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 Oil prices are trading sideways in a calm market waiting for the Fed Meeting outcome. The US DOE Weekly Inventory data showed a surprise build in Crude Oil stockpile of +1.99 mbbl against an expected draw of -2.6mbbl. The build was due to stronger imports despite delays caused by Hurricane Isaac previously. The bearish data pared some of the earlier gains however, this market is supported by strong market optimism of stimulus measures by the US Federal Reserve later today. The October WTI slipped -$0.16 to $97.01/bbl while Brent was up to $115.96/bbl, +$0.56. This morning, crude is trading slightly down.
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Bunker fuel oil prices firmed in the NWE yesterday. Both delivered 380cst product in Rotterdam and cargo prices were assessed app.$2/mt up versus previous day close. Number of ports in the area reported tightening product avails. The Singapore fuel oil markets rose more than $2.0 during the Platts window yesterday. The Asian Fuel Oil crack was stronger following increasing buying interest. The delivered bunker premiums were seen around $8.0 above cargo prices. Bunker fuel oil swaps gained app.$2.5/mt along the curve both for Rotterdam and Singapore papers. This morning both markets are trading higher.
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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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Oct
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Nov
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Dec
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Q113
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Q213
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2013
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NYMEX WTI Swap (1st month)
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(0.16)
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97.01
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↓
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97.45
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97.82
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98.17
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98.73
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98.70
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97.81
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ICE Brent Swap (1st month)
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0.56
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115.96
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↓
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114.99
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114.57
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114.18
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113.22
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111.52
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114.58
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ICE Gasoil Swap (1st month)
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0.00
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1004.75
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↓
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1001.33
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996.58
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991.92
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980.22
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962.83
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961.22
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3.5% Barges FOB Rtdm
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2.50
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654.50
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↑
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657.25
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653.75
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650.25
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645.25
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636.50
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631.75
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3.5% Cargoes FOB Med
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3.75
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655.25
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↑
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651.00
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647.50
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644.00
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640.25
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632.25
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627.75
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1.0% Cargoes FOB NWE
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0.00
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721.25
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↑
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711.75
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702.25
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695.25
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684.50
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672.50
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667.50
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3% no. 6 USGC WB
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1.15
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103.78
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↑
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103.35
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102.70
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102.13
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99.43
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98.13
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98.78
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380 CST Cargoes FOB S'pore
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2.25
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687.00
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↑
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680.00
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676.50
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673.25
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668.50
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659.50
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655.00
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0.1 % GO Barges FOB Rtdm
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7.75
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1002.25
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↓
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1001.25
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997.25
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992.25
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981.25
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964.25
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963.25
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Physical Rotterdam 380 CST
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2.00
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662.00
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↑
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667.50
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664.00
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660.50
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655.50
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646.75
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642.00
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Physical Singapore 380 CST
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4.00
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695.25
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↑
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690.25
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686.75
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683.50
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679.25
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670.25
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665.75
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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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Consumer Credit
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Medium
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10-Sep
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3:00 PM
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Jul
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$8.0B
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$6.5B
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-$3.3B
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Trade Balance
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Medium
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11-Sep
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8:30 AM
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Jul
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-$46.0B
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-$42.9B
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-$42.0B
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MBA Mortgage Index
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Medium
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12-Sep
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7:00 AM
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08-Sep
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NA
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-2.5%
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11.1%
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Wholes Inventories
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Medium
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12-Sep
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10:00 AM
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Jul
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0.0%
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-0.2%
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0.7%
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Initial Claims
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High
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13-Sep
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8:30 AM
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08-Sep
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370K
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365K
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-
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Core PPI
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High
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13-Sep
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8:30 AM
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Aug
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0.1%
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0.4%
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-
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FOMC Rate Decision
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High
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13-Sep
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12:30 PM
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Sep
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0.25%
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0.25%
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-
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Retail Sales
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High
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14-Sep
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8:30 AM
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Aug
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1.0%
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0.8%
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-
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Core CPI
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High
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14-Sep
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8:30 AM
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Aug
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0.1%
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0.1%
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-
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Industrial Production
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Medium
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14-Sep
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9:15 AM
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Aug
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-0.3%
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0.6%
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-
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Mich Sentiment
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High
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14-Sep
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9:55 AM
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Sep
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Source: OW Risk Management