Economy
Crude Prices Further Drop on Expectations of Higher US Crude Inventories
By Adedapo Adesanya
Major oil prices dropped into the second consecutive day on Tuesday after losing most of its gain as weak Chinese industrial data slowed progress in the US-China trade deal.
On Tuesday, expectations for a rise in the United States crude inventories and wane in optimism over a US -China trade deal saw oil prices drop further.
During the trading session, price of the Brent crude oil went down by 12 cents or 0.2 percent to trade at $61.13 per barrel, while price of the West Texas Intermediate (WTI) crude lost 38 cents or 0.68 percent to sell at $55.43 per barrel.
The depreciation followed a poll conducted by market analysts at S&P Global Platts and this expects the Energy Information Administration (EIA) to reveal a rise of 2.5 million barrels in crude stockpiles for the week ended October 25.
The American Petroleum Institute (API) was supposed to release its weekly report on U.S. petroleum supplies late Tuesday (yet to be released as at time of report) while the EIA will follow with theirs on Wednesday.
Oil futures like Brent had risen by more than 4 percent last week supported by a drop in US inventories and the promise in the US – China trade dispute which had been telling on prices for months because of concerns it has on economic growth and demand.
However, despite optimism expressed by both camps in recent weeks, oil prices couldn’t hold much as investors are losing faith on a likely outcome soon.
Analysts see investors shifting their attention to the prospect of deepening the supply cut that has supported prices as the Organisation of Petroleum Exporting Countries (OPEC) and its allies meet in Vienna, Austria on December 5 – 6 to discuss how they can sustain the global market in 2020.
By Aduragbemi Omiyale
Analysts at Coronation Asset Management have predicted that the July 2026 inflation rate should come at 15.80 per cent, lower than the 15.91 per cent recorded in June 2026.
The National Bureau of Statistics (NBS) is expected to release the actual rate today, Monday, August 17.
Coronation explained that it projected a pullback in the rate because of “three primary forces: a fresh energy price shock stemming from renewed Strait of Hormuz hostilities and a domestic refinery pricing disruption, seasonal harvest-related relief on food prices, and continued relative exchange rate stability.”
The organisation noted that the disinflation trend in the first half of the year remained last month, with the fuel price shock denting the pace of improvement rather than reversing it.
Regarding energy prices, Coronation reported that prices were stable in July, although this coincided with Dangote Refinery’s brief switch to dollar-denominated PMS pricing between July 13 and 22, which sharply reset ex-depot prices higher before naira-based sales resumed at N1,215 per litre following government intervention.
As for the exchange rate, it was also stable last month between N1,362/$1 and N1,383/$1 at the official market.
However, Coronation stressed that the month-on-month inflation may stay marginally firmer into August as the fuel price shock continues to pass through transport, logistics and services pricing, before the year-on-year rate resumes a steadier easing bias in September–October, conditional on Hormuz tensions not escalating further and Dangote Refinery maintaining naira-based pricing.
But it warned that a renewed dollar-pricing episode or a sustained Brent move above $95 per barrel would risk pushing the year-on-year print back toward 16.5 per cent to 17.0 per cent, while a durable de-escalation could see it drift toward 15.0 per cent to 15.3 per cent by October.
“For policy determination, this reinforces our view that the resumption of MPC rate cuts is unlikely before Q4 2026 at the earliest. The MPR has held at 26.50 per cent since February, and we expect the committee to maintain that stance through its next meeting, with any easing conditional on both core inflation turning over and energy-driven cost pressures visibly fading.
“We continue to favour the front end of the curve (1Y T-Bills) over 5–10-year bond instruments, where investors positioning for an early start to a sustained easing cycle may need to defer that thesis further,” their analysts stated.
By Adedapo Adesanya
Cameroon have won their first CAF Women’s Africa Cup of Nations (WAFCON) with a 3-0 victory over tournament debutant Malawi on Sunday evening at the Moulay El Hassan Stadium in Rabat, Morocco.
A brace from Marie Ngah Manga and a goal from Naomi Eto, all scored in the first half, secured the Indomitable Lionesses of Cameroon’s first continental trophy. They previously made the WAFCON final in 2004, 2014 and 2016, but lost all three to Nigeria.
As a result of the win, Cameroon will receive $2 million in prize money from the Confederation of African Football (CAF), double the prize pot from the 2025 WAFCON. Malawi will receive $750,000 as finalists.
Cameroon becomes the fourth nation to win the tournament alongside Nigeria, which has won it a record 10 times, Equatorial Guinea twice, and South Africa once.
The final was a thumping victory for the Lionesses despite expectations of a dual Malawian threat of Chawinga sisters Temwa and Tabitha. The Scorchers were unable to match Cameroon’s technical precision in the midfield nor their tenacity in front of goal.
The victory is also inspiring as Cameroon did not initially qualify for the tournament but was admitted last November as the result of a spontaneous decision by CAF to expand the WAFCON format from 12 teams to 16 for the first time. Mali, Ivory Coast and Egypt were also admitted by the expansion due to their high rankings by the Federation of International Football Association (FIFA).
The tournament was a shining light for goalkeeper Michaely Bihina as the 22-year-old Benfica product proved instrumental in Cameroon’s eventual triumph in Morocco. In the quarter-finals against Nigeria, she denied the Super Falcons the chance to equalise, while against Morocco in the WAFCON semifinals, she was solid between the sticks — saving a penalty in full time and then going on to be superb in a shootout against host Morocco.
Cameroon will be joined by Malawi, Algeria, and Morocco as Africa’s representatives at the 2027 FIFA Women’s World Cup in Brazil. Ghana and South Africa have also qualified for the international play-offs.
By Adedapo Adesanya
Five securities pulled down the NASD Over-the-Counter (OTC) Securities Exchange by 1.72 per cent on Friday, August 14, cutting the market capitalisation by N47.04 billion to N2.689 trillion from N2.727 trillion, and slicing the NASD Security Index (NSI) by 78.37 points to 4,465.83 from 4,532.03 points.
11 Plc led the price decliners yesterday after its price went down by N15.03 to N230.00 per share from N245.03 per share. MRS Oil Plc weakened by N13.20 to N118.80 per unit from N132.00 per unit, Central Securities Clearing System (CSCS) Plc slid by N10.30 to N99.46 per share from N109.76 per share, Okitipupa Plc fell by N6.99 to N270.01 per unit from N277.00 per unit, and Afriland Properties Plc dipped by N2.00 to N20.00 per share from N22.00 per share.
Business Post reports that the OTC securities exchange recorded four gainers during the session, led by FrieslandCampina Wamco Nigeria Plc, which appreciated by N9.85 to N169.85 per unit from N160.00 per unit. IPWA Plc gained 70 Kobo to close at N10.41 per share versus N9.71 per share, Industrial and General Insurance (IGI) Plc rose by 4 Kobo to 54 Kobo per unit from 50 Kobo per unit, and Geo-Fluids Plc improved by 1 Kobo to N2.06 per share from N2.05 per share.
The volume of trades soared by 64.8 per cent to 3.2 million units from the previous session’s 1.9 million units, the value of transactions jumped by 78.2 per cent to N375.7 million from N210.8 million, and the number of deals surged by 35.3 per cent to 46 deals from 34 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 79.0 million units exchanged for N5.7 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
