Commodities

Lagos, March 27, 2023 – Last week, oil prices booked their worst week since the start of the year, dropping off a cliff on renewed fears about the global economy after the collapse of two big U.S. banks and the near-collapse of Credit Suisse.  While most price forecasts for the short term have been bullish because of pro-bullish oil fundamentals, now things are beginning to change. Tight supply, cited by virtually all forecasters as the main reason for oil price rise predictions, is giving way to fears of an economic …

Abuja, Feb. 21, 2023 – The Nigerian National Petroleum Company Ltd. (NNPCL) says it has 1.805 billion litres of petrol in stock. Its spokesman, Garbadeen Muhammad, said that the stock could last for 30 days. He said that 805.35 million litres of the product were in depots nationwide, while one billion litres were still inside vessels. Muhammad said that in the efforts to ensure steady supply, the NNPCL placed a robust plan for the supply of petrol from mid-February to March 2023. “An additional petrol supply of 884 million litres …

Port Harcourt, Feb. 7, 2023 – The Trade Union Congress (TUC) has blamed the independent marketers for the fuel crises across the country. The union blamed the problem on the attitude of independent marketers who keep changing the pump price with impunity. Ikechukwu Onyefuru, the TUC Chairman in Rivers State, said this at a news conference in Port Harcourt. He said that the independent marketers were now lords unto themselves that would fix petrol prices as the wished. “We know the issues around the availability of petroleum products where pump …

Abuja, Jan. 13, 2023 -The Nigerian National Petroleum Company Limited (NNPCL) on Friday announced the discovery of oil in Nasarawa State and said it was set to drill the first foot of an oil well in the Northern state. It said the discovery was in continuation of its oil exploration activities in the country’s inland basins, adding that it would spud the first oil well in Nasarawa State in March 2023. The NNPCL has been prospecting for crude oil in more locations across the north, after discovering the commodity in …

Singapore/London, Dec 12, 2022 (Reuters/NAN) – Oil prices fell on Monday deepening a multi-week decline as a weakening global economy offset supply woes stemming from the closure of a key pipeline supplying the United States and Russian threats of a production cut. Brent crude futures were down 38 cents or 0.4% at $75.72 a barrel by 0900 GMT. U.S. West Texas Intermediate crude was at $70.76 a barrel, down 26 cents or 0.3%. Last week, Brent and WTI fell to their lowest since December 2021 amid concerns that a possible …

London, Dec. 7, 2022 (Reuters/GBN) Oil weakened on Wednesday, with Brent crude falling close to its lowest this year, pressured by concern about recession and easing fears that a Western cap on Russian oil prices would significantly curb supply. Warnings from big U.S. banks about a likely recession next year weighed, and supported the U.S. dollar. A stronger dollar makes oil more expensive for holders of other currencies and tends to dampen appetite for risk assets. Brent crude fell $1.05, or 1.3%, to $78.30 a barrel by 1020 GMT. It touched …