Oil and Gas

London, Oct, 4, 2023 – Oil fell on Wednesday as pledges by Saudi Arabia and Russia to continue crude output cuts to the end of 2023 were offset by demand fears stemming from macroeconomic headwinds. Brent crude oil futures were down $1.51, or 1.66%, to $89.41 a barrel at 1206 GMT, while U.S. West Texas Intermediate crude (WTI) fell $1.59, or 1.78%, to $87.64 per barrel. The OPEC+ Joint Ministerial Monitoring Committee (JMMC) online meeting on Wednesday kept the group’s output policy unchanged, two sources said while the meeting was …

London, Oct. 3, 2023 – Oil prices stabilised on Tuesday after falling to a three-week low in the previous session on a stronger U.S. dollar, a darkening global macroeconomic outlook and mixed supply signals. Brent futures crept up 2 cents to $90.73 a barrel by 1006 GMT, while U.S. West Texas Intermediate crude (WTI), edged 12 cents higher to $88.94 per barrel. Earlier in the session, prices fell by more than 1%. “(Brent) crude oil prices slid to (around) $90 a barrel as rising US yields and a stronger US …

London, Sept. 29, 2023 – Oil prices fell on Friday in a volatile trading session as macroeconomic concerns weighed on the recent rally. Front-month Brent November futures were down 14 cents, or 0.15%, at $95.24 per barrel at 1442 GMT ahead of the contract’s expiry later in the day. The more liquid Brent December contract was down 72 cents, or 0.77%, at $92.38 per barrel. U.S. West Texas Intermediate crude (WTI) was down 92 cents, or 1%, to $90.79 per barrel. WTI futures traded $1 higher earlier in the session, …

Ibadan, Aug. 28, 2023 -The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has appealed to the Federal Government to find a lasting solution to the rising price of cooking gas in the country. Mr Abideen Olatunbosun, its National President, made the appeal during the 36th Annual General Meeting of the association in Ibadan. He said gas might no longer be affordable to ordinary Nigerians if the rising gas prices are not addressed, “It is very vital for me to state that continuous increase in the price of gas in …

London, Sept 27, 2023 – Oil prices surged more than $1 on Wednesday as markets focused on low global supply in the run-up to winter, throttled by OPEC+ production cuts. Brent crude futures broached $95, up $1.55 to $95.51 a barrel by 1342 GMT. U.S. West Texas Intermediate (WTI) crude futures climbed $1.82 to $92.21. “Until a decision to raise production is made, the global energy market will remain tight, and during this time the risk of a major correction still is relatively low,” Ole Hansen, Head of Commodity Strategy …

London, Sept. 26, 2023 – Oil prices fell on Tuesday as a stronger U.S. dollar compounded concerns that demand for fuel will be held back by major central banks holding interest rates higher for longer. Brent crude futures were down $1.16, or 1.24%, at $92.13 a barrel at 0844 GMT, while U.S. West Texas Intermediate crude futures were trading $1.13 lower, or 1.26%, at $88.55. “Fears of an economic recession may again dominate the oil market’s movement due to surging U.S. bond yields following the Fed’s hawkish stance last week,” …

London, Sept. 25, 2023- Oil prices rose on Monday as investors focused on a tighter supply outlook after Moscow issued a temporary ban on fuel exports while remaining wary of further rate hikes that could dampen demand. Brent crude futures climbed 71 cents, or 0.76%, to $93.98 a barrel by 0809 GMT after settling 3 cents lower on Friday. U.S. West Texas Intermediate crude futures extended gains for a second session, trading at $90.63 a barrel, up 60 cents, or 0.67%. “Crude oil prices have started the week on the …

Abuja, Sept. 24, 2023 -The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to probe the grim allegations that over US$15 billion of oil revenues, and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, It said Tinubu should set up a presidential panel of enquiry to promptly probe the allegations as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). SERAP urged him to name and shame anyone suspected to be responsible for the missing and unaccounted for public …

Singapore, Sept 22, 2023 – Oil prices rose on Friday as concerns that a Russian ban on fuel exports could tighten global supply outweighed fears that further U.S. interest rate hikes could dent demand, but they were still headed for their first weekly loss in four weeks. Brent futures climbed 46 cents or 0.5% to $93.76 a barrel by 0630 GMT, while U.S. West Texas Intermediate crude (WTI) futures gained 65 cents, or 0.7%, to $90.28 a barrel. Both benchmarks were on track for a small weekly drop after gaining …

New York, Sept. 20, 2023 – Oil prices eased on Wednesday ahead of the U.S. Federal Reserve’s interest rate decision, with investors uncertain when rates will peak and how that will affect energy demand. A U.S. Energy Information Administration (EIA) report showed a weekly draw in crude stockpiles that was in line with analysts’ estimates. Brent futures for November delivery fell 46 cents, or 0.5%, to $93.88 a barrel by 12:02 p.m. EDT (1602 GMT). U.S. West Texas Intermediate (WTI) crude for October delivery fell 20 cents, or 0.2%, to …