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Crude prices rose during Asian Trading this morning after a disappointing U.S. job data released on Friday. Oil prices were mixed in Asian trade today following a disappointing US jobs report but fears of another severe storm in the United States boosted the demand for heating fuel.

After Thursday's rise, oil futures in London and New York consolidated sideways on Friday morning. Even though they were slightly weighed down by some profit taking in the first half of the day, the bullish factors prevailed in the afternoon. US jobs data didn't provide any clear cues as the figures regarding newly created jobs missed expectations whereas the unemployment rate sank unexpectedly by -0.1 basis points. At last, the positive aspects of the data outweighed the negative ones and so oil futures tended to the upside in the course of the afternoon. The still slightly bullish technical constellation favored the rise and so the breachment of first short-term resistances triggered even more technical buying orders, the more so as the stochastic indicator gave an additional buying signal at the WTI chart at that time. Brent was bolstered by news on maintenance work at the Buzzard oil field in the North Sea. The maintenance work, which is scheduled for the end of the second quarter and August, will suspend production at the oil field. The bullish tendency persisted until later in the evening leading to the most significant price surge in 2014 so far. Quotations at ICE as well as at NYMEX thus settled next to their intra-day highs on Friday evening.

ICE Gasoil contract for February delivery settled at 919.00 USD on Friday. This was +12.75 USD above Thursday's settlement. With some 30,100 deals, the traded volume of the front month was below average.

The stochastic indicator at the WTI chart on Friday confirmed the buying signals at the Brent and the Gasoil chart favoring the rise oil futures saw on Friday afternoon. The stochastic indicator is still slightly bullish this morning at ICE and NYMEX charts, even though there haven't been any new signals. The RSI is currently testing the 70% marker. If the indicator dropped below this level, it would give a selling signal. Until then, the technical constellation formally remains slightly bullish. Friday's sharp rise might have lead to an increase in long positions, though, prompting investors to take some profits in case of a selling signal - like RSI falling below 70% at the WTI chart.

U.S.

Nymex rising: Friday's sharp rise prompted investors to take some profits at ICE and NYMEX this morning. Other fundamental news are still lacking. The traded volume at NYMEX is far above average for this time of day. Investors are now eying the development at stock markets waiting as well for new cues from forex markets. They will also keep monitoring the situation in Libya. As to economic data, there are none on the agenda today.

Houston (ex-wharf indications 10-2)
380cst $595
180cst $668
MGO $1004

New Orleans (ex-wharf indications 10-2)
380cst $606
180cst $648
MGO $1007

Singapore (delivered indications 10-2)

WTI is bullish with +$1.90. Singapore paper is on its bullish track with +$4.40 for 180cst and +$3.10 for 380cst for Feb, and for Mar 180 cst +$4.15 and 380cst +$4.25 with MGO contracts being bullish Feb +$1.67 and Mar +$1.65. The cargo market is bullish with 180 cst -$3.52, 380cst -$4.56 and MGO +$0.57.

Looking at todays opening window in Singapore, FO paper is extremely weak 180FO Mar value 607.50 only up $4.65/mt and 380FO value 601.00 up $4.50 from Fridays close versus Brent level 108.94 and Dubai 104.77. This is a firm indication that the crack spread will continue to widen on weaker residues market amid higher supplies and less winter demand expected going forward.

380cst $618
180cst $632
MGO $920

Fujairah (delivered indications 10-2)

380cst0 $617
180cst $648
MGO $987

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $580
(1.0 %) : $623
180cst: $610
MGO 0.1%S: $ 888