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Oil prices are less volatile after the restless trading the last few days. The monthly energy reports of OPEC, EIA and IEA and the weekly petroleum inventories of API and DOE are eyed for more hints on the actual situation.

Oil futures lost more ground at ICE and NYMEX in electronic morning trading, weighed down by rekindling worries over the recovery of the euro zone economy after the elections in France and Grece. WTI dropped to a year-low of 95.34 dollars, ICE brent and gasoil hit 3-month lows at 110.34 dollars and 945.00 dollars respectively. In a technical reaction to the past day's hefty losses, oil gained some ground in European trading. Market participants covered their short positions encouraged by the good performance of equity markets and a rise in the euro. When WTI resistance at 98.25 dollars proved strong the rise was stopped and prices consolidated in Asian trading hours. ICE volume was exceptionally low due to a holiday in Great Britain.

ICE Gasoil contract for May delivery settled at 951.50 dollars on Monday. This was 5.25 dollars below Friday's settlement. With some 16,600 contracts the traded volume was well below average.

Stochastic and RSI are neutral at the oversold level. Buying signals will be triggered should the Stochastic's two lines cross and the RSI breach the 30% line. In this case technical analysts see more upside to prices. The strong WTI resistance at 98.25 dollars will limit the gains of the US benchmark.

U.S.

Nymex access gaining: Oil futures edged higher in Asian trading and on Globex electronic trading platform this morning but are currently losing ground after Brent resistance at 113.65 dollars was hit but proved strong. Investors are cautious ahead of the release of the EIA energy report and API data tonight. The traded volume is below average.

Survey of US Petroleum inventories due out tonight at 22:30(API) and Wednesday at 16:30(DOE) Crude oil +2.0; distillates +0.4; gasoline -0.3 million barrels vs previous week

Houston (ex-wharf indications 8-5)

380cst $670
180cst $713
MGO $1030

New Orleans (ex-wharf indications 8-5)

380cst $673
180cst $711
MGO $990

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

Crude is slowing with WTI -$0.60 Singapore paper is starting to bounce back with -$0.25 for 180cst and +$0.45 for 380cst for May, and for June 180 cst unchanged and 380cst -$0.75 with MGO contracts May -$0.29 and June -$0.29. The cargo market is not yet reacting, losing with 180cst -$13.88, 380cst -$12.87 and MGO -$3.02.

The Singapore fuel oil markets plunged more than -$17.5 during the Platts window on the start of the week tracking the soft crude movement. The delivered bunker premiums improved to around $9.5 above cargo prices on stronger demand as outright prices softened. Due to public holiday in UK, there were no Platts publications for the NWE market yesterday. This morning both markets are trading slightly higher.

High premiums for prompt deliveries.

380 cst $680
180 cst $690
MGO $940

ARA (Amsterdam - Rotterdam - Antwerp)

The ARA markets are weaker this morning, tracking the massive sell-off on Friday. The Eastern arbitrage is at workable levels. The loading and barge congestions are improving.

Rotterdam

Indications for delivered bunkers:

380cst : $ 651
(1.0 %) :$ 706
180cst: $ 677
(1.0 %):$ 710
MGO 0.1%S: $945