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Crude oil futures turned higher today, as Thursday's conflicting U.S. economic reports and a supply disruption in the Midwest pressured the commodity complex. On the New York Mercantile Exchange, light sweet crude futures for delivery in December traded at USD92.53 a barrel during European trade, adding 0.03%.

Until US economic indicators were released in the afternoon, trade remained rather subdued at ICE and NYMEX on Thursday. Brent and G.Oil have seen slight profit taking sliding below their first first short term supports but the WTI crude remained within its technical range. The higher number of people that filed for unemployment benefits in the USA have eventually made oil futures fall further down. This triggered technical selling orders causing a sharp decline of oil futures, especially the WTI crude. The mark of 90.70 dollars has remained strong however, limiting the downward movement. Better-than-forecast figures regarding the US' leading indicators and the manufacturing sector in the region of Philadelphia have lead to a consolidation of prices at that time. With the shut-down of the Keystone-Pipeline market sentiment suddenly changed in the evening and so oil futures have nearly completely pared their losses. The Brent but slightly joined the upward correction. Therefore the spread between the two benchmark blends fell below 20 dollars for the November contracts.

According to Oil Movements, the amount of oil the OPEC ships by seaway in the four weeks ending November 3 will be some 140,000 barrels a day below the level it stood at up to now.

ICE Gasoil contract for November delivery settled at 996.50 dollars on Thursday. This was 0.25 dollars below Wednesday's settlement. With some 58,000 deals the traded volume was on average.

The signals of the stochastic indicators remain contradictory, giving no clear hints as to where the direction might go - at ICE charts it is slightly bearish, at the WTI chart it is rather bullish. Technical supports and resistances have formed a triangle at the WTI chart, that is likely to reinforce the cautious tone among market participants. If key thresholds are breached (in the one or the other direction), there might be more technical selling or buying.

U.S.

Nymex access bullish: Oil prices have hardly changed in East-Asia and Globex electronic trading this morning. After the oscillations they saw yesterday evening, prices were treading water at ICE and NYMEX this morning. Only in the past few minutes have they breached some resistance lines. The traded volume is below average. Market players now look ahead to the performance of stock and forex markets as well as today's economic indicators .

Houston (ex-wharf indications 18-10)

380cst $626
180cst $683
MGO $1060

New Orleans (ex-wharf indications 18-10)

380cst $638
180cst $690
MGO $1065

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

Crude is stable with WTI +$0.12. Singapore paper is neutral with +$1.50 for 180cst and +$1.50 for 380cst for Oct, and for Nov 180 cst +$0.70 and 380cst +$1.45 with MGO contracts Oct -$0.70 and Nov -$0.71 The cargo market is stable with 180 cst -$0.32 380cst +$0.10 and MGO -$0.13.

The Singapore fuel oil markets remained more or less unchanged from previous day close during the morning window yesterday tracking the sluggish crude values. The delivered bunker premiums were ranging around $4.5-5.5 above cargo prices. Market was quiet as most bunker players were attending Singapore bunker conference. This morning the markets are trading higher.

380 cst $642
180 cst $655
MGO $960

ARA (Amsterdam - Rotterdam - Antwerp)

High and low sulfur 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 : $ 622
(1.0 %) :$ 655
180cst: $ 652
(1.0 %):$ 685
MGO 0.1%S: $990