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This morning, oil prices at ICE and NYMEX breached their first resistance lines. They have been buoyed by steady equities and the advancing euro. The latter has risen above its resistance line at 1.2405 dollar.

Oil futures at ICE and NYMEX have traded slightly higher on Monday morning, keeping track of the euro and equities which also advanced until noon. The opening of NYMEX floor trade and Wall Street has brought some impulsions while trade was rather thin. After the WTI crude breached its first supports and the euro lost some ground, investors have taken some profit. The downward movement was mainly a technical one, though. The WTI's support at 95.00 dollars proved strong, favoring a counterreaction later that day. The traded volume was rather low and so oil futures were relatively volatile. At the end of the day, oil prices remained bound to Friday's range consolidating on a high level without any major change of direction.

ICE Gasoil contract for September delivery settled at 979.75 dollars on Friday. This was 2.50 dollars above Thursday's settlement. With some 44,900 contracts the traded volume was below average.

At ICE charts, the stochastic indicator has turned slightly bearish for the G.Oil and for the Brent. At the WTI charts it is seen as neutral at the moment. The situation is still overbought. Despite of the stochastic indicator's bearish signals, technical analysts still assess the situation as neutral. Markets are too volatile for the technical constellation to provide decisive cues, they say. The steep uptrend channel that is still intact indicates that prices will remain steady, whereas quotations are likely to orientate at yesterday's range.

U.S.

Nymex access gaining: Oil futures have hardly changed in East-Asia and on Globex electronic trading platform this morning. Only ICE futures have showed slight gains, even though there are no decisive news on the market. The traded volume is on average whereas the WTI contract for October delivery is traded more actively, as the September contract expires this evening. Market participants look ahead to the performance of stock and forex markets and the Fed's red book. At 10.30 p.m. the API's data on US oil inventories are also due.

Survey of US Petroleum inventories due out tonight at 22:30(API) and Wednesday at 16:30(DOE).
Crude oil +0.2; distillates +1.3; gasoline +0.8 million barrels vs previous week.

Houston (ex-wharf indications 20-8)

380cst $660
180cst $695
MGO $1010

New Orleans (ex-wharf indications 20-8)

380cst $664
180cst $699
MGO $1022

Singapore (correct as per 14:30hrs LT-delivered indications)

Crude is bouncing up with WTI +$1.56. Singapore paper is less bullish with +$0.40 for 180cst and +$0.30 for 380cst for Sep, and for Oct 180 cst +$0.65 and 380cst +$0.50 with MGO contracts Sep +$0.10 and Oct +$0.35. The cargo market is losing with 180cst -$1.94, 380cst -$1.20 and MGO -$0.23.

High premiums for prompt deliveries.

380 cst $670
180 cst $682
MGO $970

Fujairah (delivered indications 21-8)

380cst $680
180cst $698
MGO $1030

ARA (Amsterdam - Rotterdam - Antwerp)

The ARA continues with the bullishness. Continuing loading delays up to three days are reported. With short cutter stocks underpinning the markets and a heavy maintenance programme for September with two important North Sea oilfields set for a one month closure. High premiums are charged for prompt enquiries.

Rotterdam

Indications for delivered bunkers:

380cst : $ 654
(1.0 %) :$ 715
180cst: $ 693
(1.0 %):$ 758
MGO 0.1%S: $980