Zig’s Place Chatroom News Friday Morning 5-13-22
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Butterfly SULAIMANI — Crude oil prices were up on Friday (May 13) compared to the previous day. The price of Brent crude was at $108.3, up from $105.2 the previous day, and the price of WTI crude was at $106.6, up from $103.2.
butterfly 2022-05-13 01:35 Shafaq News/ Oil prices extended gains on Friday but were headed for their first weekly loss in three weeks as worries about inflation and China’s COVID lockdowns slowing global growth offset concerns about dwindling fuel supplies from Russia.
Brent crude futures were up $1.81, or 1.7%, at $109.26 a barrel at 0403 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed $1.55, or 1.5%, to $107.68 a barrel.
Both benchmark contracts were, however, on track to post declines for the week, with Brent set to drop nearly 3% and WTI nearly 2%.
The market is continuing to be pushed and pulled by the prospect of a European Union ban on Russian oil tightening supply and concerns about faltering global demand.
SPI Asset Management managing partner Stephen Innes said that oil traders were looking “for a glimmer of light at the end of China’s gloomy lockdown tunnel”.
“Still, we continuously end up at square one with lower case counts weighted against the authorities doubling down on their zero COVID policy,” he added.
Inflation and aggressive rate rises have driven the U.S. dollar to 20-year highs, which has capped oil price gains as a stronger dollar makes oil more expensive when purchased in other currencies.
Analysts, however, continue to focus on the prospect of a European Union ban on Russian oil, after Moscow imposed sanctions this week on European units of state-owned Gazprom and after Ukraine halted a key gas transit route.
“With European natural gas prices soaring, it is inevitable that some spillover into oil will occur,” OANDA senior market analyst Jeffrey Halley said in a note.
butterfly “An escalation by Russia on the sanctions front is likely to flow into oil price strength,” he added.
An International Energy Agency report on Thursday highlighted the duelling factors in the market, saying rising oil production in the Middle East and the United States and a slowdown in demand growth are “expected to fend off an acute supply deficit amid a worsening Russian supply disruption”.
The agency said it saw output from Russia falling by nearly 3 million barrels per day (bpd) from July, or about three times more than is currently displaced, if sanctions for its war on Ukraine are expanded or if they deter further buying. Source: Reuters
butterfly 2022-05-13 04:09 Shafaq News/ On Friday, the U.S. Embassy in Baghdad announced that Washington allocated about $140 million to support trade in Iraq.
“The United States has committed $140 million to support Iraq’s economic growth, in particular Iraqi businesses and entrepreneurs.” The Embassy said on Facebook.
“We are inspired by the entrepreneurs, many of whom overcame adversity to build new businesses, hire fellow Iraqis, and contribute to a prosperous, safe, and stable future for Iraq.” It added.
The below infographic shows more details about the U.S. support for entrepreneurship and business in Iraq:
butterfly 2022-05-12 10:57 Shafaq News/ The U.S. dollar (USD) exchange rates against the Iraqi dinar (IQD) climbed in the markets of Baghdad today evening.
Shafaq News Agency correspondent said that the Central al-Kifah and Al-Harithiya exchanges are trading the USD at a rate of 148150 IQD to 100.
Our correspondent said that the buying and selling rates of 100 USD in the local markets of the Iraqi capital stood at 148500 and 147500 IQD, respectively.
Zig Happy Friday 13th Hope you have a lucky day!!
Sheila Zig It’s going to be great day!!!
Sheila UN Operational Rates change on Sun. 15 May 2022 – https://treasury.un.org/operationalrates/OperationalRates.php
NORV Where my riches? lol :$$$:
Sparky NORV … your other pocket …
NORV Sparky what new Sparky?
Sparky NORV … jk … I think your right on LOP, yhen slow growth if the economy has structure …
NORV Sparky possible. They are talking that way.
NORV Hope not.
Sparky NORV … LOP makes the most sense to me …
NORV Though many won’t admit it, the IMF is really in charge.
NORV And the IMF has not discussed a LOP
Sparky … thn, may rise to 5 cents, and we’ll still make a large ROI …\
NORV I am hoping for a slow growth no LOP
NORV It would take significant economic growth for that to happen. Sorta like Dubai
Sparky … not 1000 % as some may dream …
NORV They only dream it cause the guru’s peddle it.
Sparky … Dubai rocks, with much less corruption … as far as I know …
NORV Dubai was built in like 10 years
Sparky … Dave knows the Dubai growth, as he worked with Shlumberger …
Sparky … I think he was over there …
Sparky … anywho … we wait, and wait …
NORV think it was 20-30 actually
Sparky … as always, I could be wrong …
NORV but that never happen in Iraq, they fight to much
NORV Get rid of Maliki maybe
Sparky … Maliki likes smoke and mirrors, so does Barzani and the usual suspects …
Sparky … war as an distraction to corruption …
NORV I know someone who met most of the leaders from Iraq. They all nuts he said
Sparky … Ali Bahbah and the seven thieves …
NORV Where is Dave?
Sparky … prolly deep sea fishing, or golfing …
NORV Ah. That be fun.
Sparky … with a cooler full of cokes …
Sparky … Dave is a good dude …
NORV I watching Depp trial lol
NORV two nuts that like to abuse each other
Sparky … crazy broad, great actress … and he is bent …
NORV She is nuts for sure
Sparky … fame and fortune turned sideways …
NORV He sure gave her the world
NORV They all mooch off of him
Sparky … He is suing her, right ?
NORV 50 million
Sparky … wow …
Sparky .. one of their estates …
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