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Crude oil futures rose this morning, one day after plunging to levels not seen since the peak of the global financial crisis in 2009, as European and U.S. equity markets rebounded from a brutal selloff in the prior session.

After yesterday's losses investors have covered some of their short positions in early electronic trading in London and New York. Nevertheless, markets are still very volatile. The traded NYMEX volume is far above average at this time of day. Investors are now waiting for the European financial and forex markets to open as well as for the release of today's economic indicators. Moreover, the API will release its data on US oil inventories tonight.

ICE Gasoil contract for September delivery settled at 428.50 USD on Monday, this is -14.25 USD below Friday's settlement. With some 64,300 deals the traded volume (front month) was above average.

The downtrends are still intact, pointing to further tests of the downside. Neither the Stochastic indicator, nor the RSI are currently generating fresh cues. They can thus be interpreted as neutral. During Monday's decline, Brent dropped below the lower Bollinger Band. This leads to expect that there might be an upward correction and that technical selling pressure has decreased. Brent might thus climb back up to the resistance at the MA7. WTI has already re-entered the Bollinger Band this morning so the US-crude oil contract has already seen a slight correction. As long as the downtrends remain intact, prices remain below the MA7 and the RSI or the Stochastic indicator don't give any fresh signals, the technical constellation can be assessed as neutral to bearish.

U.S.

Nymex above average: After yesterday's losses investors have covered some of their short positions in early electronic trading in London and New York. Nevertheless, markets are still very volatile. The traded NYMEX volume is far above average at this time of day. Investors are now waiting for the European financial and forex markets to open as well as for the release of today's economic indicators. Moreover, the API will release its data on US oil inventories tonight.

Houston (ex-wharf indications 25-8)
380cst $217
180cst $371
MGO $467

New Orleans (ex-wharf indications 25-8)
380cst $227
180cst $282
MGO $448

Singapore (delivered indications 25-8)

WTI is bearish with -$0.62. Singapore paper is down with -$7.25. for 180cst with -$7.00 for 380cst for Sep, and for Oct 180 cst -$8.00 and 380cst with -$8.00 with MGO contracts Sep losing with -$1.03 and in Oct with -$1.00. The cargo market is bearish with 180cst -$21.51, 380cst with -$20.79 and MGO with -$1.57.

380cst $204
180cst $211
MGO $401

Fujairah (delivered indications 25-8)

380cst $216
180cst $254
MGO $604

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $198
MGO 0.1%S: $400