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Category: Commodities Market
Read the latest commodity market news, Nigeria Stock Exchange, stocks and investment latest news, breaking stories, opinion. We provide accurate data and market news intelligence to a diverse audience across Nigeria, Africa and around the world.
Oil price hits $55 per barrel; sets 11-month high record
Jan 9, 2021 Banjo Olaniran
Oil price hits $55 per barrel; sets 11-month high record Raises hope for Nigeria's 2021 budget Saudi's voluntary output cut to thank The international oil benchmark, Brent crude, extended its gains on Friday, rising above $55 per barrel, in what is a potential boost to Nigeria's crude oil export revenue. Brent crude, against which Nigeria's oil is priced, hit an 11-month high of $55.41 per barrel as of 2:50pm Nigerian time on Friday, trading more than $15 higher than the Federal Government's benchmark for the 2021 budget. The 2021…
Commodities Market News
Oil slips as gloom grows over soaring COVID-19 cases, lockdowns
Dec 9, 2020 Business Metrics
Oil prices fell on Tuesday, adding to losses from the previous session that came as California tightened its pandemic lockdown through Christmas and coronavirus cases continued to surge in the United States and Europe. Brent crude futures fell 40 cents, or 0.8 per cent, to $48.39 a barrel at 0455 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 35 cents or 0.8 per cent, to $45.41 a barrel. Both benchmark contracts lost around 1 per cent on Monday, reports Reuters. Globally, a sharp rise in coronavirus cases has…
2020 outlook for US crude wobbles further
Nov 11, 2020 Banjo Olaniran
U.S. crude oil production is expected to fall by 860,000 barrels per day (bpd) in 2020 to 11.39 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a bigger decline than its previous forecast for a drop of 800,000 bpd. U.S. crude oil production has recovered from the two-and-a-half-year lows touched in May mainly because shale producers have brought wells back online in response to rising prices, reports Reuters. However, the EIA expects U.S. crude oil production to generally decline to an average of 11 million bpd in…
Commodities Market Energy Featured
Oil prices hold gains after U.S. crude inventory draw
Oct 15, 2020 Business Metrics
Oil prices edged higher on Thursday, extending their 2 per cent gains from the previous session, after data showed U.S. crude stockpiles fell last week, while OPEC and its allies were seen complying with their pact to curb output in September. West Texas Intermediate (WTI) crude CLc1 futures climbed 8 cents, or 0.2 per cent, to $41.12 a barrel at 0430 GMT, while Brent crude LCOc1 futures rose 7 cents, or 0.2 per cent to $43.39 a barrel. Oil markets climbed for a third day despite resurgence in COVID-19 infections…
OPEC Outlook: Time to get real?
Oct 8, 2020 Oct 8, 2020 Business Metrics
By Han Tan ___________________ Oil prices remain relatively stable, as investors await OPEC's World Oil Outlook due later today. It comes at a time when demand-side concerns continue to weigh on prices, while the OPEC+ supply cuts programme is set to be pared back further in January. Such a context has lent itself to both Brent and WTI futures, in September, posting their first monthly losses since April. Brent extended those declines by falling by another 0.7 percent so far in October, struggling to break above its 100-day simple moving…
Analyst Insight Commodities Market Featured
Crude oil price rises by 6% to $41
Oct 6, 2020 Business Metrics
The international oil benchmark, Brent crude, surged by six per cent on Monday after doctors said the United States President Donald Trump could soon be discharged from the hospital where he was being treated for COVID-19. The upturn in oil prices comes as six Norwegian offshore oil and gas fields were shut as more workers joined a strike, according to Reuters. Brent, against which Nigerian oil is priced, rose by $2.12 to $41.39 per barrel as of 8:05pm Nigerian time on Monday. "A lot of people thought last week's selloff…
Commodities Market Featured
Gold prices to average above $2,000, Silver to average above $30 through 2024
Sep 17, 2020 Sep 17, 2020 Banjo Olaniran
Gold and silver's impressive rally this summer is just the start of the precious metal bull market, according to one Canadian Bank. In a report published Tuesday, commodity analysts at Canadian Imperial Bank of Commerce (CIBC) upgraded their gold and silver forecasts for the rest of the year into 2021. The analysts said that they see gold prices averaging the third quarter around $1,925 an ounce. The average goes up to $2,000 for the fourth quarter, the analysts said. Looking ahead, CIBC sees gold prices averaging $2,300 an ounce in…
Oil price rises to $40
Sep 16, 2020 Business Metrics
Business Metrics with Agency Report _________________________ Oil prices rose more than two per cent on Tuesday, supported by hurricane supply disruptions in the United States, but demand concerns loomed as energy industry forecasters predicted a slower-than-expected recovery from the pandemic. Brent crude gained 92 cents, or 2.3 per cent, to settle at $40.53 a barrel, while U.S. West Texas Intermediate crude futures rose $1.02, or 2.7 per cent, to settle at $38.28 a barrel. Both contracts fell on Monday, according to Reuters. Futures gained ahead of Hurricane Sally's expected landfall…
Food, fertilizer importers hit hard by new presidential directive on forex
In a bid to bolster local production, importers of food items and fertilisers in Nigeria have been disqualified from accessing forex in the vault of the Central Bank of Nigeria (CBN). In a stern manner, President Muhammadu Buhari on Thursday directed the CBN not to provide forex for the importation of food items or fertilizer going forward. Speaking on Thursday at a meeting of the National Food Security Council at the State House in Abuja, the president urged private businesses bent on food importation to source their foreign exchange independently.…
Oil drops more than $1 after Saudi price cuts, demand optimism fades
Sep 7, 2020 Banjo Olaniran
Oil prices dropped more than $1 a barrel on Monday, hitting their lowest since July. The drop is coming after Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months as optimism about demand recovery cooled amid the coronavirus pandemic. Brent crude was at $41.75 a barrel, down 91 cents or 2.1 per cent by 0000 GMT, after it earlier slid to $41.51, its lowest since July 30. U.S. West Texas Intermediate crude skidded 91 cents or 2.3 per cent to $38.86 a barrel. Front-month…
Lagos Parallel Market Rates (₦)
Nov 25, 2020 Banjo Olaniran 0
We're targeting the right mix of equity and debt financing for telecoms sector – Nnamani, ATCON's new President
On November 12, Ikechukwu Nnamani became the President of the Association of Telecommunications Companies of Nigeria (ATCON) unopposed. The MD/CEO of Medallion Communications was then saddled with the task of leading the association for the next two years as the advocacy body for telecoms operators in Nigeria sustains...
