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Investors eye the release of data regarding the US GDP in the first quarter of 2012. The president of the New York Fed, William Dudley, revised up his forecast of US economic growth in the first quarter from 2.25% to 2.7% at the beginning of April. Market players expect some upside for the market. Traders more and more anticipate that economic growth has improved. The release of US GDP is likely to have a significant impact on markets today.

Oil futures traded steadier at ICE and NYMEX on Thursday morning, whereas investors took some profit from the WTI crude, after the DOE's data showed unexpectedly high builds in crude oil stocks. Despite of the disappointing US employment data, the WTI's support at 103.85 dollars proved strong, however, prompting a technical upward correction in the afternoon. As the Pending home sales index increased significantly and equities marked gains, oil prices received some additional support. Brent, G.Oil and the WTI tested their upward potential in the course of the afternoon. While the WTI crude's mid-term resistance at 105.00 dolllar remained strong, the Brent and the G.Oil breached important resistance lines at 119.50 dollars resp. 1.015.00 dollars, which triggered further buying orders. Buying ebbed only as oil futures approached their next resistances at 120.25 dollars resp. 1,020.50 dollars. According to analysts, the main impulsions were provided by equities yesterday, whereas investors also reduced larger short positions, waiting for the first estimates of the US Gross Domestic Product.

ICE Gasoil contract for May delivery settled at 1,017.25 dollars on Thursday. This was +21.25 dollars below Wednesday's settlement. With some 65,700 contracts the traded volume was above average.

OPEC: China, Japan, India and South Korea imported far less oil from the Iran in the first quarter than they did in the same period in 2011. However, China recently has bought more Iranian oil again, as the drop of imports had mainly been caused by disagreements on payment terms, which are said to be solved by now.

The technical situation has hardly changed this morning. The stochastic indicator is still slightly bullish for the WTI crude, whereas futures meanwhile tend to be overbought. By breaching important resistance lines, the Brent and the G.Oil have seen some buying impulsions but the mid-term resistances at 104.95 dollars for the WTI and at 1,020.00 dollars for the G.Oil still limit the upward potential. Technical analysts thus expect oil futures to consolidate slightly below these marks, even more so as investors' focus has turned to macroeconomic impulsions.

U.S.

Nymex access gaining: Oil futures have hardly changed in Asian trading and on Globex electronic trading platform this morning. The traded volume has been far below average. Investors now watch the performances of stock and forex markets, and today's economic indicators. Investors will particularly focus on the US GDP in the first quarter.

Houston (ex-wharf indications 27-4)

380cst $705
180cst $738
MGO $1047

New Orleans (ex-wharf indications 27-4)

380cst $706
180cst $737
MGO $1055

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

Crude is turning slightly bearish with WTI -$0.19. Singapore paper is not yet turning, slowing with +$1.50 for 180cst and +$1.00 for 380cst for May, and for June 180 cst +$1.50 and 380cst +$1.00 with MGO contracts May +$0.09 and June +$0.08. The cargo market is in line with paper, slowing with 180cst +$1.30, 380cst +$2.14 and MGO +$0.29.

The Singapore fuel oil markets extended gains by another $1.0- 2.0/mt yesterday morning. The Singapore heavy residual inventory saw a build of +2.8 mbbl to 19.2 mbbl. The delivered bunker premiums remained around $6.5 above cargo prices. This morning markets are trading down.

High premiums for prompt deliveries.

380 cst $717
180 cst $727
MGO $995

Fujairah (delivered indications 27-4)

380cst $725
180cst $745
MGO $1050

ARA (Amsterdam - Rotterdam - Antwerp)

The week started on a bullish note, with tigh hsfo avails, while the lsfo avails improved on incoming cargoes. The Eastern arbitrage seems to open, and more fixtures are expected in the near future. The ongoing barge congestions in Rotterdam and Antwerp are still causing considerable delays, although Antwerp came back to a normalised situation Yesterday.

Rotterdam

Indications for delivered bunkers:

380cst : $ 694
(1.0 %) :$ 738
180cst: $ 722
(1.0 %):$ 755
MGO 0.1%S: $998