Economy
Crude Oil Prices Rise as Glut, Tension Worries Ease
By Adedapo Adesanya
Crude oil prices settled higher on Tuesday as investors reassessed expectations of a looming glut and sought clarity on the trade dispute between the US and China, the world’s two biggest oil consumers.
Brent crude futures rose by 31 cents or 0.5 per cent to settle at $61.32 a barrel, while the US West Texas Intermediate (WTI) crude futures appreciated by 30 cents or 0.5 per cent to $57.82 per barrel.
Record oil production in the US and the decision by the Organisation of the Petroleum Exporting Countries and allies (OPEC+) to press ahead with planned supply hikes raised expectations of oversupply.
The US-China trade dispute has also increased anticipation that a slowdown in global economic growth will curb oil demand.
However, both sides have made some efforts to downplay the disagreement, which has given support to prices which had hit a five-month low previously.
US President Donald Trump, who is set to meet China’s Xi Jinping in South Korea next week, said on Monday he expects to reach a fair trade deal with his counterpart.
He said that the US commands “great respect” from China and that he will reach a “fantastic deal” with the Chinese President, following a move by the Asian country to expand export controls on rare earth products that are used in smartphones, fighter jets, electric vehicles, and more
Market analysts noted that any failure to reach some agreement raises the risk of destabilizing not only relations between the two superpowers but also the global economy.
The International Energy Agency (IEA) earlier this month forecast that a surplus next year would lead to a strongly upward-sloped futures curve, called super contango. This is where prices for immediate supply are lower than for later delivery, which typically indicates that near-term supply is abundant and demand is declining.
The American Petroleum Institute (API) estimated that crude oil inventories in the US fell by 2.980 million barrels in the week ending October 17. Inventories in the US are so far still showing a net loss for the year, losing 2.423 million barrels.
Gasoline (petrol) inventories also saw a decrease of 236,000 barrels in the week ending October 17, after rising by 2.99 million barrels in the week prior, and distillate inventories rounded out the losses in the reporting period, losing 974,000 barrels, on top of the week prior’s 4.79-million-barrel drawdown.
Official data from the US Energy Information Agency (EIA) will be released later on Wednesday.
By Aduragbemi Omiyale
The suspension earlier placed on trading in the shares of Zichis Agro-Allied Industries Plc has been lifted by the Nigerian Exchange (NGX) Regulations Limited.
The regulatory subsidiary of NGX Group Plc placed an embargo on Zichis stocks after the price went up by nearly 900 per cent within one month of its listing on the NGX Limited in January 2026.
The action was taken to find out if there was any form of manipulation in the price movement of the new firm on Customs Street to protect market integrity.
Zichis was listed on the growth board of the bourse by introduction at a unit price of N1.81, but within a month, its share price rose to N17.36 per unit, indicating an 859.12 per cent surge.
In a notice to the investing community today, the Head of Issuer Regulation Department at NGX, Mr Godstime Iwenekhai, confirmed the lifting of the suspension on Zichis.
“Kindly refer to our market bulletin referenced NGXREG/IRD/MB23/26/02/23 and dated February 23, 2026, titled Notification of Suspension of Trading in the Shares of Zichis Agro-Allied Industries Plc, wherein trading license holders and the investing public were notified of the suspension of trading in the shares of Zichis Agro-Allied Industries Plc, pursuant to Rule 7.0: General, Rules on Suspension of Trading in Listed Securities, Rulebook of The Exchange, 2015 (Issuers’ Rules), as amended.
“Trading licence holders and the investing public are hereby informed that NGX Regulation Limited has concluded its investigation into the trading activities in the company’s shares and has implemented corrective measures to safeguard market integrity in line with its mandate to promote a fair, orderly and efficient market.
“Accordingly, the suspension placed on trading in the shares of Zichis Agro-Allied Industries Plc has been lifted, effective Monday, March 23, 2026,” the notice read.
Business Post reports that the share price of Zichis has been adjusted downward from N17.36 to N8.58 after the suspension was lifted.
By Adedapo Adesanya
The Dangote Petroleum Refinery said it has strengthened Nigeria’s presence in the regional energy market with the successful sales of 12 cargoes, by traders, totalling 456,000 tonnes of refined petroleum products.
