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WTI oil prices extended gains from the prior session in European trade this morning, amid speculation weekly supply data due later in the session will show U.S. crude inventories rose at a slower pace than expected last week.

The situation at oil markets was bearish on Tuesday morning, although technical selling pressure had notably eased after Monday's price decline. The crude oil contracts Brent and WTI couldn't seize fresh downward potential as much as the product contracts ICE Gasoil and NYMEX Heating Oil did. Whilst breaking news were lacking, price swings remained limited. The Kuwaiti OPEC-Governor's comments fostered oil prices on Tuesday afternoon as he was still optimistic that oil producers could still come to terms over an output freeze at the meeting in Doha scheduled April 17. These comments and strong supports at the crude oil charts sent oil futures higher in the evening. However, oil futures only saw a considerable upward correction after the release of the API's data on US oil inventories (at 10.30 p.m.) for the data was surprisingly bullish.

ICE Gasoil contract for April delivery settled at 314.50 USD on Tuesday, this was 14.25 USD below Monday's settlement. With some 48,200 deals, the traded volume (front month) was below average.

Whilst the Stochastic indicator is still neutral at the Brent and the Gasoil chart, the indicator has already given off a buying signal at the WTI chart. The lines of the indicator have clearly crossed at the US crude oil chart, favouring tests of the upside. Tuesday evening's upward correction didn't exceed the trading range which was limited by the 7-period moving average. That is why the downtrends are still intact as well. We are therefore assessing the technical constellation as neutral despite the buying signal of the Stochastic indicator. Further bullish signals might be given off by the Stochastic indicator at the ICE charts or by the RSI if the latter surpasses 30% sustainably. The 7-period moving average is still serving as a key resistance.

U.S.

Nymex above average: After a short dip in Globex electronic trade, oil futures are meanwhile testing their upside again this morning. Brent and WTI have already broken above Tuesday's highs, whereas Gasoil has so far remained below this level. The traded volume at NYMEX is above average this morning. Market participants are now waiting for the European financial and forex markets to open as well as for the release of the economic indicators due today. They are also eying further comments on the meeting of important oil producers and on the release of the DOE's data on US oil inventories which is due at 4.30 p.m.

Houston (ex-wharf indications 6-4)
380cst $147
180cst $256
MGO $351

New Orleans (ex-wharf indications 6-4)
380cst $159
180cst $203
MGO $347

Singapore (delivered indications 5-4)

Brent is bullishh with -$1.03 for Apr contracts. Singapore paper is down with -$6.75 for 180cst with -$6.25 for 380cst for Apr, and for May 180cst -$6.50 and 380cst with -$6.50 with MGO contracts Apr with -$1.59 and in May with -$1.63.The cargo market is down with 180cst -$7.20, 380cst with -$8.06 and MGO with -$2.33.

380cst $173
180cst $180
MGO $329

Fujairah (delivered indications 5-4)

380cst $169
180cst $175
MGO $424

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $148
MGO 0.1%S: $309