Concerned operators in the shipping sector have bemoaned the non-inclusion of Nigerian vessels in crude oil lifting after about 60 years of oil production. President, Ship owners Association of Nigeria, and Chief Executive Officer, Starz Investments Limited, Greg Ogbeifun, at a summit held by the Association Of Marine Engineers & Surveyors (AMES) in Lagos recounted […]
Angolan cargoes were gradually clearing on Wednesday, helping nudge crude differentials higher, while unfavourable arbitrages and an influx of U.S. grades into refineries in northwest Europe and the Mediterranean continued to undermine the Nigerian market. * State firm Sonangol was said to be offering Dalia at a discount of $1.30 to dated Brent. Only a […]
“We believe the current bearish sentiment will continue till midweek, however, we expect investor’s bargain hunting activities on some oversold bellwether securities to buoy market performance from Wednesday. This is how analysts at Afrinvest Research summarized the 8th consecutive week bearish trend at the market. Stocks Monday extended losses from last week’s trading sessions as […]
Oil prices fell on Tuesday, with U.S. crude tumbling nearly 3 percent, on worries that Saudi Arabia and Russia could pump more crude to compensate for a potential supply shortfall, with hedge funds reducing bullish positions in crude. Brent crude (LCOc1) futures fell 68 cents to $74.62 a barrel, a 0.9 percent loss, by 12:11 […]
Loading delays at Nigeria’s Forcados terminal have pushed above two weeks, according to market sources, with no official new loading program for June or July released by the terminal’s operators. Flows to the Forcados terminal reportedly resumed last week after repairs were made to correct a minor leak on the Trans-Forcados pipeline. But sources said […]
There are indications that the financial support from the Central Bank of Nigeria to the power sector will help reduce the amount of Non-performing Loans in the banking system, especially for lenders that are highly exposed to the sector. This declaration was made at the Renaissance Capital ninth Annual Pan-Africa 1:1 Investor Conference held in […]
Oil prices extended losses on Monday as Saudi Arabia and Russia said they may increase supplies while U.S. production gains show no sign of slowing. Brent crude futures (LCOc1) stood at $75.22 a barrel at 1526 GMT, down $1.22 from the previous close. The contract touched a three-week low of $74.49 earlier in the session. […]
MTN Group on Monday said it was perfecting the details of its proposed Nigeria Initial Public Offering (IPO), the News Agency of Nigeria (NAN) reports. MTN Group’s spokesperson, who pleaded anonymity, confirmed this in response to enquiries by NAN on why the company was yet to file applications for the proposed offer. Both the Securities […]
The Peoples Democratic Party; economic experts and civil rights groups have said the recent statement by the International Monetary Fund on Nigeria’s rising debts portends a great danger for the country, The Punch reports. The PDP took a swipe at the President Muhammadu Buhari administration, accusing it of mortgaging Nigeria’s future with his administration’s unprecedented […]
The nation’s crude oil exports have suffered another setback as Shell Petroleum Development Company of Nigeria Limited has shut down production following the discovery of leaks on a pipeline in Delta State. The Punch reports that SPDC said on Friday that it confirmed four leak points on its 24” Trans-Ramos Pipeline in the swamps of […]