A bunker fuel and oil report, detailing the day per day trading patterns
and prices in the market.The report is prepared from OW Risk Management
and covers all major bunker fuel oil markets around the world,
including all major ports, ranging from Singapore to Rotterdam.
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Crude prices closed lower last Friday as economic and political news were weighting on the market. The June WTI contracts closed at $96.13/bbl, down -$0.95 and Brent came down by another -$0.47 at $112.26/bbl. Market sentiment was weakened by data from the latest Chinese Industrial Production for April that grew at the slowest pace in nearly three years. This number reinforced the view of a general economic slowdown in China. The negative sentiment was not changed despite a stronger than expected US consumer data. The latest US Commodities Futures Trading Commission (CFTC) reported money managers exiting out of long crude positions by one-third. Today, in term of data, we will have only the March Eurozone Industrial Production. This morning crude is trading down.
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Northwest European fuel oil market closed the week with continuously subdued demand levels as crude values fell during Friday afternoon. Delivered 380cst product in Rotterdam was assessed app. $4/mt down while cargo prices posted up to $2/mt losses. Product avails remain tight both for LSFO and HSFO and especially for prompt deliveries in Rotterdam. The Singapore fuel oil markets fell more than -$8.0 during the morning Platts window last Friday. The delivered bunker premiums slipped to around $6.0 above cargo prices on weak crude movements after the window. Demand was said to be pretty firm on lower outright prices. Bunker fuel oil swaps lost nearly $3/mt for Rotterdam and up to $2/mt for Singapore papers at the front of the forward curve. Backend was slightly stronger, showing only a few cents loss. This morning both markets are trading down.
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Settlement & Indications (mid values)
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Product
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Yesterday's Values
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Forward Indications
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Product
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Change
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Last
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Dir.
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Jun
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Jul
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Aug
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Q312
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Q412
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2013
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NYMEX WTI Swap (1st month)
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(0.95)
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96.13
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↓
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95.29
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95.57
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95.82
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95.81
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96.71
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96.71
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ICE Brent Swap (1st month)
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(0.47)
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112.26
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↓
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110.34
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109.87
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109.37
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109.38
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108.22
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108.22
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ICE Gasoil Swap (1st month)
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-
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950.75
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↓
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933.50
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931.42
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931.67
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931.58
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929.53
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913.28
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3.5% Barges FOB Rtdm
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(1.75)
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635.00
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↓
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628.00
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626.50
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624.75
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624.75
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618.00
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600.50
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3.5% Cargoes FOB Med
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(0.75)
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636.50
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↓
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624.00
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622.25
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620.25
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620.25
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613.50
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596.00
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1.0% Cargoes FOB NWE
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1.00
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673.75
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↓
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662.75
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661.75
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659.75
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659.75
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651.25
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633.50
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3% no. 6 USGC WB
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(0.20)
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99.60
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↓
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98.60
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98.75
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98.57
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97.39
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96.44
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94.68
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380 CST Cargoes FOB S'pore
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(8.75)
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666.75
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↓
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658.00
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654.75
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652.75
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653.00
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645.50
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626.00
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0.1 % GO Barges FOB Rtdm
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1.50
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957.75
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↓
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933.25
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931.25
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932.25
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932.25
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931.25
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916.25
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Physical Rotterdam 380 CST
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(4.00)
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646.00
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↓
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638.25
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636.75
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635.00
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635.00
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628.25
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610.75
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Physical Singapore 380 CST
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(10.00)
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672.75
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↓
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668.25
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665.00
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663.00
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663.75
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656.25
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636.75
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Economy fundamentals this week
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Fundamental Indicators
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Statistic
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Importance
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Date
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Time
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Period
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Consensus
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Last
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Actual
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Retail Sales
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High
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15-May
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8:30 AM
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Apr
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0.2%
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0.8%
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-
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CPI
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High
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15-May
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8:30 AM
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Apr
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0.2%
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0.2%
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-
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Empire Manufacturing
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Medium
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15-May
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8:30 AM
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May
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8.4
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6.6
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-
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Business Inventories
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Medium
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15-May
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10:00 AM
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Mar
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0.3%
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0.6%
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-
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Housing Starts
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Medium
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16-May
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8:30 AM
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Apr
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680K
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654K
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-
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Building Permits
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Medium
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16-May
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8:30 AM
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Apr
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730K
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747K
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-
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Industrial Production
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Medium
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16-May
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9:15 AM
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Apr
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0.5%
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0.0%
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-
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Initial Claims
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Medium
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17-May
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8:30 AM
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12-May
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365K
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367K
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-
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Philadelphia Fed
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Medium
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17-May
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10:00 AM
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May
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8.8
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8.5
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-
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Leading Indicators
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Medium
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17-May
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10:00 AM
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Apr
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0.2%
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0.3%
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-
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Source: OW Risk Management