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Brent crude oil futures edged higher this morning, holding above $48 a barrel as analysts said prices were well supported around current levels, although few expect a strong rebound anytime soon as global output continues to outweigh demand.

Oil futures at ICE and NYMEX started with a weak tendency on Thursday morning. The bearish US oil inventory data of the DOE which were released on Wednesday, the increase in US oil production as well as the bearish monthly report of the EIA predominated the slightly bullish technical analysis first. The Suiss National Bank caused some volatility at the forex market by lifting the linking of the Suiss franc on the euro. Therefore, Suiss mineral oil trading stopped in the afternoon after production prices dropped due to the extreme revaluation of the Suiss franc. The OPEC's monthly report which was released Thursday midday was bearish in general as the cartel revised down again the demand on OPEC oil. At the same time US oil production 2015 has been revised down as well which at least had an temporary supporting effect. Short covering was triggered before the expiry date of Brent's front month in the evening and due to the slightly bullish technical analysis. Oil prices considerably increased due to the RSI's confirming buying signal when this indicator sustainably breached the 30 line from bottom to top. But this increase was almost only caused by technical buying orders and was not of a lasting nature. The oil market neutralised again in the course of the afternoon while the strong dollar made its allowance. US oil futures got more expensive for traders outside the United States due to the dollar. Therefore, further upward tests were missing and oil futures at ICE and NYMEX finally settled near their levels of Wednesday's settlement.

ICE Gasoil contract for February delivery settled at 473.00 USD on Thursday, this is 14.50 above Wednesday's settlement. With some 106,200 deals the traded volume (front month) was far above average.

The lines of the stochastic indicator at ICE and NYMEX don't diverge anymore showing that buying signals are absorbed in the meantime. The RSI confirmed the stochastic indicator's buying signals at the WTI chart yesterday and is still bullish this morning. If the buying signals at the Brent or at the Gasoil chart are confirmed or if the stochastic indicator surpasses the 50 line technical buying pressure will revive today once again. But there is still the possibility that the stochastic indicator initiates a technical selling wave. The indicator's lines at the WTI chart converge and could trigger certain signals which could put the oil complex again under pressure in case of crossing lines. The technical constellation is still to be interpreted neutral to bullish due to the bullish RSI at the WTI chart.

U.S.

Nymex above average: Oil futures increased in the short term this morning but slightly eased in the meantime. The traded volume at NYMEX is 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, as well as the monthly report of the IEA.

Houston (ex-wharf indications 16-1)
380cst $257
180cst $476
MGO $585

New Orleans (ex-wharf indications 16-1)
380cst $268
180cst $352
MGO $583

Singapore (delivered indications 16-1)

WTI is losing with -$1.11. Singapore paper is down with -$8.61 for 180cst with -$8.55 for 380cst for Feb, and for Mar 180 cst -$8.25 and 380cst with -$8.05 with MGO contracts Feb bearish with -$0.10 and in Mar with -$0.10. The cargo market is bullish with 180cst +$13.41, 380cst with +$12.55 and MGO with +$2.04.

380cst $282
180cst $305
MGO $490

Fujairah (delivered indications 16-1)

380cst $285
180cst $313
MGO $815

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $243
MGO 0.1%S: $468