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Don961 » April 20th, 2020
Updated .. NYMEX May delivery contract falls 300% to record negative 37 dollars
April 20, 2020 09:51 PM
Direct: The price of the American NYMEX May delivery contract fell by about 300 percent when settling transactions on Monday, turning into a negative range with concern about the oversupply and the near depletion of sufficient storage areas to contain the supply of crude.
This price is for the US crude contract for next May delivery, which is due to expire tomorrow, Tuesday.
The drop in the price of oil below zero means that sellers are paying buyers money to take the oil with no storage space.
The historic collapse in the price of American oil comes with the continuous decline in oil storage capacity, which is witnessing a sharp decline due to oversupply in exchange for a sharp decline in demand for crude due to the outbreak of the "Covid 19" virus.
And the measures to contain the virus have stopped the travel activity and imposed restrictions on the movements of citizens around the world, amid a contraction of economic activity and consequently the global demand for oil
The production cut agreement of the "OPEC +" coalition and other oil producers failed to allay investors' fears, amid expectations that the size of the decline in demand will exceed the expected drop in supply and the continued supply glut.
Upon settlement, US West Texas crude for May delivery fell 300 percent to -37.63 dollars a barrel, the lowest level in its history.
Whereas, the price of futures contracts for next June delivery decreased by 18.3 percent to $ 20.03 a barrel upon settlement.
By 6:45 pm GMT, Brent crude for June delivery futures fell by more than 9.2 percent, falling to $ 25.46 a barrel. LINK
ChrisC » April 20th, 2020
S*** is hitting the fan…..
Ross » April 20th, 2020
Iran: A historic catastrophe that could leave 1 million victims
April 20, 2020 | Hamid Enayat
Opinions expressed are solely those of the author & ME
Despite the fact that the coronavirus has not yet reached its peak of infected in Iran, President Hasan Rouhani has already allowed people to go back to work like in a normal situation without any preventive measures.
It is assumed that 10% to 20% of infected patients are hospitalized, and 10 % of those die. According to Hassan Inanloo’s hypothesis, about 60 million people in the country will suffer (INFECTED) from Coronavirus, 10 million will be hospitalized, and 1 million will die, becoming a great tragedy.
After a few weeks of closure, on April 9, the parliament rejected the bill proposed by 80 MPs urging the total shutdown of the country for a month. This initiative was opposed to Rouhani’s plan to get people back to work.
According to the same organization, when there is no specific drug for the disease, infecting 70% of the population to achieve herd immunity would endanger the lives of nearly 2 million people, where a significant part will be the health and medical staff.
If the regime wanted to choose the total quarantine option to confront Coronavirus, it would have to provide financial assistance to at least 30 million poor and underprivileged households that will lose their job and income.
However, despite the rich resources under the direct control of supreme leader Ali Khamenei, this regime does not want to spend a cent for this cause. May be that is the reason why they expect another popular uprising.
“Quarantine is very costly for the Islamic Republic of Iran government because it has to provide for people’s needs and because the government is reluctant to spend. The government is indifferent to people’s lives
The economy of Iran is struggling under the pressure of sanctions. However, it is not the lack of money and resources that have forced the regime to abandon quarantine and social distancing to control the disease. In 2017, Reuters revealed, after some research, that Khamenei’s wealth was at least 100 billion dollars.
Many observers agree that both the Supreme Leader, his affiliates, and the Revolutionary Guards have a capital valued at 200 billion dollars.
Furthermore, the Iranian regime is using its lobbyists to promote that it is unable to quarantine the entire country due to sanctions and zero oil export. As regime officials said, they wanted to take advantage of the pandemic to lift the sanctions against the country.
Consequently, with a political maneuver, the regime requested a 5 billion dollars loan to the International Monetary Fund (IMF) and, at the same time, they requested to regain access to their blocked money in European banks. At first glance, it seems very logical for the international community to comply.
with this request. However, the regime continues to send cash to Lebanese Hezbollah during the sanctions.
The supreme leader usually takes hostages to achieve his political goals and break the political deadlock. This time, he is taking 2 million lives to lift sanctions. Hostage-taking is a policy pursued by the Iranian regime for many years. If the Iranian regime had a slight desire to fight against Coronavirus and protect people, at least it would respond positively to the international community’s calls for the release of tens of thousands of prisoners that are living under unsanitary conditions. Although this action does not require any money, the regime is reluctant to do it. In the meantime, prisoners have staged several riots in various cities to save themselves.
Therefore, again, there are two possible solutions: a quarantine, assuming that there might be an uprising held by the deprived and unemployed masses, and the “Herd Immunity” solution, which has been chosen by Rouhani and Khamenei, even though it can leave 2 million victims. However, it is inconceivable that the regime is not aware of the implications of a large-scale catastrophe in Iran.
Now, the Iranian regime has to choose between the bad and the worst. “It has been suggested among the public that the government has chosen security at a crossroads between public health and its own security” (Hamdeli newspaper). “People will starve to death before the Coronavirus”, added Zaali, head of the COVID-19 confrontation committee in Tehran.
In conclusion, the economic condition and the lack of financial resources are an excuse for the Iranian regime. Why has it been reluctant to adopt the quarantine solution, even knowing that it could cost 1 or 2 million deaths? The regime will not be able to escape its inevitable consequences. By adopting the “herd immunity” strategy, tens of thousands of Iranians along with the country’s economy, culture, and even the political establishment will all collapse.
Source: Dinar Recaps
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