News, Rumors and Opinions Wednesday Morning 4-22-2020
TNT:
Tishwash: Official sources: Al-Kazemi has finalized his government and will be announced next week
Apr 22, 2020
The official newspaper "Al-Sabah" revealed, on Wednesday, the final touches on the cabinet formation of the government in charge of Prime Minister Mustafa Al-Kazemi, indicating that the formation will be presented to parliament next week.
"The Prime Minister-designate Mustafa Al-Kazemi has almost finished preparing his cabinet and his government program, and he will present them to vote during the coming days, and the matter may be decided next week as a maximum," the newspaper quoted its issue issued today and seen by him / the information.
Al-Aujaibi added, "The negotiations are taking place in full swing in order to end Al-Kazemi's ministerial formation, despite the fact that matters have not been resolved yet, and consultations on names are still to be presented to Parliament in a session called by the Presidency."
He explained, "There is no permanence in Parliament, and the deputies are waiting for the formation of the government in order to hold an emergency session," noting that "Parliament did not start its legislative term yet, which should have started last March, and because of the health conditions and the spread of the Corona epidemic, the legislative term was postponed. link
Harambe: CNBC: Meltdown in oil continues as Brent plunges 14% ... to $16.55 per barrel.
Oil prices continued to plummet Wednesday as concerns over limp demand and limited remaining storage capacity lingered.
In the afternoon of Asian trading hours, international benchmark Brent crude futures 14% to $16.55 per barrel. Meanwhile, the June contract for West Texas Intermediates hed all of its earlier gains as it fell 6% to $10.82 per barrel. The July contract for WTI dipped and last traded below $19 per barrel.
Per Magnus Nysveen, senior partner and head of analysis at Rystad Energy, warned that the situation in the oil markets is “going to be worse.”
“The world is running out of place to store the oil,” Nysveen told CNBC’s “Street Signs Asia” on Wednesday, adding that storage acts as “a kind of buffer.”
“When the supply and demand balance is positive or negative, then you can build or draw from storage,” he said. “But when the storage gets full, then there is no buffer for this very strong imbalance that we’re seeing.”
Pictet Wealth Management’s Jean-Pierre Durante agreed with Nysveen’s assessment of the situation, commenting in a Wednesday note that the “world is overflowing in oil” despite a recent decision by the Organization of the Petroleum Exporting Countries and its allies — known collectively as OPEC+ — to cut oil supply.
“World storage capacity will rapidly reach saturation point,” said Durante, who is head of applied research at Pictet Wealth Management.
Global demand for oil has fallen dramatically, with major economies worldwide effectively frozen as a result of coronavirus-induced lockdowns imposed by authorities scrambling to contain the spread of the disease.
Wednesday’s moves in oil followed recent sharp declines in the sector. The May contract for WTI, which expired Tuesday, plunged below zero for the first in history before clawing its way back into positive territory. The June WTI contract plunged more than 40% on Tuesday while international benchmark Brent dropped from levels above $24 per barrel.
https://www.cnbc.com/2020/04/22/meltdown-in-oil-continues-as-brent-plunges-more-than-15percent.html
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Courtesy of Dinar Guru
RVAlready Iraq parliament put itself between its own extinction and bankruptcy via oil and civic. If they had finished the RV two months back, they would not be in this position. Their desire to hold everything up may cost them their job. I just cannot imagine Iraq going until November with no budget, no RV, and little oil income. I think they will be desperate for the RV at the earliest opportunity.
Pimpy ...I'm here to keep everyone grounded...this is interesting here [General Price Index]...this does absolutely look exciting. Do you think I wouldn't be excited if this is accurate? Of course it would be excited because it looks like the value has increased one thousand fold. And, yes, I do see the comma [462,830]...But...is it possible that this was meant to be a decimal [462.830] by mistake was put there a comma and a correction will come later? ...this was done in February. What month are we in? April. We know for a fact that march they suspended and stopped the action on the ISX...March is done...do you think somebody's going to let that type of cat out of the bag? Do you really think that this is legitimate? Could be. But seems to me we would have heard a lot more about it...you would see mad amount of people, investors, fund managers, all kinds of people running just buying out the dinar...could this just be another glitch in the system that needs to be corrected? ...again I'm here to keep you guys as grounded as possible...let's hope this is accurate...I think that would put us around if I'm not mistaken about $1.13 - $1.34...I would love that because that would make me look like a freaking genius...[but] the Central Bank of Iraq has made boo-boos before...
Lynette Zang
THE ETF TRAP $10,000 to $600: When Fiat (Paper) Investment Products Go Wrong
Streamed live 16 hours ago
Historic first to historic first, these fiat markets continue to show us all, the breakdown of the fiat financial system.
Yesterday, the May WTI (West Texas Intermediate) crude oil futures contract that expires today at 3, closed at negative $37.63 per barrel.
Each contract represents 1,000 barrels of oil, so this means that those that own the contracts had to PAY $37,630 NOT to take delivery of that oil.
About now you might be asking, is this even possible?