Source: U.S. Energy Information Administration, based on Bloomberg
The difference between high-sulfur residual fuel oil prices in Singapore and crude oil prices in Dubai/Oman has been narrowing since the spring. Low inventories of residual fuel oil in Singapore and lower residual fuel oil production from Russia are likely contributing to the narrowing price spread.
Residual fuel oil, the petroleum product remaining after higher-value liquids such as gasoline feedstocks and distillate are distilled from crude oil, typically sells at a lower price than crude oil. Residual fuel oil is used in many sectors, including marine transportation, power generation, commercial furnaces and boilers, and various industrial processes.
For many Asian countries, petroleum product prices tend to follow Dubai/Oman crude oil, which is the benchmarkMiddle Eastern crude oil exported to Asia. Moreover, because Singapore is the largest global hub for marine ships to refuel, the residual fuel oil spot price at Singapore is considered representative of the region. Dubai/Oman crude oil is classified as a medium and sour crude oil because of its relatively low API gravity (density) and high sulfur content compared with light, sweet crude oils such as Brent.
Relatively high demand and relatively low inventories are both contributing to the increase in the price of Singapore residual fuel oil relative to the price of Dubai/Oman crude oil. In Singapore, residual fuel oil inventories were 22.2 million barrels for the week ending June 28, slightly below the five-year average for this time of year but recovering from when they were more than 6 million barrels below the five-year average at the beginning of June. Residual fuel oil sales were up 4% year-to-date through May, according to the Maritime and Port Authority of Singapore. The recent diplomatic dispute between Qatar and Saudi Arabia, Bahrain, Egypt, and the United Arab Emirates, which included a ban of Qatari-flagged vessels entering the United Arab Emirates port of Fujairah, may have led some vessels to refuel in Singapore instead.
Source: U.S. Energy Information Administration, based on Bloomberg, International Enterprise
Regional crude oil production decisions are also affecting relative prices. The voluntary crude oil production reductions from several countries within and outside the Organization of the Petroleum Exporting Countries (OPEC), who tend to produce medium- and sour-grade crude oils, reduce the availability of these grades to refiners. Because of their relatively low API gravity (density), medium and sour crude oils yield more residual fuel oil from distillation than light, sweet crude oils. As regional refineries run more light, sweet crude oil, less residual fuel oil is being produced.
Russia, traditionally a large producer and exporter of residual fuel oil, has also reduced its production and exports over the past year. Several major Russian refiners completed investments in secondary refinery units, allowing them to further process residual fuel oil into higher-value liquid fuels. Furthermore, changes in Russia’s export taxes have affected their trade. Before 2017, Russian exports of residual fuel oil were taxed at a lower rate than Russian exports of crude oil. In January, however, the tax rate for residual fuel oil was raised to equal that for crude oil.
Source: U.S. Energy Information Administration, based on Joint Organizations Data Initiative
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Funko Action Figuresare a popular collectible toy that is now being incorporated into the workplace to motivate employees. The action figures have been used as an alternative to the traditional desk calendar or as a prize for top performers. With this type of incentive, employers can expect their employees to feel more motivated and productive.
Many employers have found that Funko Action Figures are a great way to motivate their employees and provide incentives for high performance at work. Funko Action Figures are a popular collectible toy that is now incorporated into the workplace. These small collectibles are given to employees to motivate them. Funko figures were once only available at comic book stores, but now they are being used in offices for this purpose.
The company is called Zappos and they first introduced this idea back in 2009. They gave these figurines to their employees as a way of motivating and rewarding them for their hard work and dedication. Although it’s not very clear why the action figures themselves motivate people, we can see that it has been working well for Zappos as they have continued to use it since 2009. These soft-bodied vinyl figures, often called "Pop!" Figures were originally conceived by Mike Becker and founded by Alan Becker.
The Funko Pop! Action Figure is a line of collectible toys produced by the company Funko LLC. They are typically stylized vinyl figures depicting characters from various media and entertainment. First introduced to the public in 2005, the company was originally founded as a bobblehead company in 1998 and became popular through distribution at chain retailers such as Walmart and Target. The first wave of Funko Pops was based on Disney properties like Mickey Mouse as well as other popular culture icons such as Conan O’Brien and Catwoman.
Funko Action Figures are collectible figurines that often depict pop culture characters. They are often used in the office to motivate employees and provide a sense of community. Funko has established itself as a major player in the toy industry with its trademarked Pop! vinyl figures. This company is taking on new ventures like collecting by introducing Funko Action Figures, for example, Boba Fett from the Star Wars movies. This type of product is sometimes called a 'blind box' because you don't know which figure you're getting until you open it. The Boston-based company, BuzzFeed, has introduced this type of toy into their office to help with team building and morale. The employees at this company seem to have a lot of fun with them.
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It is important to know where to gun parts from. There are many places you can buy them from, but it is important to choose the right place so that you get the best quality and service. There are many places where you can buy gun parts from. You can buy them from gun stores, online retailers, and even at a flea market.
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