Author: BlackMask Financial

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EIA Weekly Petroleum for the week ending May 29, 2020

Total commercial petroleum inventories increased last week by 15.1 million barrels last week.Total products supplied over the last four-week period averaged 16.1 million barrels a day, down by 19.4% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 7.2 million barrels a day, down by 22.5% from the same period last year.  U.S. crude oil refinery inputs averaged 13.3 million barrels per day during the week ending May 29, 2020 which was 316,000 barrels per day more than the previous week’s average. Refineries operated at 71.8% of their operable capacity last week. Gasoline production increased last week, averaging 7.8 million barrels per day. Distillate fuel production decreased last week, averaging 4.7 million barrels per day.U.S. crude oil imports averaged 6.2 million barrels per day last week, decreased by 1.0 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.0 million barrels per day, 18.3% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 782,000 barrels per day, and distillate fuel imports averaged 163,000 barrels per day.U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.1 million barrels from the previous week. At 532.3 million barrels, U.S. crude oil inventories are about 12% above the five year average for this time of year. Total motor gasoline inventories increased by 2.8 million barrels last week and are about 10% above the five year average for this time of year. Finished gasoline and blending components inventories both increased last week. Distillate fuel inventories increased by 9.9 million barrels last week and are about 28% above the five year average for this time of year. Propane/propylene inventories increased by 3.1 million barrels last week and are about 12% above the five year average for this time of year. Distillate fuel product supplied averaged 3.4 million barrels a day more than the past four weeks, down by 13.4% from the same period last year. Jet fuel product supplied was down 68.7% compared with the same four-week period last yea

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Trump’s church photo-op was Ivanka’s idea – report

Escalating his rhetoric during a period of roiling national crises, President Trump on Monday threatened to deploy the U.S. military to cities or states that don’t take “necessary” actions to halt violent protests, saying the armed forces will “quickly solve the problem for them.” Trump’s Rose Garden remarks came as just across the street, law enforcement officers deployed tear gas and shot rubber bullets to forcefully disperse peaceful protesters. Washington, D.C., had set a curfew Monday of 7 p.m. ET. The protesters were removed from the Lafayette Square area across from the White House, apparently to clear the way for the president to walk to St. John’s Church, where he posed briefly for photographers, holding a Bible. Parts of the church compound were damaged by rioters on Sunday night. In a statement, Judd Deere, the White House’s deputy press secretary, said: “The perimeter was expanded to help enforce the 7 p.m. curfew in the same area where rioters attempted to burn down one of our nation’s most historic churches the night before. Protesters were given three warnings by the U.S. Park Police.”

President Trump holds a Bible as he visits outside St. John’s Church across Lafayette Park from the White House on Monday.

Trump’s remarks, which lasted less than seven minutes, came after days of protests in dozens of cities across the U.S. following the death of George Floyd, a black man who died in police custody in Minneapolis a week ago. During the remarks, Trump declared himself “a law-and-order president” and “ally of all peaceful protesters,” but he called violent unrest that has accompanied many demonstrations “acts of domestic terror.” Trump said he had mobilized “thousands and thousands” of “heavily armed” military personnel to put an end to the protests, which were born from criticisms of excessive force by law enforcement. It was not immediately clear, however, what precise changes might be in store for the personnel who have been responding to the demonstrations across the country. The Justice Department said in a statement that beginning Monday night, it had deployed all of its law enforcement components and is coordinating with the Department of Defense, the Department of Homeland Security and local authorities to “maximize federal security presence throughout the District [of Columbia].”

Threatening state governors who have declined to deploy the National Guard, Trump said he would dispatch the U.S. military to “quickly solve the problem for them.”