Sep 30, 2020 Omobayo Azeez 0
Our mission is to deepen broadband penetration, other telecoms services across Africa – Wole Abu, CEO, Pan African Towers
Wole Abu is the Chief Executive Officer of...
Jun 28, 2020 Banjo Olaniran 0
'Why Implementation of Nigeria's broadband plan is strategic to national development'
Before his appointment as the Minister of Communications...
How we're cushioning pandemic impacts on Nigeria's oil and gas sector – Auwalu, DPR CEO
Engr. Sarki Auwalu, director and CEO of Nigeria's...
Energy Interview
Oct 24, 2020 Business Metrics 0
9M-2020: CAP Plc reports N928m profit as revenue soars 34% in Q3
Maintains strong cash position of ₦4.97bn Envisages improved performance New growth strategy lifting operations, says MD _________________________________ Chemical and Allied Products Plc (CAP), one of Nigeria's leading paints and decorative companies, has posted positive numbers in its unaudited results for the nine months ended 30 September 2020. The...
Capital Market Featured Sponsored
Aug 30, 2020 Banjo Olaniran 0
UBA Foundation raises prizes by 33% as entry for national essay competition commences
Competition marks a decade of existence UBA Foundation, the corporate social responsibility arm of the United...
Jun 7, 2020 Banjo Olaniran 0
UBA rewards 100 more customers with N100,000 each in fresh Bumper Draw
Pan African Financial institution, United Bank for Africa (UBA) Plc has rewarded another set of 100...
Jan 12, 2021 Ugochi Emmanuel 0
Aviation professionals petition minister over N120bn pension fund
Aviation professionals petition minister over N120bn pension fund The Association of Nigeria Aviation Professionals (ANAP) has expressed concern over the inability of workers at the Federal Airports Authority of Nigeria (FAAN) to access their over N120 billion pension funds as a result of poor documentation. The situation...
Aviation Featured
Jan 12, 2021 Banjo Olaniran 0
Murtala Mohammad Airport records 551,380 passengers in five months
Murtala Mohammad Airport records 551,380 passengers in five...
Global air freight market remains depressed, says AITA
Global air freight market remains depressed, says AITA...
Aviation News Uncategorized
Jan 6, 2021 Banjo Olaniran 0
How aviation firms shared N5bn bailout fund, says document
How aviation firms shared N5bn bailout fund, says...
CAC raked in N19b revenue in 2020
CAC raked in N19b revenue in 2020 Registrar-General, Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, has said the organisation raked in more than N19 billion as Internally Generated Revenue (IGR) last year. Abubakar made this known in an interview with the News Agency of Nigeria (NAN) yesterday...
Jan 10, 2021 Umar Suleiman 0
NCC mourns loss of staff, family in road accident
NCC mourns loss of staff, family in road accident The Nigerian Communications Commission (NCC) has expressed...
Jan 9, 2021 Business Metrics 0
Who is the richest person in the world? It's ELON MUSK!
Who is the richest person in the world? It's ELON MUSK! A new answer has just...
Extra Featured
Paternity scandal: FCMB MD embarks on leave as probe begins
Paternity scandal: FCMB MD embarks on leave as probe begins The Managing Director, First City...
Analyst Insight: A Small Rise in the FGN's Domestic Debt in Q3 2020
Analyst Insight: A Small Rise in the FGN's Domestic Debt in Q3 2020 FBNQuest Research ...
Money Market Analyst Insight Uncategorized
Dec 31, 2020 Business Metrics 0
2020: A year of extraordinary uncertainty & unprecedented events
2020: A year of extraordinary uncertainty & unprecedented events By FXTM Analyst, Lukman Otunuga It only...
Analyst Insight Capital Market Economy Featured
Op-ed: A Bank in Every Pocket
Op-ed: A Bank in Every Pocket By Murray Gardiner, MD of Bluecode Africa Confidence in...
Analyst Insight Featured
Public Enlightenment: COVID-19 Second Wave is no joke in Nigeria!
Public Enlightenment: COVID-19 Second Wave is no joke in Nigeria! By Professor Adetokunbo Fabamwo It...
Featured General Opinion
Trump without Twitter: Will he move to the 'Trumpnet'?
Trump without Twitter: Will he move to the 'Trumpnet'? By Brian Contreras Parler. Gab. Rumble....
Opinion Social Media
The trouble of the troubles with Nigeria
The trouble of the troubles with Nigeria By Prof Pat Utomi ________________ Chinua Achebe once...
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