch to daylight saving time in the USA last weekend.

Survey of US Petroleum inventories due out tonight at 22:30(API) and Thursday at 17:00(DOE)

Crude oil +1.6; distillates -1.1; gasoline -1.2 million barrels vs previous week

Houston (ex-wharf indications 12-3)

380cst $727
180cst $768
MGO $1053

Very tight avails for 180 cst

New Orleans (ex-wharf indications 12-3)

380cst $729
180cst $770
MGO $1056

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

Crude is slowly turning bullish again with WTI +$0.20 Singapore paper is gaining bullish momentum with +$12.00 for 180cst and +$11.80 for 380cst for Mar, and for Apr 180 cst +$11.75 and 380cst +$11.80 with MGO contracts Mar +$0.15 and Apr +$0.16. The cargo market is mixed with 180cst +$1.61, 380cst +$1.14 and MGO -$0.34.

The Singapore fuel oil markets were up during Yesterday morning. Market remains well supplied amidst a soft demand scenario. The delivered bunker premiums were down to around $1.5 above cargo. This morning markets are trading higher.

High premiums for prompt deliveries.

380 cst $740
180 cst $751
MGO $1010

ARA (Amsterdam - Rotterdam - Antwerp)

The ARA hsfo markets started the week at a bearish note, with buyers awaiting more supportlines to be broken. The lsfo tightness is not expected to resolve soon, with present loading delays not contributing to any swift inversion, shortages are expected until next month. Yesterday, in the MOC hsfo was traded between 705.50-708 usd and lsfo between 656.75-657 usd.

Rotterdam

Indications for delivered bunkers:

380cst : $ 712
(1.0 %) :$ 766
180cst: $ 738
(1.0 %):$ 779
MGO 0.1%S: $1035