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Oil rose above $62 a barrel this morning Monday, mirroring gains in equities, as investors became confident there would be no further substantial price loss in the run-up to the new year.

Oil futures at ICE and NYMEX started with a weak tendency on Friday morning and tested their supports. Traders eyed once again Tuesday's long-term lows. The stochastic indicator caused no fresh selling signals and there were no fundamental signals either. Downward potential stayed limited and no fresh long-term lows were reached. Traders covered their short positions before the weekend and due to the expiry of WTI's front month at NYMEX. That's why a strong tendency predominated in the course of the day. Upward movement gained once again more momentum, so that futures finally settle higher before the weekend in London and New York.

ICE Gasoil contract for January delivery settled at 548.75 USD on Thursday, this is 4.50 USD above Thursday's settlement. With some 46,600 deals the traded volume (front month) was below average.

Meanwhile, the stochastic indicator's lines considerably diverge again at ICE and NYMEX. No fresh buying signals have been triggered. As the indicator surpasses the 50 line again it is to be interpreted slightly bullish again. The RSI could trigger a clear buying signal today if it sustainably breaches the 30 line from bottom to top. Therefore, we consider the technical constellation as neutral to bullish this morning while upward potential is limited by last week's highs. If the RSI causes a buying signals in the course of the day these resistances could come within reach again.

U.S.

Nymex above avarage: Futures increased in early trading and tested their Friday's highs. The traded volume at NYMEX is far above average at this time of the day. Market players are waiting for the European financial and the forex markets to open and will eye the situation in the geopolitical hotspots and the economic indicators which are to be released today.

Houston (ex-wharf indications 22-12)
380cst $316
180cst $464
MGO $694

New Orleans (ex-wharf indications 22 -12)
380cst $337
180cst $415
MGO $678

Singapore (delivered indications 22-12)

WTI is gaining with +$3.39. Singapore paper is up with +$20.75 for 180cst with +$19.75 for 380cst for Dec, and for Jan 180 cst +$20.25 and 380cst with +$20.00 with MGO contracts Dec bullish with +$2.60 and in Jan with +$2.61. The cargo market is losing with 180cst -$7.07, 380cst with -$7.64 and MGO with -$2.16.

380cst $342
180cst $360
MGO $580

Fujairah (delivered indications 22-12)

380cst $328
180cst $369
MGO $866

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $308
(1.0 %) : $328
MGO 0.1%S: $548