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Oil prices have eased lower during morning trade keeping track of Tuesday's losses. While the ICE G.Oil and the WTI crude have already breached their first supports, the Brent's first support remained strong as of now, limiting losses currently. The massive losses at stock markets and the dollar regaining strength have weighed on prices. The bearish trend might be countered by positive US economic data in the afternoon, or by unexpectedly bullish data from the DOE.

After Monday evening's price rally had triggered some profit taking, oil prices traded lower Tuesday morning, as was to be expected. Technical supports at ICE and NYMEX proved strong, however, which lead to a test of the resistance lines, along with the bullish technical constellation. In a rather lackluster trade, quotations remained within their given technical range until the evening. Only after the FOMC's meeting minutes markets gained some pace. The development in forex trade caused some technical selling at oil markets. The advancing dollar prompted market players to take some profits, as dollar-quoted oil became more expensive for investors outside the USA. The WTI crude then breached its support at 104.20 dollars, which had remained strong up to then. The API's forecast of US oil inventories, published at 10.30 p.m., showed massive builds in crude stocks, which is why oil futures were unable to recover in late trade and settled with significant losses.

ICE Gasoil contract for April delivery settled at at 1,033.50 dollars on Tuesday. This was 9.00 dollars above Monday's settlement. With some 30,900 contracts the traded volume was below average.

The RSI's buying signals have ebbed by now but the stochastic indicator remains bullish this morning. Technical analysts still take a slightly bullish stance, at least as long as oil futures remain above yesterday's lows. If they drop below these lows, there might be some technical selling, analysts say. Market participants point out the impact of fundamental factors like the ECB's decision on interest rates and the DOE's data on US oil inventories, which may be giving the markets some direction in the course of the day.

U.S.

Nymex acces easing. Oil futures edged lower in Europe and on Globex electronic trading platform this morning. The API's forecast regarding US oil inventories and the FOMC's meeting minutes weigh on quotations at ICE and NYMEX. Asian stock exchanges have also marked some losses. Oil futures' supports near yesterday's lows are still strong as of now, however. The traded volume is clearly below average. Ahead of the prolongued Easter-Weekend, the market becomes calmer and investors hesitate to accumulate riskier positions. Market participants eye the European session, new impulsions provided by forex trade, European and US economic indicators and the DOE's oil inventories data today.

API's: Crude oil +7.8; distillates -4.5; gasoline +0.2 million barrels vs previous week. Refinery utilization +0.7%
DOE's; due out tonight
Forecasts: Crude oil +1.7; distillates -0.4; gasoline -1.5 million barrels vs previous week

Houston (ex-wharf indications 3-4)
380cst $723
180cst $751
MGO $1058

Very tight avails for 180 cst

New Orleans (ex-wharf indications 3-4)

380cst $726
180cst $753
MGO $1060

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

Crude is turning bearish again with WTI -$1.14 Singapore paper is dropping as well with -$4.05 for 180cst and -$4.05 for 380cst for Apr, and for May 180 cst -$3.80 and 380cst -$4.30 with MGO contracts Apr -$0.25 and May -$0.14. The cargo market is yet to react, gaining with 180cst +$6.89, 380cst +$7.49 and MGO +$1.97.

The Singapore fuel oil markets prices gained more than $6.75/mt Yesterday. Market remains supported as players have strong buying interest reflected in the stronger cargo premiums, which holds around $2.5/mt. The delivered bunker premium remained around $3.25 above cargo prices yesterday. Bunker fuel swaps were assessed higher yesterday. Markets are trading lower this morning.

High premiums for prompt deliveries.

380 cst $738
180 cst $748
MGO $1020

ARA (Amsterdam - Rotterdam - Antwerp)

The ARA markets turned bullish, mainly on lack of avails and loading congestion. Two fixtures have been reported, which will eat into the avails of hsfo. with loading congestion lurking. The Antwerp avails are still very tight. A contango structure is seen for April-May in Rotterdam, suggesting increasing prices.

Rotterdam

Indications for delivered bunkers:

380cst : $ 706
(1.0 %) :$ 768
180cst: $ 728
(1.0 %):$ 796
MGO 0.1%S: $1015