After the stop at St. John’s Church, Trump and a retinue of advisers and staffers then returned to the secure enclave within the White House complex. Several major cities, including Washington, D.C., were placed under curfews following the unrest. Trump’s walk to the nearby church, which he does not typically visit, technically violated the District of Columbia’s Monday curfew for a little time. The National Guard has been deployed in many states, and the president on Monday called for governors to “dominate” in their states to put an end to the protests. His remarks Monday stand in stark contrast to the position he took toward heavily armed majority-white protesters last month, who stormed the Michigan statehouse in defiance of stay-at-home orders to demand a reopening of the state economy amid the coronavirus pandemic. Trump described those protesters as “very good people” and called on the governor to “give a little” to appease them. The protests against police violence come against the backdrop of the coronavirus pandemic, which has caused more than 100,000 deaths in the U.S., with black Americans disproportionately affected. Nick Note: I remember Danny. He was one of my favorite Latin American dictators. He called in the army too. It did not end up so well for the protestors. Same thing in Turkey and the Philippians…. Where some of Trumps favorite leaders live. Remember this day. You elected your dictator as did the Germans and the Italians… It did not end up very well for them either.

 

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Trump claims he was in bunker only for ‘inspection’

(CNN)President Donald Trump sought to explain his presence in an underground White House bunker during violent weekend protests as an “inspection” rather than a retreat for his own safety, telling a radio interviewer Wednesday he was only in the safe room for a “tiny” amount of time. Multiple people familiar with the matter described a different scenario to CNN. They said Trump was rushed to the bunker for nearly an hour amid intense protests on Friday evening. A law enforcement source and another source familiar with the matter tell CNN that first lady Melania Trump and their son, Barron, were also taken to the bunker. Trump, who was enraged when reports emerged he was rushed to the secure location, told Brian Kilmeade on Fox News Radio that he went during the day and not when protests were raging outside his front door. “I was there for a tiny, short little period of time,” he said, adding it was “more for an inspection.” After those reporters emerged, Trump fumed that he looked weak and insisted he be photographed outside the White House gates, a demand that ultimate led to his visit Monday to St. John’s Church across Lafayette Square. In his interview, Trump said he’d visited the bunker previously. He said he’d been there “two and a half times.” But he said those were more to get a sense of the space rather than to protect himself from harm. Nick Note: Hey Donald do you hear laughter??? I do… i am embarrassed for him

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White Apologists Does not help Blacks Excuses

White apologies does not help the black man. In fact it hurts the. I call it the excuse for failure. Everyone suffers adversity. I welcomed my failures and have been able to rise against great should we say challenges. Including government sanctions, confiscation of my wealth. prison, riots, hit squads, mass destruction, wars, military coupsss, torture and have had to rebuild my life several times. I found my inner strength, did not sell out,  did not become bitter or a animal.  And like the phonix i arise out of my ashes. That’s why we named the bird Phoenix. Kids idea not mine.

When we talk about the flight of the black man in   in America. We are talking about the ghetto blacks mostly inner city. Their is a booming emerging, highly educated and prosperous black middle class and very wealthy blacks self made. You should take note except for the activists (self serving) the successful self made black man is deafening by his silence. NO ONE except for a savage wants to see the police kill anyone in what in essence is summary executions on the streets. But lets not throw out the baby with the bath water.

A very troubled black man with a rap sheet a mile long abandoned his family. He moved from Houston to Minneapolis and was continuing his crime spree. Higher then a kite he was caught once again commuting a crime. When  (knowing he was headed back to jail…again1) arrested and placed in a police car he went ape shit crazy. The police took him out of the car and in a situation that spun out of control he was killed when the police used excessive force while attempting to subdue him.

A pretty fucked up deal with plenty of blame to go around. I am sure the 4 cops involved will be severely punished their lives ruined…Justice will be done.  End of story. This has nothing to do with slavery, nothing to do with successful white people. Called ha ha ha white privilege.

Shit happens and its a fucked up world. Always has been and always will be.

Evil people on both sides are using these events to forward their agenda and self interest…. Do  not fall in the trap. …… Nick

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Trump Weighs China Sanctions Yet Won’t Quit Phase One Deal

President Donald Trump has discussed punishing China’s financial sector through targeted sanctions and trade measures in retaliation for Beijing’s moves to curb Hong Kong’s autonomy. Hong Kong has warned the United States not to interfere with the central government’s proposed national security legislation for the region. It said the withdrawal of the financial hub’s special trading status under U.S. law could backfire on the economy. U.S. President Donald Trump is set to give a statement on the Chinese legislation on Friday. Meanwhile, Hong Kong Chief Executive Carrie Lam issued a letter to the city’s residents, asking them to support the legislation. Our correspondent Zhu Dan is in Hong Kong with more. Nick Note: This has not sorted itself out yet. Its up to what Trump dos next.And he is busy praying at the closed Episcopal church… Praise the LORD! Maybe he is praying for all the piglets slaughtered and the wheat farmers wipeing out now that China has cancelled all those orders!

