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Oil prices trade within a narrow range this morning, with most market participants looking to the elections in Greece. Investors are likely to consolidate their riskier assets in the course of the day. US economic data might provide some cues this afternoon but actually the market is already looking ahead to the Greek elections, the G20 summit and the Fed meeting, scheduled next week.

Quotations at ICE and NYMEX traded sideways Thursday morning, showing a slightly softer tendency around noon. They were pressured by disappointing US employment data before they regained ground in mid-afternoon trade. Additional support was provided by US equities, as a lower US consumer price index stoked hopes for further expansive measures from the Fed. Such measures might not only bolster the economy but also boost oil demand. Moreover, during its regular meeting yesterday the OPEC decided to maintain its production ceiling at 30 mbpd and to successively reduce the current overproduction of some 1.6 mbpd. This had a bullish impact on oil markets. When the WTI breached its resistance at 83 dollars, a buying signal has been triggered. Oil prices have climbed until late at night, settling near their intraday-highs.

ICE Gasoil contract for July delivery settled at 844.75 dollars on Thursday. This was 2.75 dollars below Wednesday's settlement. With some 59,900 contracts the traded volume was about on average.

After its lines have crossed, the stochastic indicator is bullish at ICE as well as at NYMEX this morning. The RSI is in neutral territory and does not give any new cues. Technical analysts assess the situation as slightly bullish. The WTI crude has already tested a short-term resistance at 84.80 dollars. If this resistance is breached sustainably, some technical buying orders might be triggered. After the WTI has formed a bottom at 81 dollars during the past week, quotations are still consolidating on a higher level.

U.S.

Nymex access gaining: Oil futures continued to trade higher in Asian trading and on Globex electronic trading platform this morning after yesterday's gains, supported by the advancing euro. The traded volume is about on average. Market players now look ahead to the performance of stock and forex markets and today's economic indicators.

Houston (ex-wharf indications 14-6)

380cst $585
180cst $616
MGO $900

New Orleans (ex-wharf indications 14-6)

380cst $586
180cst $625
MGO $895

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

Crude is bouncing back up with WTI +$1.85. Singapore paper is mirroring crude with +$10.85 for 180cst and +$9.15 for 380cst for Jun, and for Jul 180 cst +$1.90 and 380cst +$9.15 with MGO contracts Jun +$0.01 and Jul +$0.17. The cargo market is slowing with 180cst -$1.91, 380cst +$0.66 and MGO -$0.35.

The Singapore fuel oil markets rose app $8.00 during the morning. Yesterday delivered 380cst in Singapore was around $585/mt. Bunker fuel oil swaps yesterday posted app.$2/mt gains at the front of the forward curve for papers. Backend was weaker, losing nearly $2/mt. Markets are trading higher this morning.

High premiums for prompt deliveries.

380 cst $608
180 cst $618
MGO $830

ARA (Amsterdam - Rotterdam - Antwerp)

After a bearish start of the week, the Northwest European bunker market is ending on a bullish note. The avail constraints continue to underpin specifically the hsfo values in Rotterdam, while Antwerp reports some tightness on lsfo. Not much relief is expected within the next couple of weeks.

Rotterdam

Indications for delivered bunkers:

380cst : $ 591
(1.0 %) :$ 622
180cst: $ 612
(1.0 %):$ 649
MGO 0.1%S: $850