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During morning trade investors have taken some profit after the Brent's resistance at 119.80 dollars and the WTI crude's resistance at 105.05 dollars remained strong. The EIA's figures on US oil demand in February had supported prices on Friday evening but this was not sufficient for a significant upward movement.The worse-than-expected reading of the US GDP in the first quarter, which was published on Friday, has also weighed on oil futures. Trade is currently predominated by technical factors, as impulsions from equities and forex are lacking.

Oil futures saw some profit taking in London and New York on Friday morning. Quotations kept track of the euro, which lost some ground at that time. They soon fell through their short term supports. S&P having downgraded Spain's credit rank by two notches and the disappointing reading of the GfK's German consumer climate index weighed on quotations before market sentiment improved again in the first hours of the European session. Italy's debt sale showed better results than expected, raising investors' risk appetite. Oil futures climbed until the early afternoon, with the Brent even testing its first resistance at 120.00 dollars which remained strong, however. The disappointing US 1Q GDP capped gains in mid afternoon trade. After renewed profit taking, the Brent bounced off its support at 119.15 dollars. This support had already proved strong in the morning. Even though the weak figures regarding US economic growth weighed on oil prices, strong equities and the advancing euro, that breached several resistance lines in the afternoon, limited the downward potential at ICE and NYMEX. The WTI traded steadier compared to the other futures during late trade, rising up to its resistance at 104.95 dollars. It has not succeeded in breaching it sustainably, however. According to market players, WTI futures were steadier given the EIA's data on US oil demand in February.

ICE Gasoil contract for May delivery settled at 1,008.50 dollars on Friday. This was -8.75 dollars below Thursday's settlement. With some 44,000 contracts the traded volume was below average.

The stochastic indicator remains slightly bullish for the Brent and the WTI crude, whereas the indicator currently does not provide any new impulsion, see also technical analysis. Markets are slightly overbought in all, which might support a downward correction in case there is a selling impulsion. Currently technical analysts expect that further technical buying orders will only be triggered and upward potential will only be created, if oil futures sustainably breach their supports at 105.00 dollars or 105.10 dollars (WTI) resp. at 120.00 dollars (Brent). If oil prices bounce off these resistances, they might drop down to 104.05 (WTI). This line of support and the resistance lines define today's technical range.

U.S.

Nymex access losing: Oil futures have hardly changed in Asian trading and on Globex electronic trading platform this morning. After Friday's price increase and stable resistance lines, oil futures consolidated trading sideways without any new impulsion. The traded volume has been far below average. Investors now watch the performances of stock and forex markets, and today's economic indicators.

Houston (ex-wharf indications 30-4)

380cst $709
180cst $743
MGO $1055

New Orleans (ex-wharf indications 30-4)

380cst $710
180cst $743
MGO $1055

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

Crude is bouncing up with WTI +$0.53. Singapore paper is mixed with -$1.00 for 180cst and -$1.80 for 380cst for May, and for June 180 cst -$1.00 and 380cst -$1.80 with MGO contracts May +$0.20 and June +$0.19. The cargo market is slowing still with 180cst +$1.79, 380cst +$0.56 and MGO +$0.09.

The Singapore fuel oil markets rose $0.5- 2.0 Friday morning. Market is generally boosted and supported by strong buying interest by some major players. The delivered bunker premiums remained around $6.5 above cargo prices. Bunker fuel oil swaps lost app.$4.50/mt for Singapore. This morning markets are trading up.

High premiums for prompt deliveries.

380 cst $715
180 cst $726
MGO $990

Fujairah (delivered indications 30-4)

380cst $726
180cst $746
MGO $1050

ARA (Amsterdam - Rotterdam - Antwerp)

After a bullish start of the week, last week ended soft, with hsfo and lsfo tracking softening crude. The Eastern arbitrage is at workable levels. The ongoing barge congestions in Rotterdam and Antwerp are still causing considerable delays, although Antwerp has come back to a normalised situation, while Rotterdam is still suffering from loading delays.

Rotterdam

Indications for delivered bunkers:

380cst : $ 694
(1.0 %) :$ 738
180cst: $ 720
(1.0 %):$ 755
MGO 0.1%S: $999