Zig’s Place Chatroom News Friday  7-9-21

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Butterfly   2021-07-09 04:03   Shafaq News/ Oil prices rose for a second day on Friday as data showed a draw in U.S. inventories, but were headed for a weekly loss amid uncertainty about global supplies fuelled by an OPEC+ impasse.

Brent crude oil futures were up 27 cents, or 0.4%, at $74.39 a barrel by 0644 GMT. U.S. West Texas Intermediate futures were up 39 cents, or 0.5%, at $73.33 a barrel.

Prices on both sides of the Atlantic were on track for a weekly loss of more than 2%, dragged by the collapse of output talks between the Organization of the Petroleum Exporting Countries and allies including Russia, or OPEC+.

"The drop in stockpiles reinforced views that demand was picking up as the U.S. driving season has begun," said Hiroyuki Kikukawa, general manager of research at Nissan Securities.

"Since there's no major lift in the U.S. shale output, some investors are bullish despite the OPEC+ spat," he said.

U.S. crude and gasoline stocks fell and gasoline demand reached its highest since 2019, the U.S. Energy Information Administration said on Thursday, signalling increasing strength in the economy.

Crude inventories (USOILC=ECI) fell by 6.9 million barrels in the week to July 2 to 445.5 million barrels, the lowest since February 2020, and more than the expected 4 million-barrel drop estimated in a Reuters poll.

Gasoline stocks (USOILG=ECI) fell by 6.1 million barrels, exceeding expectations for a 2.2 million-barrel drop.

Even with oil prices rising toward $75 a barrel, U.S. shale firms are keeping their pledges to keep production flat, a departure from previous boom cycles.

U.S. production peaked near 13 million barrels per day (bpd) in late 2019, and then fell amid COVID-19. Output rebounded to about 11 million bpd in mid-2020, but has stagnated since.

OPEC+ IMPASSE, COVID-19 CAP GAINS

butterfly   However, gains in oil prices were capped by worries that members of the OPEC+ group could be tempted to abandon output limits that they have followed during the pandemic due to the breakdown in discussions between major oil producers Saudi Arabia and the United Arab Emirates.

The two Gulf OPEC allies are at odds over a proposed deal that would have brought more oil to the market.

Russia was trying to mediate to help strike a deal to raise output, OPEC+ sources said on Wednesday. The United States had high level conversations with officials in Saudi Arabia and the UAE, the White House said on Tuesday.

The global spread of the Delta coronavirus variant and worries it could stall a worldwide economic recovery also weighed on oil prices.

"A draw in the U.S. crude inventories was a positive factor, but it could be a temporary phenomena given a resurgence in the COVID-19 pandemic in the U.S. and elsewhere," said Chiyoki Chen, chief analyst at Sunward Trading.

Fresh COVID-19 lockdowns could slow a recovery in air travel and demand for jet fuels, he added.

In Japan, the Olympics will take place without spectators in host city Tokyo, as a resurgent COVID-19 forced the government to declare a state of emergency in the capital that will run throughout the Games.

COVID-19 cases in the United States are rising, almost entirely among people who have not been vaccinated.

butterfly   2021-07-09 06:12   Shafaq News/ Lebanon’s currency crashed on Friday reaching a new low against the dollar, as the country’s financial meltdown and political deadlock linger.

Market dealers said the Lebanese pound was trading at around 19,400 to the dollar, losing more than 90% of what it was worth in late 2019, when Lebanon's economic and financial crisis erupted.

Last Tuesday, Lebanon’s caretaker Prime Minister Hassan Diab warned of the situation saying the Country is a few days away from a social explosion, and calling on the international community to save a country in deep economic crisis which the World Bank has called one of the worst depressions of modern history.

Diab also said only a new cabinet could re-start talks with the International Monetary Fund (IMF).

"This government does not have the right to resume negotiations with the IMF to implement the recovery plan set by the cabinet, for this entails obligations on the next government that it may not endorse," he said.

butterfly   An Iraqi parliamentary committee recommends a customs electronic link for imported goods in dollars

Jul 09, 2021 02:35 PM   An Iraqi parliamentary committee recommends a customs electronic link for imported goods in dollarsIraq – Mubasher: The Finance Committee in the Iraqi Parliament recommended linking an electronic customs tax for imported goods with the Central Bank of Iraq.

