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Crude oil prices fell in Asia this morning as investors looked ahead to weekly U.S. data on drilling activity.

Oil futures at ICE and NYMEX cowardly increased on Thursday morning. Brent breached its 65.00 USD mark in the early morning which still limited upward potential on Wednesday. Even WTI surpassed its Wednesday's hurdles in the course of Thursday morning. US oil inventory data as per DOE which was released on Wednesday pushed oil futures upwards. Oil futures finally eyed their upward margins in the course of the day due to the combination of the US oil inventory data and the FOMC meeting minutes which were released on Wednesday evening and which were to be interpreted as bullish. The fundamental situation has been defused as the Iran accepted the UN to control its aid transport for Yemen. But buying interest stayed strong. A considerable increase in US oil consumption is expected due to the upcoming Memorial Day this weekend as this day signifies the start of the summer and driving season in the United States. Oil futures kept their strong tendency until the night due to the combination of this expectation and the recent increases in US stocks. Technical buying signals were triggered around Thursday evening as the stochastic indicator's lines crossed and as the 7 day moving average and the 21 day moving average was breached. Therefore, oil futures finally settled near fresh highs at the upper limit of their downward trends on Thursday evening.

ICE Gasoil contract for June delivery settled at 609.50 USD on Thursday, this is +16.75 USD above Wednesday's settlement. With some 47,500 deals the traded volume (front month) was slightly below average.

The stochastic indicator's lines crossed at ICE and NXMEX and are thus to be interpreted as bullish. Additional upward margins and buying signals have been triggered by the breach of the 7 day moving average. We consider the technical constellation as bullish this morning due to the fresh signals. The 21 day moving average at the Brent chart serves as resistance while WTI already surpassed this mark. The latest downward trends are still intact but the technical constellation rather indicates a test of the upper limits. If these limits are breached, further technical stop loss buying orders are expected to be triggered.

U.S.

Nymex on average: Oil futures slightly decreased in the early morning returning from their yesterday's highs but currently consolidate on a high level. The traded volume at NYMEX is slightly below average at this time of the day. Market players are waiting for the European financial and the forex markets to open and for economic indicators that are on the agenda today, as well as for the Baker Hughes report which is on the agenda this evening after FS office hours.

Houston (ex-wharf indications 22-5)
380cst $342
180cst $469
MGO $653

New Orleans (ex-wharf indications 22-5)
380cst $341
180cst $407
MGO $607

Singapore (delivered indications 22-5)

WTI is gaining with +$1.07. Singapore paper is gaining with +$11.00 for 180cst with +$10.15 for 380cst for Jun, and for Jul 180 cst +$8.25 and 380cst with +$8.25 with MGO contracts Jun gaining with +$1.30 and in Jul with +$1.22. The cargo market is bullish with 180cst +$6.51, 380cst with +$4.36 and MGO with +$0.15.

380cst $364
180cst $384
MGO $583

Fujairah (delivered indications 22-5)

380cst $386
180cst $414
MGO $728

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $341
MGO 0.1%S: $581