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The Iraqi National Oil Marketing Organization (SOMO) estimates that Iraqs monthly revenue from Kurdistan oil is approximately $400 million.On January 17, the Russian Ministry of Defense announced that Russian forces had struck energy and transportation infrastructure used by the Ukrainian army, as well as temporary deployment sites of the Ukrainian armed forces and foreign mercenaries. The Ministry stated, "The tactical aviation, attack drone, missile, and artillery units of the Russian Armed Forces struck energy and transportation infrastructure used by the Ukrainian army, ammunition depots, assembly workshops, storage points, pre-flight preparation and launch sites for long-range drones, and temporary deployment sites of the Ukrainian armed forces and foreign mercenaries in 167 regions."On January 17th, Turkish Energy Minister Baghtadal stated in a media interview that Turkey plans to resume natural gas imports from Turkmenistan in 2026 and increase purchase volumes. He indicated that 2026 is a crucial year for Turkeys liquefied natural gas (LNG) supply, as the country has already signed long-term LNG supply contracts with countries including the United States. "These are long-term contracts covering 2027 to the 1930s and 1940s. The work on signing LNG contracts will continue in 2026. Therefore, when we find suitable resources and inexpensive LNG, relevant agreements will be reached. We plan to review the agreement with Algeria and extend its term, while also assessing alternative resources."Iraqs State Oil Marketing Organization (SOMO) reports that Iraqs crude oil exports have averaged 3.6 million barrels per day so far in January.Russian Defense Ministry: Russian forces have taken control of Priluki in the Zaporizhzhia region of Ukraine.

S&P 500 Price Forecast – Stock Markets Continue to Struggle

Alice Wang

Jul 15, 2022 15:54

Technical Analysis of the S&P 500

Due to the ongoing pessimism, the S&P 500 has decreased somewhat during Thursday's trading session. At this time, it seems as if the market is prepared to go further, maybe attempting to approach the most recent lows at the 3637 level. In the end, this market should continue to see a lot of agitated behavior. I believe that fading rallies will remain a significant problem. The 50 Day EMA is now hanging in the general vicinity of the 3950 level, which serves as the ceiling at this time.


Ultimately, your indication to become engaged will be when you start to feel exhausted after brief rallies. Given the lack of global growth and the fact that inflation is still a problem, I do believe the downward trend will continue. Additionally, the Federal Reserve is rapidly tightening monetary policy, and as a result, a 100 basis point interest rate rise is being predicted. Due to the fact that the S&P 500 contains so many significant exporters, it is extremely probable that we will continue to see significant problems with the global economy.


In the end, a running season is approaching, so there could be some "hopium" waiting to happen, but after hearing J.P. Morgan declare, "We have never seen an economic scenario like this," during its results presentation, I don't think this earnings season will be cause for celebration. After a rally, I will suppress any indications of tiredness.

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