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Crude oil futures traded largely unchanged this morning after falling by just over one percent in the previous session on an International Energy Agency report that said the market would remain oversupplied for at least another year.

Oil prices at ICE and NYMEX started with a bearish tendency on Tuesday, weighed down by the bearish technical and fundamental situation. As traders were cautious ahead of the release of the IEA's monthly energy report, prices did not drop below their previous day's lows which limited the bearish potential. When the agency announced that oil demand growth is expected to decline in 2016, prices accelerated their slide and breached their first support lines. In the following technical downward correction Stochastic and RSI triggered a series of technically driven selling orders, tempting traders to take some profit, thus keeping the selling pressure up. In the absence of any really important news oil futures settled in the red in London and New York close to their day's lows. The release of the API's report on U.S. petroleum inventories is delayed by one day this week due to a U.S. holiday on Monday.

ICE Gasoil contract for October delivery settled at 456.00 USD on Tuesday, this is 20.25 USD below Monday's settlement. With some 137,000 deals the traded volume (front month) was far above average.

Neither RSI nor Stochastic provide any fresh signals this morning. The RSI is again at a neutral level while the Stochastic entered the oversold level. Both indicators have thus lost most of its bearish potential. If the 21 day moving average was breached at the gasoil chart, Brent and WTI are still trying the support. Should the line be breached technical selling pressure could rise again. Yet the technical aspects today being much less bearish than they were on Monday and Tuesday, we consider the technical constellation as only slightly bearish.

U.S.

Nymex above average : Oil futures rose slightly in Asia on short covering to trade in a rather lateral range just above Tuesday's lows in Globex electronic trading this morning. Still, the upward potential is limited and prices might as well try their supports again. The traded volume at NYMEX is slightly above average this morning. Investors are now waiting for the European financial and forex markets to open as well as for the release of a few economic indicators and of the API data at 10.30 p.m.

Houston (ex-wharf indications 14-10)
380cst $237
180cst $295
MGO $501

New Orleans (ex-wharf indications 14-10)
380cst $245
180cst $301
MGO $492

Singapore (delivered indications 14-10)

Brent is losing with -$1.25. Singapore paper losing with -$3.00 for 180cst with -$2.50 for 380cst for Oct, and for Nov 180 cst -$3.75 and 380cst with -$3.05 with MGO contracts Oct down with -$1.25 and in Nov with -$1.27. The cargo market is losing with 180cst -$13.43, 380cst with -$13.59 and MGO with -$2.71.

380cst $234
180cst $252
MGO $448

Fujairah (delivered indications 14-10)

380cst $251
180cst $279
MGO $609

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $236
MGO 0.1%S: $433