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Crude-oil prices dropped on Friday ahead of important U.S. employment data due later in the global day, with no sign of the wild price swings seen in the past couple of days. At 1000 GMT, the front-month November Brent contract on London's ICE futures exchange was down 83 cents at $111.79 a barrel. The front-month November light, sweet crude contract on the New York Mercantile Exchange was trading 77 cents lower at $90.94 a barrel.

Oil prices started higher into the day in London and New York and accelerated their rebound in the afternoon in a technical reaction to Thursday's hefty losses and supported by a strong euro vs the dollar and the military conflict at the Turkish border that adds to the destabilization of the region and kindles fears of a to other countries, resulting in a mounting risk premium. The euro received some additional support in the afternoon when the ECB announced to keep its prime interest rate unchanged. The weaker dollar tempted traders to invest in oil futures that breached several resistance lines on their way up, triggering more and more technical buying orders. Later in the evening news of a fire at one of the largest U.S. refineries that caused a shutdown of some units, prevented market participants from taking profit and so oil prices kept rising also in after-hour trade.

ICE Gasoil contract for October delivery settled at 979.00 dollars on Thursday. This was 20.25 dollars above Wednesday's settlement. With some 57,100 contracts the traded volume was about on average.

The Stochastic oscillator is neutral at the Brent and the WTI chart this morning while the one at the product charts at ICE and NYMEX is giving a first buying signal. Even though the Stochastic at the G.Oil chart is already bullish, technical analysts are not convinced that oil will follow the uptrend because of the market's high volatility in the past few days. After yesterday's overdone gains market participants are expected to take some profit in the morning.

U.S.

Nymex access steady :Oil prices traded in a narrow range in East Asia and on Globex electronic trading platform this morning, taking their breath after Thursday's overdone gains. The traded volume is about on average. Market players eye the performance of stock and forex markets today as well as a string of economic indicators of which US jobs data are the most important.

Houston (ex-wharf indications 4-10)

380cst $632
180cst $673
MGO $1050

New Orleans (ex-wharf indications 4-10)

380cst $641
180cst $671
MGO $1045

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

Crude is raising with WTI +$2.58. Singapore paper is increased with +$12.25 for 180cst and +$13.20 for 380cst for Oct, and for Nov 180 cst +$14.20 and 380cst +$15.65 with MGO contracts Oct +$2.71 and Nov +$2.79. The cargo market has bounced with 180cst +$0.70, 380cst +$2.01 and MGO +$0.60.

The Singapore Fuel Oil markets extended losses by around $11.0 during the morning window yesterday tracking crude values. The latest Singapore heavy residual inventory reported a draw of -0.6 mbbl to 17.91 mbbl. The delivered bunker premiums maintained at around $6.0 above cargo prices. This morning the market is trading higher.

High premiums for prompt deliveries.

380 cst $650
180 cst $660
MGO $960

ARA (Amsterdam - Rotterdam - Antwerp)

The ARA is well supplied, but high sulfur bunker fuel oil prices for prompt deliveries in ARA moved higher on tight supply in the region. Due to more demand, especially LSFO but less product available, some suppliers are fully booked till 9th of October.

Rotterdam

Indications for delivered bunkers:

380cst : $ 628
(1.0 %) :$ 678
180cst: $ 658
(1.0 %):$ 708
MGO 0.1%S: $985