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Brent, the benchmark for half the world’s crude, rose 46 cents today to $111.34 a barrel, little changed from where it was before the agreement was reached Nov. 24. While oil fell as much as 2.7 percent the next day, futures erased the decline by the end of the trading session. Brent for January settlement on the London-based ICE Futures Europe fell as much as $3 to $108.05 a barrel on Nov. 25. Brent is up 0.2 percent in 2013, after more than doubling in the previous four years. West Texas Intermediate, the U.S. benchmark, dropped 40 cents to $93.28 today.

ICE Gasoil contract for December delivery settled at 944.50 USD on Tuesday. This was 9.75 USD above Monday's settlement. With some 45,300 deals, the traded volume was below average.

After Monday's ups and downs, oil futures at ICE consolidated on a high level on Tuesday morning showing no clear direction. Until noon, however, the gained some ground defending their gains until the evening. This was due to renewed spread bets ahead of the release of data on US oil inventories. Traders still expect crude oil stockpiles in Cushing, Oklahoma, to rise whereas product inventories are tighter. Therefore, they raised their short positions in WTI and long positions in Brent. The spread between the two benchmark crude oil sorts thus widened to more than 17 USD. The API's data released 10.30 p.m. last night confirmed the expected tendency showing a draw in distillate stocks and builds in crude oil inventories in Cushing. Product futures and ICE futures across the board thus settled with gains yesterday whereas WTI plummeted once again in late-evening trading. The economic data out of the USA released Tuesday were mixed failing to give markets a new direction.

The lines of the stochastic indicator have neither crossed at the Brent nor at the Gasoil chart, so far, and so the indicator doesn't give any selling signal, yet. The RSI still hovers above 70% at the ICE charts only giving a bearish signal if it falls below this threshold. From a merely technical perspective, the situation at ICE thus remains neutral. If the lines of the stochastic indicator cross or if the RSI falls below the 70% line, the technical constellation would turn bearish, however, favouring some profit taking.

U.S.

Nymex neutral: After ICE futures marked some gains yesterday, market players took some profits this morning. However, there are no greater moves as investors tend to stay on the sidelines ahead of the prolonged Thanksgiving weekend in the USA. The traded NYMEX volume is slightly below average for this time of day. Market participants are now monitoring the development at European markets, waiting for new signals from forex trading and today's economic indicators. They also eye the DOE's data due at 4.30 p.m..

Whilst, according to the API, refinery run rates have increased in the reported week, US crude oil and gasoline stockpiles have also climbed. Distillate inventories have declined, however. The API's figures in detail:
Survey: crude oil -0,3; distillates -1,0; gasoline +1,0 vs million barrels previous week.
API: crude oil +6,9; distillates -1,7; gasoline +0,2 vs million barrels previous week.

The increase in refinery run rates indicates that refinery operators are slowly concluding maintenance work stepping up production at their installations. According to the API, crude oil stocks across the USA have massively increased despite higher refinery run rates. If the DOE confirms this rise in crude oil stocks, cude oil inventories would have climbed to the third highest level since the beginning of the DOE's statistics. Only at the beginning and the end of May 2013 had crude oil stockpiles been higher.

Houston (ex-wharf indications 21-11)
380cst $590
180cst $658
MGO $979

New Orleans (ex-wharf indications 21-11)
380cst $592
180cst $644
MGO $982

Singapore

Crude is loosing with WTI -1.01. Singapore paper is bullish with +$4.05 for 180cst and +$4.25 for 380cst for Dec, and for Jan 180 cst +$3.55 and 380cst +$4.10 with MGO contracts Dec +$0.61 and Jan +$0.72. The cargo market is bullish with 180 cst +$1.06 380cst +$0.78 and MGO +$1.71.

380cst $604
180cst $609
MGO $940

Fujairah (delivered indications 27-11)

380cst $622
180cst $668
MGO $1020

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $583
(1.0 %) :$625
180cst: $613
(1.0 %):$ 655
MGO 0.1%S: $ 910