Economy

Oil Market Shrinks on Mixed Demand Signals

Published

2 years ago

16/12/2023

By Adedapo Adesanya

The oil market finished lower on Friday as traders tried to reconcile mixed signals for demand in the coming year, with Brent futures shedding 6 cents or 0.08 per cent to trade at $76.55 a barrel and the US West Texas Intermediate (WTI) futures lost 15 cents or 0.21 per cent to sell at $71.43 per barrel.

The market tumbled earlier in the session after a New York Federal Reserve Bank manufacturing survey showed a third month of declines in new orders, which could be a sign of weaker demand for oil in the coming year.

Mixed signals about interest rates in the world’s largest oil producer, the US, also raised worries.

For instance, there were comments from New York Federal Reserve Bank President, Mr John Williams, on Friday about hopes for interest rate cuts in the coming year, noting that “it’s just premature to be even thinking about” questions of lowering rates.

On his part on Thursday, the Federal Reserve Chairman, Mr Jerome Powell, said interest rate hikes intended to curb inflation were likely at an end but left open the possibility for further increases.

As a result of this, the US Dollar fell to a four-month low and the index was broadly steady on Friday. A weaker Dollar makes oil cheaper for foreign buyers.

There is also confusion regarding the different forecasts on the market from the International Energy Agency (IEA), the Organization of the Petroleum Exporting Countries (OPEC), and the U.S. Energy Information Administration (EIA)

The IEA updated its oil demand forecast for 2024, projecting an increase in global consumption by 1.1 million barrels per day. This adjustment, which cites an improved outlook for the US economy and the influence of lower oil prices, marks a significant shift from the IEA’s previous stance.

In contrast, OPEC maintains a more bullish forecast, anticipating a much larger increase in demand.

Meanwhile, the EIA has moderated its price forecast for Brent crude in 2024 to $83 per barrel, reflecting a nuanced perspective on global supply and demand dynamics.

This divergence in forecasts by major agencies underscores the ongoing debates and uncertainties in predicting future oil market trends.

Meanwhile, another bullish signal for oil markets on Friday was the lower drilling rig count from energy technology firm Baker Hughes. The oil and gas rig count, an early indicator of future output, fell by 3 to 623 in the week to December 15.

Related Topics:crude oil market Oil Market Oil prices

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Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

SEC Postpones Q2 2026 Pre-registration Training, Examination for CMOs

Published

40 minutes ago

08/06/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.

Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.

This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.

The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.

In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.

“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.

“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.

“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.

Economy

Fidson Lists Additional 600 million Shares on Stock Exchange

Published

48 minutes ago

08/06/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.

The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.

The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.

They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.

Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.

“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.

“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”

Economy

FG Approves Payments to 1,240 Contractors to Ease Liquidity Pressure

Published

9 hours ago

08/06/2026

Modupe Gbadeyanka

By Modupe Gbadeyanka

This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.

This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.

This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.

The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.

In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.

It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.

The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.

“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.