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Commodities were mostly higher overnight despite weak data in Europe. WTI Crude futures rose 0.24 percent to $93.41 per barrel and Brent Crude futures rose 0.23 percent to $111.66 per barrel.

Oil prices started with a bearish tendency this week. Brent had already tested its first support towards noon. Concerns regarding the FOMC minutes, in which the Fed's discussed terminating quantitative easing to back up U.S. economy already in 2013, weighed on prices. But as analysts expected, oil futures stayed range bound within their trend channels. Only in the afternoon did ICE Brent hit its first supports after the North Sea crude embarkment program for February held out the prospect of continuously improving availability. However, Brent could not sustainably breach its 110.65 dollars support and thus oil prices traded up again along with a stronger euro. ICE G.Oil breached its first resistance at 935.00 dollars, taking the other futures up with it. Brent and WTI could also compensate their losses but the strong resistance at 93.30 dollars WTI limited upward potential. At the end of the day, prices at ICE and NYMEX closed having taken profits during the day.

ICE Gasoil contract for January delivery settled at 949.75 dollars on Monday. This was 10.00 dollars above Friday's settlement. With some 37,900 deals the traded volume was well below average.

After yesterday's price increase, the technical analysis is rather neutral this morning. The stochastic oscillator is still bearish for Brent and the RSI is also giving off bearish signals after the 70%-line was crossed top-down. There have not been any clear signals for WTI yet while G.Oil is converging above the 50%-line. Brent receives fundamental influence from the improved availability, which can be seen in the technical view. Technical analysts again expect that oil prices will trade rangebound within their trend channels without new fundamental signals.

U.S.

Nymex Access bearish: Oil futures at ICE and NYMEX trade sideways in a tight range this morning with a slightly bearish tendency. This is a reaction to yesterday's profits, influenced by a retreating Asian stock market. Trading interest at NYMEX is below average for this time of day. Market participants are waiting for the European market to open and a series of economic to be released in the EU and in Germany.

Survey: Crude oil +1.6; distillates +1.6; gasoline +1.4 million barrels vs previous week

Houston (ex-wharf indications 07-01)
380cst $633
180cst $683
MGO $1009

New Orleans (ex-wharf indications 07-01)

380cst $648
180cst $691
MGO $1005

Singapore (correct as of 1430hrs LT - delivered indications)

WTI is stable with +$0.02. Paper for Jan are slightly up with 180cst +$0.30 and for 380cst +$0.75 , Feb contracts were trading higher as well with 180cst +$1.00, 380st +$0.80. The cargo market is bearish as well with 180cst -$1.51, 380cst -$1.09 and MGO +$0.39.

The Singapore markets dipped more app.$1.0 during the Platts window yesterday. Market fundamentals have turned firmer as market structure turn more towards backwardation. The delivered bunker premiums were seen in a range of $3.5-5.0 above cargo prices yesterday. Bunker fuel oil swaps gained app.$2/mt at the front and a dollar more that the backend of the forward curve. This morning the markets are trading slightly higher.

High premiums for prompt deliveries.
380 cst $629
180 cst $635
MDO $940

ARA (Amsterdam - Rotterdam - Antwerp)

In general there are good stocks of products and availability of barges reported. This is the same for Antwerp and Rotterdam.

Indications for delivered bunkers:
380cst : $ 608
(1.0 %) :$ 632
180cst: $ 638
(1.0 %):$ 662
MGO 0.1%S: $ 938