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As first resistance lines at ICE proved strong, oil futures traded sideways in a narrow range. Despite of the tensions in Europe, the Euro has not lost any more ground this morning. Also the Chinese trade data, which were weaker than expected could give some bearish impulses and the ECB's monthly report did not provide any decisive cues either. Ahead of the OPEC's monthly report and some US economic data market players still remain cautious. Analysts presume that the report will come out rather bearish and expect prices to retreat.

Oil futures already lost ground in London and New York on Wednesday morning, testing first supports. Ahead of the DOE's data market participants took some profit, as the API had forecast massive builds in US crude oil stocks the night before. Equities and the euro were still suffering from the political insecurities in Europe and likewise prompted investors to take profit. Supports at 950.00 dollars for the G.Oil, at 111.10 dollars for the Brent and at 95.00 to 95.35 dollars for the WTI crude proved strong, however, and so oil futures saw an upward correction, erasing most of their earlier losses, slightly supported by mixed DOE data. During late trade oil futures at ICE received some additional support, when a power loss lead to a halt of the production at the Buzzard oil field in the North Sea. Production has already been resumed this morning.

ICE Gasoil contract for May delivery settled at 958.25 dollars on Wednesday. This was +13.00 dollars above Tuesday's settlement. With some 55,700 contracts the traded volume was on average.

The technical constellation has hardly changed compared to yesterday. The stochastic indicator is still neutral for the WTI crude, whereas the indicator remains bullish at ICE charts. Markets are still clearly oversold, reinforcing possible buying signals. Given that oil futures bounced off their supports yesterday, in particular the WTI which remained above the important mark of 95 dollars, oil futures were slightly buoyed. As the IEA's and the OPEC's monthly energy reports are still due and against the backdrop of US stocks having marked record highs, technical analysts presume that the upward potential is limited and investors still avoid speculative long positions.

U.S.

Nymex access gaining: Oil futures have traded higher in Asian trading and on Globex electronic trading platform this morning. Futures at ICE and NYMEX are rather volatile in the early morning. The DOE's mixed data on US oil inventories, Chinese trade data and the temporary production halt at the Buzzard oil field have caused this volatility. The traded volume has been slightly above average. Investors now eye the performances of stock and forex markets, and today's economic indicators, especially US employment data.

API's: Crude oil +7.8; distillates -2.7; gasoline -4.9 million barrels vs previous week. Refinery utilization +1.1%
DOE's; Crude oil +3.7; distillates -3.3; gasoline -2.6 million barrels vs previous week. Refinery utilization +0.4%
Forecasts: Crude oil +2.0; distillates +0.4; gasoline -0.3 million barrels vs previous week

Houston (ex-wharf indications 10-5)
380cst $661
180cst $703
MGO $995
New Orleans (ex-wharf indications 10-5)

380cst $668
180cst $703
MGO $990

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

Crude is slowing with WTI -$0.09 Singapore paper is mixed with -$2.55 for 180cst and -$2.10 for 380cst for May, and for June 180 cst -$2.75 and 380cst -$2.55 with MGO contracts May +$0.35 and June +$0.34. The cargo market is turning bearish again with 180cst -$3.02, 380cst -$2.61 and MGO +$0.11.

The Singapore fuel oil markets fell more than -$2.50 during Yesterday morning. The delivered bunker premiums slipped to around $7.0- 8.0 above cargo prices as crude continues to soften after the window and demand was slow. Bunker fuel oil swaps were assessed up in a range of $2.50-4.75/mt along the curve both for papers with gains on the higher side at the backend. This morning markets are trading higher.

High premiums for prompt deliveries.

380 cst $680
180 cst $690
MGO $950

ARA (Amsterdam - Rotterdam - Antwerp)

The ARA markets are quiet, despite the bullish inventory data Yesterday. The Eastern arbitrage is at workable levels. The loading and barge congestions are improving.

Rotterdam

Indications for delivered bunkers:

380cst : $ 648
(1.0 %) :$ 699
180cst: $ 671
(1.0 %):$ 702
MGO 0.1%S: $959