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BRENT WTI MOVE UP ON PROMISE OF US-CHINA TRADE TALKS

BRENT WTI MOVE UP ON PROMISE OF US-CHINA TRADE TALKS

06 September 2019

Brent Oil Futures was up 0.13% at $61.03 a barrel, as of 12:40AM ET (04:40 GMT), while Crude Oil WTI Futures was up 0.12% at $56.37 a barrel. The EIA...

PRAISE SINGERS  GO TO "GREET" NEW  GMD NNPC

PRAISE SINGERS GO TO "GREET" NEW GMD NNPC

04 August 2019

If journalism is to have meaning, to fulfill its raison d'etre, then it must be about speaking truth to power; giving a voice to the voiceless. The National Chairman of...

IS IT A NIGERIAN GAS FLARE COMMERCIALISATION PROGRAM ?

IS IT A NIGERIAN GAS FLARE COMMERCIALISATION PROGRAM ?

31 July 2019

The Nigeria Gas Flare Commercialisation Programme (NGFCP) is a prime example of a project well concieved but poorly executed and unlikely to achieve most of its objectives despite its inherernt...

VR CAPITAL BUY 25% OF P&ID AS NIGERIA FACE $9BN FINE

VR CAPITAL BUY 25% OF P&ID AS NIGERIA FACE $9BN FINE

05 June 2019

First, a health warning. This article is about recalcitrant, inept and quite possibly corrupt Nigerian politicians and government ministers. It is certainly about incompetence and misconduct in public office. It...

DISASTER AS UNEMPLOYMENT LEAPS BY 30%  TO 20.9m

DISASTER AS UNEMPLOYMENT LEAPS BY 30% TO 20.9m

29 May 2019

Nigeria is sleepwalking into a disaster which has the potential to unleash instability, insecurity and crippling hardship. Unemployment is always a cause for concern, it is the clearest indication that...

 NIGERIA NGIGE UNDEREMPLOYED OR UNEMPLOYABLE?

NIGERIA NGIGE UNDEREMPLOYED OR UNEMPLOYABLE?

08 May 2019

Working on the assumption that the Minister of Labour and Employment, Senator Chris Ngige has not been misquoted it is difficult to understand his recent pronouncement and what now seems...

NIGERIA ANOTHER MOU ANOTHER DAY

NIGERIA ANOTHER MOU ANOTHER DAY

01 May 2019

Nigeria has announced ambitious plans to double its oil production by 2025, targetting 4 million bpd in six years’ . Maikanti Baru, Group Managing Director at the Nigerian National Petroleum...

NNPC REFINERY WOES 2019

NNPC REFINERY WOES 2019

24 April 2019

The Nigerian Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has not unpredictably, stated that Nigeria’s continuous subsidy of petrol consumption means the Nigerian National Petroleum Corporation (NNPC) will...

NIGERIA OPEC STAND FIRM

NIGERIA OPEC STAND FIRM

28 March 2019

Nigeria and other member countries of the Organisation of Petroleum Exporting Countries (OPEC) as well as their non-OPEC allies led by the Russian Federation have said they are committed to...

PALM OIL PRODUCTION UNDERPERFORMS

PALM OIL PRODUCTION UNDERPERFORMS

18 March 2019

PALM OIL PRODUCTION A MEAGRE PERFORMANCE Nigeria from gaining a substantial share of the global oil palm industry now worth $62 billion annually, casting doubts on government’s ability to grow...

NIGERIA REFINING THE VISION

NIGERIA REFINING THE VISION

18 March 2019

NIGERIA REFINING THE VISION Nigeria is the only OPEC member country that imports gasoline (PMS) and holds the dubious distinction of being the largest importer in the world. The Nigerian...

IS THE PGB FATALLY FLAWED?

IS THE PGB FATALLY FLAWED?

18 March 2019

IS THE PIGB FATALLY FLAWED? Ten years after the Petroleum Industry Bill began its tortuous odyssey which has included the Bill being broken into four portions, both houses of the...

CBN PUMP UP THE T-BILLS

CBN PUMP UP THE T-BILLS

18 March 2019

CBN PUMP UP THE T-BILLS The Central Bank of Nigeria (CBN) plans to raise a total of N1.809 trillion from the debt market, in the first quarter of 2019.This is...

TIN EXPORTS NIGERIA

TIN EXPORTS NIGERIA

17 March 2019

TIN EXPORT NIGERIA Synterra are able to export high grade tin ore from Nigeria. We agregate the Mining production of a number of artisanal miners and consolidate volumes for exportSynterra...

BERYLLIUM MINING OPPORTUNITIES

BERYLLIUM MINING OPPORTUNITIES

17 March 2019

The Nigeria Solid Mineral and Mining Sector has in effect made the great leap forward which will now allow investors to take advantage of the vast mineral potential Nigeria possess....

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Items filtered by date: March 2019

The narrowing spread between Northwest European diesel and gasoline cracks had helped support some Nigerian crude grades which have suffered from a lack of European demand, traders said.

The ARA front-month diesel crack was assessed at $14.54/b Monday, with the benchmark ARA front-month EBOB gasoline crack at $9.45/b. The spread between the two was $5.09/b, slightly wider than $4.53/b Friday — the narrowest differential since August 2018.

The recent narrowing of the spread has come on the back of stronger gasoline values, which have led to some Nigerian grades not falling below a certain price threshold. The gasoline strength is boosting demand for the country’s lighter sweeter crudes which are rich in the product.

Published in OIL MARKETS
Thursday, 28 March 2019 13:44

NIGERIA CRUDE OIL GRADES STAY STEADY

West African crude differentials were finding support from solid demand, traders said on Monday, while newly issued buying tenders were in focus.

