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| 7 September 2010 |
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This Market Briefing was written by Oil Market Analyst, Thorbjorn Bak Jensen |
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| Rotterdam (ARA) fuel oil | Singapore fuel oil | US Gulf fuel oil | | Trading USD 3 lower | Trading USD 3 lower | Expected to open 3 higher | Oil declines with the EuroOil declines today as the appetite for risk declines on concerns of the health of European banks. Many banks need extra capital to meet new regulation, according to the article. It is including some of the healthier banks as Deutsche Bank, so one can speculate further into how weaker banks will get funds. Other types of pressure came as a storm make landfall between Mexico and Texas without damaging oil facilities. Today, German industrial production orders will be of importance. Usually today we will see the oil inventory data from the American Petroleum Institute, but they are postponed till tomorrow due to the US holiday Monday. Recommendation
Prices are in the middle of the 73.2 - 77.5 range.
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| Product | Change | Close | Trend | | London | | | | | ICE Gasoil - Front Month ($/MT) | 9,25 | 648,25 | -3,25 | | ICE Brent - Front Month ($/bbl) | 0,20 | 76,87 | -0,73 | | Brent - Prompt delivery ($/bbl) | 1,22 | 76,89 | 0,02 | | New York | | | | | WTI Crude ($/bbl) | 0,00 | 74,60 | -1,14 | | NWE | | | | | Gasoil - 0,1% CIF Cargoes ($/MT) | 12,68 | 655,72 | Down | | Fuel Oil - 1% Fob Cargoes ($/MT) | 4,11 | 435,96 | Down | | Rotterdam | | | | | 3,5 % Barges Fob ($/MT) | 5,63 | 423,11 | Down | | 1,5% Barges Fob ($/MT) | -0,29 | 414,09 | Down | | Italy | | | | | 3,5% Fob Med ($/MT) | 5,66 | 419,75 | Down | | Singapore | | | | | HSFO 180 CST Cargoes ($/MT) | 3,31 | 447,52 | Down | | US Gulf | | | | | 3% Waterborne (Fuel oil) ($/MT) | 0,15 | 420,02 | Up | |
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Best regards
Global Risk Management |
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