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Oil prices staged a rebound Tuesday following three days of losses, rising on supply concerns due to the Syrian conflict and delays in shipments of North Sea oil. Benchmark crude for November delivery was up 48 cents to $89.81 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 57 cents to $89.30 per barrel in New York on Tuesday. In London, Brent crude, which is used to price international varieties of oil, rose 56 cents to $112.38.

Oil prices began the new week with a bearish tone Monday morning, hitting and breaching first support lines early in the wake of a steep drop in equities and an ailing euro. When the WTI's 88,30 dollar support proved strong though, oil rebounded during the session in New York, helped by the rather bullish technical market situation that triggered technically driven buying orders. As the markets lacked fresh news and economic indicators were few, operators turned back to geopolitical tensions such as the fighting at the Syrian-Turkish border or the conflict between Israel and Iran. Bullish signals from this side supported mainly ICE futures while the WTI rose more slowly, widening the spread between the two benchmarks once again to over 22 dollar, its highest since October 2011. Contrary to the other futures, gasoline futures at the NYMEX dropped yesterday after their strong rise on Friday.

ICE Gasoil contract for October delivery settled at 993,50 dollars on Monday. This was 4.00 dollars above Friday's settlement. With some 37,500 deals the traded volume was well below average, the contract expiring Thursday.

The Stochastic oscillator is still bullish at the ICE charts but as its two lines are converging, the bullish impact dwindles. The Stochastic at the WTI chart is still neutral, not giving any clear signals at all. Due to the lack of momentum, technical analysts regard the market sentiment as rather neutral today. The gasoil's 1,000 dollar resistance and the Brent's 113,40 dollar line limit possible gains and at the WTI chart the 91,00 dollar resistance line is seen as strong today. In case those lines are breached, though, a string of technical buying would be the consequence.

U.S.

Nymex access neutral : Oil prices and the euro jumped in East-Asia this morning, contrary to a steep drop in Asian equities, but since then consolidated on Globex electronic trading platform in a narrow range. The traded volume is about on average. Due to a lack of economic indicators, market players eye the performance of stock and forex markets today. The API's and the DoE's oil inventory report are both one day delayed as the U.S. celebrates Columbus day.

Houston (ex-wharf indications 9-10)

380cst $630
180cst $671
MGO $1050

New Orleans (ex-wharf indications 9-10)

380cst $635
180cst $663
MGO $1050

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

The Singapore fuel oil market fell more than $16.0 yesterday during the morning Platts window. The demand was stronger as lower outright prices attracted buying. The delivered bunker premiums were lifted to around $8.25 above cargo prices. Bunker fuel oil swaps posted app.$7/mt losses at the front of the forward curve Singapore papers. The backend was significantly stronger, remaining largely unchanged from previous day. This morning the market is trading down.

High premiums for prompt deliveries.

380 cst $635
180 cst $645
MGO $960

ARA (Amsterdam - Rotterdam - Antwerp)

The ARA is well supplied in general, but tight HSFO avails and long waiting times at refineries for LSFO, causes some suppliers not to offer to prompt enquiries.

Rotterdam

Indications for delivered bunkers:

380cst : $ 612
(1.0 %) :$ 660
180cst: $ 642
(1.0 %):$ 690
MGO 0.1%S: $990