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Brent prices slipped towards $114 a barrel today, falling for a second session due to worries over weak oil demand, although concerns over potential supply risks from tension in the Middle East kept losses in check. Prices were also hurt as the International Energy Agency (IEA) last week cut its demand growth forecast for next year. Brent crude had slipped 9 cents to $114.53 a barrel by 0930 GMT, after sliding 75 cents in the previous session. U.S. oil was down 25 cents $91.61 after falling more than a dollar to $90.82 earlier in the session.

Oil prices are trading in a narrow range in East-Asia and on Globex electronic trading platform this morning after Friday's drop in New York. The slide of the euro in Asian trading and the bearish technical constellation signal more downside. The traded volume is well above average. Market players eye the performance of stock and forex markets today as well as a few economic indicators and fresh news from the Middle East.

ICE Gasoil contract for November delivery settled at 1,001.00 dollars on Friday. This was 13,75 dollars below Thursday's settlement. With some 89,000 deals the traded volume was well below average.

The Stochastic oscillator's two lines crossed at the ICE and the NYMEX charts on Friday, triggering a strong selling signal. This morning the indicator is still bearish at the overbought level, a sign that the downward correction is to continue as long as the geopolitical situation doesn't give any fresh bullish signals, so technical analysts.

U.S.

Nymex access bearish: Market participants liquidated some long positions early Friday after the IEA in its latest energy report had revised down once again global oil demand. Several support lines were breached in the process, until the 91,65 dollar mark (WTI), the 114,40 dollars (Brent) and the G.Oil's 1,000.00 dollar support proved strong, market participants being cautious not to be caught on the wrong foot should the tensions between Syria and Turkey lead to an escalation of the situation in the Middle East. This lead to a rather volatile market in which the remaining supports were hit more than once but remained strong. Gasoline futures at the NYMEX, that lost considerable ground in the course of last week was penalised by the restart of some US East Coast refineries and the arrival of several gasoline cargoes from Europe. So oil prices eventually settled lower in London and in New york.

Houston (ex-wharf indications 12-10)
380cst $638
180cst $680
MGO $1080

New Orleans (ex-wharf indications 12-10)

380cst $635
180cst $681
MGO $1080

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

Crude is stable to bearish with WTI -$0.47. Singapore paper is bearish with -$0.50 for 180cst and -$0.95 for 380cst for Oct, and for Nov 180 cst -$0.75 and 380cst -$0.95 with MGO contracts Oct -$0.85 and Nov -$0.85 The cargo market is bearish with 180 cst -$4.22, 380cst -$5.10 and MGO -$0.50.

The Singapore fuel oil market fell after several days of increase, dropped $4.0-5.0 during the morning Platts window last Friday. There is ample supply at the moment with strong incoming cargoes this month. The delivered bunker premiums remained between $4.5-6.0 above cargo prices last Friday. This morning the market is trading slightly higher.

380 cst $650
180 cst $660
MGO $970

ARA (Amsterdam - Rotterdam - Antwerp)

High and low sulphur bunker fuel oil premiums for prompt delivery in Rotterdam could be set to ease by the end of next week as more product flows into the region after the arbitrage fixtures earlier this month that left the bunker market tight. At this moment prompt enquiries are often high in price or no offers what so ever due to tight avails.

Rotterdam

Indications for delivered bunkers:

380cst : $ 625
(1.0 %) :$ 665
180cst: $ 653
(1.0 %):$ 693
MGO 0.1%S: $1000