April loading programmes were continuing to clear and around 20 remain. Exxon has sold some April-loading Qua Iboe, a trader said.

Qua Iboe for April was offered at dated Brent plus $1.70 to $1.80 a barrel, and May Exxon was offering May-loading Qua at a more ambitious dated plus $2.20, traders said.

Indian Oil Corp. is running a buy tender for crude cargoes loading May 20-29, a trader said. Uruguay’s state-run oil company ANCAP is also running a buy tender, but further details were not immediately available.

 

Published in OIL MARKETS
Monday, 18 March 2019 00:13

CONGRESS PONDER NOPEC

US PONDER NOPEC

nevitably aided and abetted by increases in oil prices and a US President who has been a long term critic of OPEC, the No Oil Producing Exporting Cartels (“NOPEC”) Act has re emerged . The act seeks to hold OPEC member states liablefor violations of U.S. antitrust legislation  by removing their sovereign immunity shield for what is deemed as OPEC’s collusive behaviour in its attempts to limit global crude oil production to manipulate price outcomes. The NOPEC bill is a re-incarnation of legislative attempts that have variously been abortively  introduced over 15 times since 1999. he NOPEC bill passed by the House Judiciary Committee last month could go to the floor this summer for a full vote. A different bill in the Senate also seeks to rein in OPEC by opening the door to complaints at the World Trade Organization if OPEC continues to pursue its policy of production cuts as a means to support oil prices.

Published in OIL MARKETS
Monday, 18 March 2019 00:10

NIGERIA'S OPEC DILEMNA

NIGERIA’S OPEC DILEMNA

Oil prices plunged by more than 4 percent on Monday, and the selloff continued in early trading on Tuesday, pushing WTI down below $48 per barrel amid reports of rising U.S. oil inventories at a time when global equities were sharply down. Oil prices dropped 4 percent, weakening for a third consecutive session as reports of swelling inventories and forecasts of record U.S. and Russian output. U.S. crude oil dropped $2.04, or 4.1 percent, to a low of $47.84, its weakest since September 2017, before recovering to around $48.53. Brent crude lost $2.41, or 4.0 percent, to a 14-month low of $57.20.

Published in OIL MARKETS
Monday, 18 March 2019 00:09

NIGERIA TIME TO HEDGE CRUDE OIL

TIME TO HEDGE OIL PRODUCTION

Following the longest consistent bear market and losing streak since 1984 the Dated Brent benchmark plummeted from a height of $86.74 per barrel in early October a 4 year high to $60.21 per barrel a lost of 30% of its value or just under $25 a barrel . Unlike many experts who predicted a bull market that would see the Dated Brent break the $100 barrier, this analyst rightly predicted the intervention of US foreign policy and the newest element of fundamental analysis of the oil markets, "The Trump Tweet". Market Analysts and traders have had to contend with imponderable inventory reports emanating from the EIA jolting the market with unexpected inventory builds.

Published in OIL MARKETS
Monday, 18 March 2019 00:06

IS OIL POISED FOR A BREAKOUT?

IS OIL POISED FOR A BREAKOUT?

 

Against the backdrop of US-China trade negotiations both WTI and Brent saw the highest price finish for a front-month contract since Nov. 19, according to Dow Jones Market Data. Week to date, WTI prices were 5.4% higher, while Brent jumped by 6.7%. Brent crude on Friday topped $66 a barrel for the first time this year, hitting a roughly three-month closing high at $66.25 and rising 6.7 percent this week. Meanwhile, U.S. West Texas Intermediate crude approached $56 on Friday, settling 2.2 percent higher at $55.59 a barrel, the best closing prices since Nov. 19.  OPEC earlier in the week reported its crude output had fallen by nearly 800,000 barrels a day in January to average 30.81 million barrels a day, with most of the cuts coming from Saudi Arabia. The International Energy Agency’s monthly oil market report, also released this week, reported the Saudis had cut production by 400,000 barrels a day last month, to average 10.24 million barrels a day. Saudi Arabia, pledged earlier this week to cut output further in the coming months, citing oil minister Khalid al-Falih, who said the country would cut an additional 500,000 barrels a day to take production to 9.8 million barrels a day in March.

Published in OIL MARKETS
Monday, 18 March 2019 00:03

GASOLINE IMPORT SUBSIDY BURDEN

GASOLINE IMPORT BURDEN

The Nigerian National Petroleum Corporation (NNPC) between November 2017 and November 2018 imported 19,437,894,096.66 billion litres of refined petroleum products . Nigeria have devised a scheme called the Direct Sales Direct Purchase (DSDP) programme in which it exports the crude oil meant for domestic refining to offshore Refiners. They in turn supply NNPC through the approved local trader with refined products of equivalent value.

Published in OIL MARKETS
Sunday, 17 March 2019 23:57

NIGERIA PLEDGE SUPPORT FOR SAUDI CUTS

NIGERIA SUPPORT SAUDI CUTS 11/03/19

President Muhammadu Buhari, has assured Ahmad Qattan, Special Envoy of King Salman Bin Abdulazi that Nigeria would comply with the Organisation of Petroleum Exporting Countries (OPEC) production quotas to boost crude oil prices through reduction of oil output. The Special Envoy called for greater adherence to production cuts by Nigeria andhoped that he would take a positive message back home. President Buhari said as a responsible member of the OPEC, Nigeria was willing to go along with the Saudi initiative in limiting output so that prices would go up. He further saidoutput cuts have always been difficult for Nigeria considering the country’s peculiar circumstances of large population,

Published in OIL MARKETS
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