zerohedge | Now that 25 year old math PhD HFT programmers have finally figured
out what this thing called Iraq is, and why headlines around it should
factor into algo trading signals - especially those of crude oil - here,
for their benefit is a summary of the latest events in Iraq, and also
for everyone else confused why crude is back to levels not seen since
last summer.
In broader terms (via RanSquawk):
- The situation in Northern Iraq continues to deteriorate as the extremist ISIS/ISIL group took control of Mosul and then moved into Tirkit, which was later recaptured, in the north of Iraq which is near the Ceyhan-Kirkuk pipeline, which carries 1.6mln bbls per day. ISIS/ISIL forces then seized the Baiji refinery, the main refinery in Iraq, from Iraqi forces. (BBG/RTRS)
- Iraqi forces and militants have now clashed in Ramadi, 100km from Baghdad, as ISIL extremist forces push towards the Iraqi capital. (BBG)
- However Iraqi Oil Minister Luaibi said US planes may bomb North Iraq and denied ISIL took Baiji refinery in the North. The oil Minister also said Iraq average crude exports 2.6mln bbl/d, Iraq crude production 3.166mln bbl/d, Kirkuk production 167,000 bbl/d and Iraq has stored oil products and won't increase imports. (BBG/RTRS)
- Washington has vowed to boost aid to Iraq and is mulling done strikes amid fears that Iraqi forces are crumbling in the face of militant attacks. (RTRS)
And in detail:
As the WSJ reports,
after hard core Al Qaeda spin off ISIS (no relation to Sterling Archer)
took over Saddam's home town of Tikrit yesterday, Iraq edged closer to
all-out sectarian conflict on Thursday as Kurdish forces took control of
a provincial capital in the oil-rich north and Sunni militants vowed to
march on two cities revered by Shiite Muslims. Kurdish militia known
as peshmerga said they had taken up positions in key government
installations in Kirkuk, as forces of the Shiite-dominated government of
Prime Minister Nouri al-Maliki abandoned their posts and fled in fear
of advancing Sunni militants, an official in the office of the
provincial governor said.
Reuters adds that "The whole of Kirkuk has fallen into the hands of peshmerga," citing Jabbar Yawar. "No Iraqi army remains in Kirkuk now."
This in turn has put the output of the key Kirkuk-Ceyhan pipeline, with a 1.6MM bbls/day capacity, at risk.
The militia were operating out of the headquarters of the Iraqi
army's 2nd Division. The official said western parts of Kirkuk province
were still under the control of fighters from the Islamic State of Iraq
and al-Sham, or ISIS, an al Qaeda offshoot.
Abu Mohammed al-Adnani, a spokesman for the Islamic State of Iraq and
al-Sham, said the al Qaeda-inspired group would advance on Karbala and
Najaf, as well as the capital Baghdad, the Associated Press reported,
citing an audio statement.
However, as we showed yesterday, the final ISIS target is none other than the city of Baghdad, and the overthrow of the Iraq government entirely.
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