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Oil prices have lost some ground in the morning as the euro declined and equities shed some gains. First supports at ICE and NYMEX have been breached as euphoria about Greece's election has ebbed. Attention is now turning to the Iranian nuclear talks in Moscow today / tomorrow and then the FED meeting later in the week.

Crude-oil futures began the day in positive territory on Friday after the result of the OPEC meeting but were unable to extend gains. First resistance lines at 98.10 dollars (Brent) and 84.80 dollars (WTI) proved strong, tempting traders to take some profit. Even though US indicators disappointed the markets in the afternoon, oil prices hit resistance lines again during the session in New York as market participants nourished speculations that the G20 would agree on coordinated action to support the economy when they meet in Mexico today. Still, traders stayed cautious ahead of the elections in Greece, avoiding risky positions. Prices rose sharply then in Asian trading due to short-covering following news that the pro-bailout New Democracy party in Greece secured a narrow win.

ICE Gasoil contract for July delivery settled at 851.50 dollars on Friday. This was 6.75 dollars above Thursday's settlement. With some 43,900 contracts the traded volume was only little below average.

The Stochastic oscillator is still bullish at the ICE and NYMEX charts this morning, the buying signal having been triggered a few days ago. Technical analysts thus expect oil prices to stay within a narrow range but with a bullish tone. Still, the fundamentals will dominate the oil market also in the days to come.

U.S.

Nymex access losing: Oil futures edge lower in Asian trading and on Globex electronic trading platform this morning after its overnight jump, market participants taking profit ahead of G20 and Iran. The traded volume is above average. In the absence of important economic indicators, market players will eye stock and forex markets today as well as the G20 meeting and the resumption of the nuclear discussions with Iran.

Houston (ex-wharf indications 18-6)

380cst $585
180cst $616
MGO $900

New Orleans (ex-wharf indications 18-6)

380cst $593
180cst $631
MGO $890

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

Crude is losing slightly WTI -$0.70. Singapore paper is turning as well with -$5.25 for 180cst and -$5.00 for 380cst for Jul, and for Aug 180 cst -$5.25 and 380cst -$5.00 with MGO contracts Jul -$0.20 and Aug -$0.25. The cargo market is bouncing back up with 180cst +$10.46, 380cst +$10.05 and MGO +$0.94.

The Singapore fuel oil markets rose more than $10.0 during the morning last Friday, tracking the crude movements. The Singapore heavy residual inventory saw a slight draw of -0.1 mbbl to 19.6 mbbl. The delivered bunker premiums remained around $6.5 above cargo prices. This morning the markets are trading down.

High premiums for prompt deliveries.

380 cst $600
180 cst $610
MGO $830

ARA (Amsterdam - Rotterdam - Antwerp)

The avail constraints continue to underpin both hsfo and lsfo Not much relief is expected within the next couple of weeks, with continuing loading delays.

Rotterdam

Indications for delivered bunkers:

380cst : $ 582
(1.0 %) :$ 616
180cst: $ 604
(1.0 %):$ 638
MGO 0.1%S: $850