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In the first hours of European trade, oil futures at ICE have renewed their testing of upward potential. They have been buoyed by the gains at stock markets and the moderately bullish technical constellation. ICE Gasoil has meanwhile briefly surpassed its first resistance at 904.50 dollars. The WTI remains steady as well but hardly reacted on the opening of European markets.

Oil markets consolidated within their technical range on Friday as there were but few decisive news. In the course of the day, the European currency benefited by hopes that an agreement on a bailout package for Cyprus would be found during talks held at the weekend. The stronger euro now and again gave a fillip to quotations at ICE and NYMEX whereas the slightly bearish market fundamentals prevented a sustainable rise. Investors at oil markets thus focused on consolidating their riskier assets ahead of the negotiations in Brussels staying on the sidelines until late in the evening. Only the WTI was traded more actively at that point in time. The US benchmark crude oil sharply rose just ahead of its settlement breaching several resistance lines at one go and hitting a new intraday high at the end of trade. As a consequence, the spread between the WTI and Brent briefly narrowed to less than 14 dollars.

ICE Gasoil contract for April delivery settled at 898.50 USD on Friday. This was 0.25 USD above Thursday's settlement. With some 46,400 deals the traded volume was below average.

The stochastic indicator gives a buying signal at the WTI and Brent charts, whereas it is currently (still) rather neutral at the Gasoil chart. Brent is already testing the 108.40 dollars marker which can be regarded as a key-resistance, see also technical analysis. Currently we assess the technical situation as neutral to bullish. If the Brent surpasses its resistance at 108.40 dollars in the course of the day and if the lines of the stochastic indicator also cross at the Gasoil chart, there might be more technical buying orders.

U.S.

Nymex bullish: After the agreement on a bailout package for Cyprus, oil markets as well as equities and the euro have made some headway. The traded volume at NYMEX is slightly above average for this time of day. Investors are now keeping an eye on the performance of European markets and new cues from forex trading. Today, there are only a few economic indicators on the agenda.

Houston (ex-wharf indications 22-03)
380cst $610
180cst $654
MGO $990

New Orleans (ex-wharf indications 22-03)
380cst $613
180cst $655
MGO $999

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

WTI is jumping back up, gaining with +$1.61. Paper for Apr is turning as well with 180cst +$3.40 and for 380cst +$4.25, and May contracts with 180cst +$3.40, 380st +$4.25. The cargo market is losing still on ifo 380 with 180cst -$4.20, and 380cst -$3.52 and MGO -$0.97.

High premiums for prompt deliveries.
380 cst $621
180 cst $627
MGO $900

Fujairah (delivered indications 25-03)

380cst $629
180cst $678
MGO $1015

ARA (Amsterdam - Rotterdam - Antwerp)

In Rotterdam and Antwerp, some suppliers reduced premiums for the delivered LSFO fuel oil grades as supplier tanks were full of products. Barge avails are better then beginning of the week.

Indications for delivered bunkers:
4380cst : $ 604
(1.0 %) :$ 621
180cst: $ 628
(1.0 %):$ 653
MGO 0.1%S: $ 884