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After the ICE Brent has also exceeded its next resistance at 102.00 dollars, the mark of 102.35 dollars is currently capping gains. If this line is breached too, this may trigger more buying orders. The positive development at stock markets has lifted investors' spirits and gave a impulse to oil markets. There is no other bullish news currently. Analysts don't expect the economic data that are scheduled this afternoon to have any larger impact on oil futures. Thus, traders' focus renewedly switched to the conflict with the Iran that will keep buoying oil prices. Ahead of the weekend, investors will probably avoid larger transactions.

Oil futures at ICE and NYMEX lost ground in electronic morning trading along with the euro and equity markets as there was little to sustain the previous day's rally. Traders were looking for direction after the mixed energy reports from OPEC and the IEA. When data showed in the afternoon that initial jobless claims dropped considerably in the U.S. oil got immediate support that was amplified by strong support lines initiating a technical upward correction. Oil prices got another boost close to the end of the session when the U.S. announced having enacted fresh sanctions against Iran. Prices at ICE and NYMEX jumped on the news, finishing at day's highs.

ICE Gasoil contract for August delivery settled at 866.00 dollars on Thursday. This was 2.50 dollars below Wednesday's settlement. With some 80,200 contracts the traded volume was above average.

The Stochastic indicator remains bullish at ICE and NYMEX charts this morning, encouraging the uptrend to continue. Yet upside will be limited today, so technical analysts considering the daily highs of this week. Markets are not expected to have much volatility before the weekend and prices are seen consolidation on their high level with a bullish tone.

U.S.

Nymex access gaining: Oil futures have edged modestly higher in Asian trading and on Globex electronic trading platform this morning but are little changed vs the previous day, consolidating on their high level. The traded volume is on average. Market players eye equities and forex markets today and a couple of less important economic indicators from the U.S. in the afternoon.

Houston (ex-wharf indications 12-7)

380cst $575
180cst $605
MGO $940

New Orleans (ex-wharf indications 12-7)

380cst $583
180cst $613
MGO $940

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

Crude is gaining bullish momentum with WTI +$1.25. Singapore paper is also firming with +$8.70 for 180cst and +$8.75 for 380cst for Jul, and for Aug 180 cst +$7.25 and 380cst +$7.80 with MGO contracts Jul +$0.89 and Aug +$1.10. The cargo market is mixed with 180cst +$4.26, 380cst +$2.78 and MGO -$0.12.

The Singapore fuel oil markets prices were up by $2.75 - 4.50/mt Yesterday. The latest Singapore heavy residual inventory saw a massive draw of -3.0 mbbl to 20.73 mbbl. This helped to ease the previously reported build of a similar volume and was attributed to the doubled export volumes to China. The delivered bunker premiums slipped to $7.25 above cargo prices yesterday. Bunker fuel swaps finished the day with a loss of approx. $1.75 along the curve. Markets are trading strongly up this morning following the advance of crude prices overnight.

High premiums for prompt deliveries.

380 cst $600
180 cst $614
MGO $860

ARA (Amsterdam - Rotterdam - Antwerp)

Both hsfo and lsfo prices eased somewhat on softer crude values, but ARA prices are still underpinned by continuing barge congestion. Not much relief is expected before the end of the week, with continuing loading delays, cutter stock shortages and arbitrage loadings reported. High premiums are charged for prompt enquiries.

Rotterdam

Indications for delivered bunkers:

380cst : $ 576
(1.0 %) :$ 622
180cst: $ 602
(1.0 %):$ 638
MGO 0.1%S: $870