Rabobank: "More War Seems Inevitable"

Iraq's Oil Collapse Sparks Race For New Export Routes Authored by Simon Watkins via OilPrice.com, Iraq's oil production has collapsed to just 1.39 million bpd after the Strait of Hormuz blockade stranded exports. Baghdad is urgently trying to revive northern export routes through Turkey, including the Kirkuk-Ceyhan system and a new Kirkuk-Nineveh pipeline. China is re-emerging as a major strategic player in Iraq's energy infrastructure, with Chinese firms heavily involved in Baghdad's new north-south pipeline expansion. April was indeed the cruellest month for decades for Iraq's crude oil production, with an average of 1.389...

Hungary To Halt Gas Deliveries To Ukraine Over Its Energy 'Blackmail': Orban Hungary is moving to choke off gas flows to Ukraine, escalating an energy standoff after Kiev halted Russian oil transit via the Druzhba pipeline. Prime Minister Viktor Orban in a fresh social media video address reiterated that Ukraine has blocked the Soviet-era route for a month, and he newly warned: "As long as Ukraine does not provide oil, it will not receive gas from Hungary," according to a translation. via Reuters Orban added that diverted supplies will be stockpiled domestically, filling...

Brazil's Rightward Shift: UBS-Hosted Consultancy Puts Bolsonaro's Runoff Election Odds At 85% Brazil's benchmark Ibovespa index surged above 200,000 for the first time Monday, posting its biggest one-day gain in more than six years, while the real rallied sharply after right-wing Senator Flávio Bolsonaro finished ahead of socialist President Luiz Inácio Lula da Silva in the first round of the presidential election. Market Reaction:  Brazil Just Became The Hottest Trade In EM The Brazil Trade Just Went Nuclear Bolsonaro received 47% of the valid votes, while Lula received 45.2%. The two will face...