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Crude futures are slightly bullish this morning on optimistic US economy figures, and surging stock markets. Crude has jumped from $96 earlier this month as a surge in stock markets suggests investor confidence in the U.S. economic outlook is improving. The U.S. Labor Department said weekly applications for unemployment benefits dropped for the fourth time in five weeks to the lowest point since March 2008.

Oil futures at ICE and NYMEX started the day with a slightly bearish tone, consolidating in early morning trading hours and easing after a short rebound on a weaker euro that was affected at this time of the day by worries over the Greek bailout. When support lines proved strong, however, and a string of better-than-expected US indicators in the afternoon tempted traders to invest into riskier assets, the euro rebounded and equity markets jumped, taking oil prices with them. Supply worries in face of declining oil exports of the Yemen, the Republic of South Sudan and possibly Iran helped the European benchmark brent, that is more susceptible to supply disruptions than the WTI, to a fresh 8-month high at 120.63 dollars.

ICE Gasoil contract for March delivery settled at 1,004.00 dollars on Thursday. This was 1.75 dollars below Wednesday's settlement. With some 82,600 contracts the traded volume was well above average.

The Stochastic oscillator at the Brent and the gasoil chart is still giving bullish signals, but its two lines are converging for the brent. The WTI's indicator is still neutral, see also technical analysis. The strong uptrends and the bullish Stochastic signal a continuation of the bullish tendency, even though there is little upside at the gasoil chart until first resistance lines are hit and its RSI indicator is set to breach the 70% line. Should it fall through, the overbought market situation would favour a downward correction but support lines are seen strong.

U.S.

Nymex acces gaining. Oil futures are consolidating with a bullish tone in Asian trading hours and on Globex electronic trading platform this morning, taking their breath after Thursday's gains. The traded volume is well above average, but investors' focus is already set on the new WTI front month April, the contract for March delivery expiring Tuesday. Market participants will eye equity and forex markets and some European and US indicators today.

Houston (ex-wharf indications 15-2)

380cst $714
180cst $755
MGO $1053

Very tight avails for 180 cst

New Orleans (ex-wharf indications 15-2)

380cst $716
180cst $757
MGO $1056

Singapore (correct as of 1430hrs LT - delivered indications)

Crude is bouncing back up with WTI +$1.64 Singapore paper is reflecting it with +$8.00 for 180cst and +$8.50 for 380cst for Mar, and for Apr 180 cst +$8.00 and 380cst +$8.50 with MGO Mar contracts at +$1.15 and for Apr +$1.14. The cargo market is slowly reacting, with 180cst +$0.13, 380cst -$1.04 and MGO +$0.27.

High premiums for prompt deliveries.

380 cst $730
180 cst $742
MGO $1012

ARA (Amsterdam - Rotterdam - Antwerp)

Sentiment in the ARA was mixed, with surging crude further tightening the markets. The Antwerp pilot strikes and the slow motion actions are still causing much delays. HSFO availability in Rotterdam remained tight, with prompt barge delays were still a feature of the market, with some buyers waiting as long as seven days. Meanwhile, adding to the tightness of LSFO in Antwerp, vessel experience delays caused by industrial action by ship pilots.

Rotterdam

Indications for delivered bunkers:

380cst : $ 691
(1.0 %) :$ 717
180cst: $ 710
(1.0 %):$ 738
MGO 0.1%S: $1002