Haitham al-Jubouri, head of the Finance Committee, said, “The committee does not have data on the volume of imports carried out by the Ministry of Trade or the Ministry of Planning, but the Central Bank is responsible for those transactions that are submitted to it,” according to the Iraqi News Agency (INA).

He stressed that “the committee demanded that there be an electronic customs and tax link with the Central Bank in order to be sure that the goods for which dollars are given will enter actual goods through the ports in return for them.”

He added that “the currency auction is an offer and a request, and so far the price is appropriate, and the banks in the remittances did not make a large profit, but that a part of them is exposed to loss if the operating budget that you make is taken.”

Al-Jubouri explained that “the Finance Committee hosted the Minister of Finance and the Governor of the Central Bank to find out the monetary and financial measures taken by the government to address the repercussions in light of which the exchange rate change was approved.” Parliamentary Finance recommends linking an electronic customs link for imported goods to the dollar.    mubasher.info

butterfly   Parliamentary Energy: Iraq will witness a clear improvement in electrical energy

2021-07-09 | 08:48   Parliamentary Energy - Iraq will witness a clear improvement in electrical energyToday, Friday, the Parliamentary Oil and Energy Committee announced several recommendations that will be submitted to the Council of Ministers regarding the improvement of the electricity situation, stressing that Iraq will witness a clear improvement in energy.

Committee Chairman Haibat al-Halbousi said in an interview carried by the Iraqi News Agency: “The House of Representatives, during its hosting of the Ministerial Energy Committee, discussed many issues, the most important of which is the deterioration of electric power,” noting that “the meeting came out with several recommendations, including increasing fuel oil allocations for stations, in addition to a large number of Some of the recommendations will be presented to the Council of Ministers during the next session for approval.”

He added, “The supply of electric power has reached more than 20,000 megawatts, and this percentage is happening for the first time in the history of the country.” IraqHe stressed that “the coming days will witness a clear improvement in the supply of electric power.”

Today, Friday, the Ministry of Electricity announced that electric power production has increased to 20,642 megawatts, confirming the low level of targeting electrical installations.  alsumaria.tv

Sheila  News Article: Wells Fargo shutdown all personal lines of credit, sparking outrage - https://www.cnn.com/2021/07/08/business/wells-fargo-shutting-credit-lines/index.html

butterfly  Iraqi Dinar/US Dollar auction results for Sunday 7-11-2021 executed yesterday 7-8-2021

United States DollarThe results of the foreign currency sale window for Sunday 7/11/2021 and implemented yesterday 7-8-2021

Announcement No. (4447)   Sale date – Sunday 7/11/2021 and executed 7-8-2021 the details the amount

Total sale for the purposes of strengthening balances abroad (remittances, credits)  169,332,444

Total cash sale  40,080,000   total total sales   209,412,444

Note that:   The selling price of the amounts transferred to bank accounts abroad is ( 1460 ) dinars per dollar.

The cash sale price is ( 1460 ) dinars per dollar.   cbi.iq/currency_auction/view/1063

Dave   Al-Ghazi: Government facilities to receive loans from banks

Dave   Today, Thursday, the Secretary-General of the Council of Ministers, Hamid Al-Ghazi, announced that the government is determined to distribute plots of land to citizens at specific times, while the Minister of Reconstruction, Nazanin Muhammad Wusu, confirmed that 600,000 plots of land will be distributed to citizens within a week.Al-Ghazi stressed that “the government – and among its current priorities – is determined to distribute plots of land to citizens, employees, and families of martyrs, and at the times set by the Prime Minister, according to simplified mechanisms to help solve the housing crisis in the country,” noting that “the government will facilitate the citizens’ procedures. Receiving loans from government banks for the purpose of building them.

Dave   600000 loans /mortgages......!!!!!

Dave  within 1 week...?????

Dave  Chatter of building a new city also........"Field of Dreams"?

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