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 future prices closed higher yesterday lifted by stronger than expected US April manufacturing data. This bright spot lifted equities as well. The positive data eased temporarily worries on the US economy although the Unemployment figure and New Job creations on Friday will be the focus of the week. Many countries had a public holiday yesterday which also thinned out the trading volumes. The June WTI contracts closed at $106.16/bbl, up +$1.29 and the June Brent futures inched up by +$0.19, to close $119.66/bbl. April Chinese Manufacturing data improved from last month from 48,3 to 49,3, but still under the 50 expansion level. In Europe, Germany Unemployment stayed at 6,8% vs 6,7% expected and the final European Manufacturing fell to 45,9 from 46. In the US we will look at the Factory orders and ADP Unemployment change. This morning, crude is trading down.
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Fuel oil prices in the NWE area yesterday gained app. $8/mt for delivered 380cst product and nearly $11/mt for cargoes. Demand levels were weighted down heavily as the majority of European suppliers were off on public holiday. Barge congestions in Rotterdam eased slightly however, HSFO and LSFO product avails still remain tight especially for prompt deliveries. The Singapore fuel oil markets were closed yesterday for the Labour Day holiday and the market reopens today. 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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May
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Jun
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Jul
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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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1.29
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106.16
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↓
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105.97
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106.27
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106.45
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106.55
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106.78
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106.78
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ICE Brent Swap (1st month)
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0.19
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119.66
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↓
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119.42
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119.03
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118.58
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118.06
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116.56
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116.56
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ICE Gasoil Swap (1st month)
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6.25
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1013.50
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↓
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1008.17
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1005.50
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1004.75
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1003.78
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999.58
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976.20
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3.5% Barges FOB Rtdm
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10.75
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695.25
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↓
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692.25
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687.00
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683.00
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679.00
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667.25
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641.00
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3.5% Cargoes FOB Med
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1.75
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682.00
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↓
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683.00
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678.75
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676.00
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672.75
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662.25
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636.50
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1.0% Cargoes FOB NWE
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10.50
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734.50
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↓
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731.25
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727.50
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724.00
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720.25
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705.00
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678.25
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3% no. 6 USGC WB
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(0.60)
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107.60
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↓
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108.83
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108.25
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107.65
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105.10
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103.45
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101.05
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380 CST Cargoes FOB S'pore
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(1.75)
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716.75
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↓
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721.00
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715.75
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711.50
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707.25
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694.25
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666.50
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0.1 % GO Barges FOB Rtdm
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6.00
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1013.00
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↓
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1008.25
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1005.25
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1005.25
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1004.25
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1001.25
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977.25
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Physical Rotterdam 380 CST
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8.00
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701.00
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↓
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702.50
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697.25
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693.25
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689.25
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677.50
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651.25
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Physical Singapore 380 CST
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(0.50)
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725.25
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↓
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731.25
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726.00
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721.75
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718.00
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705.00
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677.25
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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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Personal Income
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Medium
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30-Apr
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8:30 AM
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Mar
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0.2%
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0.2%
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0.4%
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Personal Spending
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Medium
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30-Apr
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8:30 AM
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Mar
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0.5%
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0.8%
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0.3%
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PCE Prices
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High
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30-Apr
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8:30 AM
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Apr
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0.2%
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0.1%
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0.2%
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Chicago PMI
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Medium
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30-Apr
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9:45 AM
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Apr
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60.0
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62.2
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56.2
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ISM Index
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High
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01-May
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10:00 AM
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Apr
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53.0
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53.4
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54.8
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Construction Spending
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Medium
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01-May
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10:00 AM
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Mar
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0.5%
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-1.1%
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0.1%
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ADP Employment Change
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Medium
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02-May
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8:15 AM
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Apr
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170K
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209K
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-
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Factory Orders
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Medium
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02-May
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10:00 AM
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Mar
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-1.8%
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1.3%
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-
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Initial Claims
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Medium
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03-May
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8:30 AM
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28-Apr
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375K
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388K
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-
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Productivity- Prel
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Medium
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03-May
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8:30 AM
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Q1
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-0.6%
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0.9%
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-
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ISM Services
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Medium
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03-May
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10:00 AM
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Apr
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55.5
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56.0
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Source: OW Risk Management