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Trump And Putin Discuss The Future Of The Oil Market

Russia’s President Vladimir Putin and his U.S. counterpart Donald Trump discussed the OPEC+ deal, just days before the producers’ alliance meets to discuss the future of its output cuts. “It has been stated that the multilateral agreement reached with active support of U.S. and Russian presidents has been leading to a gradual recovery of oil demand and price stabilization,” the Kremlin said in a statement Monday about the call. The Organization of Petroleum Exporting Countries and its partners, including Russia, will meet this week or next to discuss whether to extend their current oil-production cuts, or allow them to taper from July 1. The U.S. did not formally join the deal, but Trump helped to broker it and the country’s production has dropped significantly as shale producers shut down wells due to low prices and weak demand. The alliance has agreed to collectively curb output by a record 9.7 million barrels a day in May and June to offset the impact on oil demand of coronavirus lockdowns. Saudi Arabia and its Gulf allies, who have made additional voluntary supply cuts, favor maintaining the curbs at their deepest level for an extra one to three months, according to a delegate. While crude prices have rallied recently due in part to a stronger-than-expected rebound in demand, the global oil market is vulnerable to the risk of a second wave of coronavirus infections. Also, at about $35 a barrel, prices are below what most OPEC+ countries need to cover planned government spending. Nick Note: what they seem to forget to tell you is the fact that OPEC Compliance With Output Cuts Was Only 74% In May. Not even a full month into OPEC’s deep production cut agreement, rumors have already surfaced that there is a difference of opinion over a possible extension of the oil production cuts—as usual, with Saudi Arabia on one side and Russia on the other. According to the survey data, Nigeria and Iraq did not live up to their commitments under the massive production cut deal that promised to take 9.7 million barrels of oil production per day out of the oversupplied market.

Overall, the survey showed the group cut just 5.91 million bpd from April levels, producing 24.77 million bpd. This is 4.48 million bpd of the promised reduction, or 74% compliant.

For May, Iraq reached just 38% compliance with its promised cuts. Nigeria was even less faithful to the quotas, cutting just 19% of what it promised, according to the Reuters survey. The sharp cuts in May, however, are watered down by the fact that several OPEC members, including Kuwait, the UAE, and Saudi Arabia, produced record-high volumes in April, which flooded the market while the world was beginning to see what was a massive drop off in demand. Nick Note: I do not trust this oil rally at this point. It would not take much for me to short it. I expect a pop after OPEC+ announce a continuation of the production cheating half/production cuts. The riots,  consumer apprehension and the fact that business’s are not opening up as expected tells me the oil rally and stock market rally are on hold for now…. I’ll let you know as soon as i scratch my ass and figure it out.

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A night of fire and fury across America as protests intensify

Protests have swept the United States the last six days in the wake of George Floyd’s death at the hands of police in Minnesota. Floyd, who was unarmed, died as he was held down while handcuffed by three Minneapolis police officers. Former officer Derek Chauvin held his knee to Floyd’s neck as he lay face down screaming “Mama” “please” and “I can’t breathe.” A fourth officer stood by as it happened. Chauvin was arrested for his part in Floyd’s death and charged with second degree manslaughter and third degree murder on Friday. Protests have occurred in dozens of cities since. While some police departments have been accused of being heavy handed in their attempts to control protests that turned violent over the weekend, other departments have tried to reach out to protesters to share their grief and help convey their message of peace. The chief of police for the department involved in Floyd’s death paid his respects at a memorial Sunday, joining the crowds who came out to honor the slain man. In Houston, Floyd’s hometown, Police Chief Art Acevedo kneeled along with protesters. Acevedo told CNN’s Don Lemon that he wants to provide a police escort for George Floyd’s body as he returns to his hometown to be buried. Houston Police Chief Art Acevedo walked arm-in-arm with a woman during a “Justice for George Floyd” event Saturday. “It’s going to be a big deal for our city to bring him back home,” Acevedo said. “We want to make sure that the family is safe, that the movement is safe.” Acevedo has been embracing protesters and expressed his hope that the outrage over Floyd’s death would spark change. “I think this is a watershed moment,” Acevedo said. He hopes it’s a sign of “meaningful reform” on how officers who use deadly force are dealt with. In New York City, a police officer was seen taking a knee in front of a heart drawn on a wall during a rally for Floyd near Times Square Sunday. In nearby New Jersey, the Camden County Metro Police Chief Joe Wysocki joined demonstrators at the head of a march holding a sign that read “Standing in Solidarity” to honor the movement and spread a message of peace.

