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Crude oil prices fell today after official data showed China's manufacturing activity contracting for the second straight month in September, analysts said. New York's main contract, light sweet crude for delivery in November, shed 56 cents to $ 91.63 a barrel and Brent North Sea crude for November retreated 40 cents to $ 111.99. Crude prices headed south after official data released by China showed manufacturing activity in the world's largest energy consumer shrinking yet again, analysts said.

Oil prices edged higher in electronic morning trading in the wake of a rebound in the euro, breaching the first short-term resistances but not triggering any technically-driven buying orders. The morose US indicators released in the afternoon disappointed investors in a market without any fresh fundamentals so that profit was taken, bringing down prices from their intraday highs. A weak euro and a decline in equities applied more selling pressure later in the session but a sudden, strong increase of the gasoline contract in New York limited the losses at this time. Analysts see a so-called "short-squeeze" behind the gasoline contract's rise that already started on Wednesday of last week. The front month October contract expired Friday and market participants had to get rid of the short positions they held in obviously great numbers, so analysts, as a reasonable fundamental cause for gasoline's rise was not in sight. But scepticism about the state of the global economy as well as the euro and equity markets eventually brought down prices to settle slightly lower in London and New York.

ICE Gasoil contract for October delivery settled at 980.75 dollars on Friday. This was 0.25 dollars below Thursday's settlement. With some 53,500 contracts the traded volume was about on average.

Oil prices lost ground in early Asian trading and on Globex electronic trading platform this morning as market participants took profit after the release of a disappointing Chinese ISM purchasing managers index that signalled contraction and on a declining euro vs the dollar. The traded volume is above average. Market players eye the performance of stock and forex markets today, as well as a string of economic indicators.

U.S.

Nymex access rising : Oil prices lost ground in early Asian trading and on Globex electronic trading platform this morning as market participants took profit after the release of a disappointing Chinese ISM purchasing managers index that signalled contraction and on a declining euro vs the dollar. The traded volume is above average. Market players eye the performance of stock and forex markets today, as well as a string of economic indicators.

Houston (ex-wharf indications 28-9)

380cst $650
180cst $692
MGO $1050

New Orleans (ex-wharf indications 28-9)

380cst $660
180cst $695
MGO $1050

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

The Singapore Fuel Oil markets surged up more than $12.5 during the morning window last Friday. The delivered bunker premiums rose to around $9.5 above cargo prices as crude values increased after window. There are several Asian markets like China and Korea, closed for public holiday and demand is expected to be quieter. This morning the market is trading slightly higher.

380 cst $655
180 cst $665
MGO $960

ARA (Amsterdam - Rotterdam - Antwerp)

The ARA is well supplied, with some demand picking up, although Suppliers in Rotterdam continued to experience some difficulties to meet low sulfur fuel oil inquiries for prompt due to ongoing supply shortages in the area. 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 : $ 636
(1.0 %) :$ 689
180cst: $ 661
(1.0 %):$ 738
MGO 0.1%S: $969