The shipments by traders, destined for countries such as Cote d’Ivoire, Cameroon, Tanzania, Ghana, and Togo, represent the refinery’s export of Premium Motor Spirit (PMS) since achieving 650,000 barrels a day capacity in February, according to a statement by the Refinery.
The products were sold on a FOB (Free on Board) basis to the end international traders for deliveries to the above-identified countries of export.
This accomplishment, the Refinery noted, underscores its capability not only to meet but to exceed Nigeria’s domestic fuel demands.
“It also demonstrates the refinery’s growing role in supplying high-quality Euro 5 gasoline and diesel to West Africa — a region long underserved and historically regarded as a dumping ground for lower-quality fuels, and other regions which have become destinations of exports.
“By supplying neighbouring and other economies, the Dangote Refinery is expected to contribute to enhancing energy security in West, East, and Central Africa, reducing logistics and supply chain delays associated with long-distance fuel imports, lowering cost pressures on regional fuel markets through proximity sourcing, and as well as building stronger trade relations between Nigeria and key African economies”, the statement added.
The sale comes amid widening global worries about fuel supplies as the tanker traffic through the Strait of Hormuz, which serves as the critical chokepoint for roughly 20 per cent of global oil and LNG trade, has slowed sharply amid escalating military activity in the Gulf.
The conflict in the region has sent oil prices above $113 per barrel in recent weeks and has made economies worry about inflationary worries.
President Bola Tinubu expressed concerns over the negative impact the crisis in the Middle East would have on the Nigerian economy, noting that efforts are being made to ensure the citizens, especially the vulnerable, are catered to by the government.
Western economies could release additional volumes of crude from storage should the need arise after it released 400 million barrels of crude from OECD reserves to cushion the blow to oil markets.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited operated for only three days last week due to the public holidays observed on Thursday and Friday for Eid al-Fitr.
Data from Customs Street showed that investors transacted 8.761 billion shares worth N267.253 billion in 193,473 deals compared with the 3.321 billion shares valued at N164.845 billion traded in 318,907 deals in the preceding week.
Analysis showed that the ICT sector led the activity chart with 5.330 billion stocks worth N46.825 billion executed in 21,573 deals, contributing 60.84 per cent and 17.52 per cent to the total trading volume and value, respectively.
The financial services industry exchanged 2.765 billion equities for N95.892 billion in 75,103 deals, and the consumer goods space sold 174.484 million shares valued at N20.805 billion in 20,693 deals.
eTranzact, FCMB, and Wema Bank accounted for 6.084 billion shares worth N40.661 billion in 5,570 deals, contributing 69.44 per cent and 15.21 per cent to the total trading volume and value apiece.
Business Post reports that in the week, 48 equities appreciated versus 34 equities in the previous week, 43 stocks depreciated versus 61 stocks in the preceding week, and 57 shares closed flat versus 53 shares of the earlier week.
John Holt topped the advancers’ chart after it chalked up 25.40 per cent to trade at N11.86, BUA Cement expanded by 21.00 per cent to N326.70, Premier Paints rose by 20.62 per cent to N23.40, Zenith Bank went up by 14.64 per cent to N110.00, and Learn Africa appreciated by 13.33 per cent to N9.35.
The laggards’ group was led by Zichis, which shed 50.58 per cent to close at N8.58. Presco went down by 18.37 per cent to N1,701.10, DAAR Communications declined by 13.55 per cent to N1.85, Eterna slipped by 12.77 per cent to N36.90, and Red Star Express crashed by 9.98 per cent to N25.55.
At the close of business, the All-Share Index (ASI) and the market capitalisation appreciated by 1.39 per cent each to 201,156.86 points and N129.126 trillion, respectively.
In the same vein, all other indices finished higher apart from the insurance, AFR Div Yield, consumer goods, energy, Lotus II and commodity indices, which fell by 0.42 per cent, 2.34 per cent, 0.10 per cent, 4.78 per cent, 2.76 per cent and 4.91 per cent apiece, while the sovereign bond index closed flat.
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