Social media users praised the actions of the chief. Following the march, the department held a pop up block party to interact with the community they serve. Across the country, an entire line of officers was seen taking the knee as they faced protesters in Spokane County, Washington. The attendees of the demonstration, billed as a protest against police brutality, cheered as the officers kneeled.
Law enforcement officers were cheered by demonstrators as they knelt in Spokane.

Law enforcement officers were cheered by demonstrators as they knelt in Spokane.
Law enforcement in Des Moines, Iowa, took a knee outside the Des Moines Police Department Sunday night, video from CNN affiliate KCCI shows.
They kneeled for two minutes along with the protesters who asked them to participate in the moment of solidarity, KCCI reported.
Des Moines law enforcement took a knee outside of the Des Moines Police Department with protesters in solidarity.

Des Moines law enforcement took a knee outside of the Des Moines Police Department with protesters in solidarity. In Kansas City, Missouri, at least one protestor shook the hand of an officer deployed to a protest Sunday. Earlier in the day, Mayor Quinton Lucas called in the National Guard to help quell demonstrations that got out of control Saturday night.
A demonstrator and police officer shake hands in Kansas City, Missouri.

A demonstrator and police officer shake hands in Kansas City, Missouri. Lucas said that while some people were there to protest peacefully, others broke windows and raided shops. Eighty-five people were arrested during protests Saturday, according to Lucas.  Nick Note: BUT the side of the story you are not being told is Floyd went ape shit wild when he was placed in the police car. Protocol is you call for a Paddy wagon. They took Floyd out of the car to further restrain him and that’s when things spun out of control.  I have been in these situations a number of times and the adrenaline pumps, your field of vision narrows and the savage takes over. As the fight monster in all of us comes. out. Fortunately in each of these times  i caught myself before i did something regrettable and stupid. So i can appreciate how  the monster in all of us can take over. Self control is paramount.  We have all been their, someone cuts you off or take “your” parking space and you want to kill them. Crazy shit! Several times i found myself where i considered deadly force…. JUSTIFIED but NOT necessary and pulled back from the brink. In all cases it was the wise decision. The poverty, drugs, violance and lack of hope creates very bad things. America needs to truly integrate blacks into the productive society. And it takes education to break the cycle. The ghettos of America the most prosperous country the world has ever seen. Are a glaring indictment of at best blind neglect and maybe something much worse lurking right below the surface. Its a lot cheaper to get them a life then to jail them and kill them and deal with the problems of crime that is a direct result of poverty.
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In a pandemic, no one wants to touch it. Why cash has become the new Typhoid Mary

LOS ANGELES-“This note is legal tender for all debts, public and private.” That’s what it says right under “Federal Reserve Note” and “The United States of America.” But legal tender won’t be accepted to play at one of the city of Los Angeles’ dozen public golf courses. Or for the $15 charge to enter the Los Angeles County Arboretum and Botanic Gardens in Arcadia. More than 30 Armstrong Garden Centers around California also ask for “touchless” payment options, as does the Beehive clothing boutique in Manhattan Beach and the Munch Company sandwich shop in South Pasadena. Bussinesses reject cash, fearing that it could be a transmission vehicle for the SARS-CoV-2 virus. Some experts predict that the pandemic will accelerate a steady flight by American consumers away from dollars and cents.

