Market shrugs off OPEC+ cuts, sending oil prices lower

December 3, 2023

Nigeria’s oil production plunges 1.2mbpd in April – OPEC data

Oil prices dropped by more than 2 per cent on investor skepticism over the effectiveness of the OPEC+ production cuts and concern over a slowdown in the global manufacturing sector. While OPEC+ agreed to cut production by two million barrels per day, investors remain unconvinced that this will be sufficient to boost oil prices, which […]

Optimism grows on oil demand returning 100mbd

September 29, 2020

The whiff of optimism being expressed in respectable quarters about chances that oil demand could yet return to the psychological comfortable figure of 100 million barrels per day received another heavyweight support last week with ConocoPhillips joining the fray to issue a forward-looking statement that demand will not only return to that number but that […]

We may have to worry about peak oil demand soon

November 4, 2019

We may have to worry about peak oil demand soon

By Mudashir Tunde   A peak oil demand might continue to result in its rise in value for the next ten years if the world leaders implement low-carbon policies more strictly according to the Head of the Oil Industry & Markets Division at the International Energy Agency (IEA), Neil Atkinson. Speaking to  CNBC today, Neil said, “If the world does […]

Storage concerns push natural gas futures to $2.936

Temitayo AyetotoAugust 8, 2018

Natural Gas

The NYMEX September natural gas futures edge higher to $2.936 Wednesday as growing storage deficit intensified supply concerns to already-bullish market sentiment, with above-average summer temperatures lingering in the US. The expectation of analysts at S&P Global Platts was that about 45-Bcf build in storage stocks would be seen from the announcement of the US […]

Brent crude futures edge closer to $80 per barrel on tight market

Businessam StaffMay 17, 2018

Oil prices firmed on Thursday, with Brent crude creeping ever closer to $80 per barrel, a level it has not seen since November 2014, as supplies tighten while demand remains strong. Brent crude futures were at $79.36 per barrel at 0451 GMT, up 8 cents from their last close, while U.S. West Texas Intermediate (WTI) […]

Crude oil price holds above $68 with Trump-Iran standoff in focus

Businessam StaffApril 26, 2018

IEA

Crude prices inched up on Thursday, staying within sight of their highest levels in more than three years, as geopolitical tension in the Middle East and concerns about supply disruptions in key oil-producing nations provided support. New York-traded West Texas Intermediate crude futures tacked on 9 cents to $68.14 a barrel by 08:00 GMT. The […]

Brent oil hits $75.20, highest since November 2014

Businessam StaffApril 24, 2018

IEA

Brent Oil rose to fresh 3.5 year highs in the Asian session on expectations of fresh US sanctions against Iran and as the demand side of the oil market continues to strengthen, courtesy of OPEC output cut deal. Brent oil is changing hands at $74.95/barrel, having clocked a high of $75.20 earlier today. It appears […]

Oil prices slump as China, U.S. trade tensions continue

Businessam StaffApril 6, 2018

Oil prices were lower on Friday, as geopolitical tensions continued between the U.S. and China. Crude oil futures fell 0.38 percent to $63.30 a barrel by 8:36 GMT. Brent crude futures, the benchmark for oil prices outside the U.S., was down 25 cents, or 0.37percent, to $68.08 a barrel, according to investing.com. U.S. President Donald Trump […]