“This crisis is clearly pushing us even farther away from using cash in our everyday legal transactions,” said Kenneth Rogoff, a Harvard University economics professor and author of “The Curse of Cash.” “And it’s for obvious reasons. No one wants to touch something you or someone else just touched. That’s not going to change any time soon.”

Dollars remain in record circulation around the world, in part as a perceived safe haven for investors and, not infrequently according to Rogoff, as the preferred vehicle for money launderers and tax evaders. But on Main Street, the use of greenbacks makes some retailers and customers flinch, and contrary to popular belief, there is no federal law that requires businesses to accept cash and coins, according to the Federal Reserve’s website.  A National Institutes of Health study found that SARS-CoV-2 remained infectious on cardboard for up to 24 hours. But germs picked up from surfaces can be eliminated by thorough hand washing. The primary means of transmission remains through respiratory droplets produced when an infected person coughs or sneezes. A shift to other forms of payment has been encouraged by government agencies, such as the California Department of Public Health, which suggests the use of debit and credit cards. Reopening plans for multiple counties also recommend “contactless” payment systems. “I think what’s happened with the pandemic is it’s taken a three- to five-year time frame that it would have taken for digital payments to hit a tipping point and fast-forwarded it to reach that tipping point, literally within months,” PayPal CEO Daniel Schulman said in an interview.

While some older consumers had clung to cash, the digital pay platform now sees the 50-plus age group as its fastest-growing demographic. “Before it used to be cash or checks. Now they are going to a payment platform to send money to the grandkids,” Schulman said.

While many hail the shift to a cashless economy, others say that it raises equity concerns, because the poorest Americans have no access to digital alternatives. Much of the world, led by Scandinavia and Japan, has moved to assure virtually their entire populations have access to online payments. China introduced a digital currency this spring in four cities, paving the way to its becoming perhaps the world’s first cashless society. Nick Note: The perfect excuse!  A Pandemic is a terrible thing to waste. For over a year i have recommended you to flatten the lumps in your lumpy mattress. Its time for virtual money. And you can do this without the mark if you got ears that can hear. WE HAVE SET UP a offshore Jersey trust administered out of England for you nice and legal like. In June we will issue a virtual and contact less MasterCard. Diversify or die! Gold and silver have ceased to be transnational for over a century. Bitcoin blew it with the scandals and wild price swings. The winner is the charge card networks. Instant payments at over 30 million establishments the world over. Access the payment networks in 4 seconds. Go try to buy a Ferrari with a bag full of cash and you will at best open a investigation and still not get the car. Go in the dealership with your MasterCard and they will take it without batting a eye.

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Trump: US to eliminate HK’s policy exemptions

Donald Trump has ordered the removal of exemptions that give Hong Kong special status in America in retaliation to Beijing’s new national security law for the territory.  The US president said in a White House press conference on Friday that China’s legislation, which critics have said will undermine free protests in the territory, was “deeply troubling”. Mr Trump said that Hong Kong was no longer sufficiently autonomous from mainland China to enjoy the special privileges with the US in place since it left British control in 1997.  “Our actions will be strong, our actions will be meaningful”, Mr Trump said as he listed areas that would be impacted by his announcement.  He said the extradition treaty would be affected, vowed to change US travel guidance for the territory and threatened sanctions on officials who undermined Hong Kong’s freedoms…. Nick Note: Lets cut to the chase… Let me tell you what those teleprompter never have been’s don’t know. Their is one and only one serious threat Trump has. In fact he may not even know it yet. Honk Kong has access to the dollar exchange window. That means their currency is pegged to the dollar and investors can convert out of Hong Kong dollars to US dollars at will. Two way trade in the 2 currencies at the peg (fixed rate) is critical. China does not have this facility and will never get this.  Chinese Banks and business rely upon Hong Kong financial institutions for their flow of critical US dollars.The HKMA Honk Kong Market authority has full access and privileges to the Fed discount window, US treasury market  and the US  SWIFTS system. This is critical to maintain the stable peg of the HK$ to the US$. Here is the formula used to calculate the risk:

If the HKMA loses its dollar peg and privilege to the US Treasury and money transfer system. Its over roll up your tents and go home. This is a distinct possibility. I can tell you serious people who know how the game is played are VERY concerned. We all know Trump is a lose cannon!