By Adedapo Adesanya

Oil prices eased on Wednesday after government data showed crude stockpiles in the United States rose unexpectedly last week, prompting investor concerns of excess supplies.

Brent crude futures lost 54 cents or 0.81 per cent to sell for $66.09 per barrel and the US West Texas Intermediate (WTI) crude futures slipped by 52 cents or 0.82 per cent to $63.15 a barrel.

According to new data from the US Energy Information Administration released on Wednesday, US crude oil inventories saw an increase of 4 million barrels to 441.8 million barrels during the week ending May 9.

Crude oil prices were trading down before the crude data release by the US Energy Information Administration. On Tuesday, the American Petroleum Institute (API) reported a surprise build in US crude oil inventories of 4.287 million barrels in U.S. crude oil inventories with draws in gasoline and distillate stocks.

More worries came as the Organisation of the Petroleum Exporting Countries and allied producers (OPEC+) have started increasing supply to the market.

However, in the last month, combined crude oil production from the 22-member group dropped by 106,000 barrels per day in April compared to March, despite the pledge of the eight OPEC+ producers who are withholding supply to begin easing their cuts.

OPEC+ producers Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman decided to begin raising production in April, for the first time since 2022.

The figures in OPEC’s Monthly Oil Market Report (MOMR) published today suggest that the eight OPEC+ producers added fewer than 30,000 barrels per day to their collective supply in April, versus plans to add 138,000 barrels per day.

Saudi Arabia, OPEC’s top producer and leader of the OPEC+ pact, raised its production by 49,000 barrels per day compared to March and pumped 9 million barrels per day in April, according to OPEC’s secondary sources.

Declines in the sanctioned Iran and Venezuela, as well as in Nigeria, which frequently faces force majeure circumstances, offset the Saudi hike.

Total OPEC production (excluding allies) dropped by 62,000 barrels per day in April compared to March.

OPEC trimmed its forecast for growth in oil supply from the US and other producers outside the wider OPEC+ group this year.

It said output will rise by about 800,000 barrels per day in 2025, OPEC said in a monthly report, down from last month’s forecast of 900,000 barrels per day.

Also, a stronger the US Dollar weighed on prices on Wednesday. A stronger greenback makes oil traded in the American currency more expensive for investors holding other currencies, hurting demand.

By Dipo Olowookere

Continued momentum trading at the Nigerian Exchange (NGX) Limited increased the portfolios of investors by 0.27 per cent on Wednesday.

During the session, the market capitalisation of the trading platform went up by N186 billion to N68.544 trillion from the N68.358 trillion recorded on Tuesday, and the All-Share Index (ASI) jumped by 295.99 points to 109,059.33 points from 108,763.34 points.

Yesterday, the commodity index remained flat, but the consumer goods space leapt by 1.25 per cent, the energy index advanced by 0.75 per cent, the banking counter improved by 0.58 per cent, the insurance industry chalked up 0.19 per cent, and the industrial goods sector appreciated by 0.01 per cent.

Investor sentiment remained strong as the bourse finished with 34 price gainers and 25 price losers, indicating a positive market breadth index.

Northern Nigeria Flour Mills gained 10.00 per cent to close N99.55, McNichols also increased by 10.00 per cent to N1.76, Champion Breweries went up by 9.91 per cent to N6.10, Caverton rose by 9.78 per cent to N4.04, and FTN Cocoa climbed higher by 9.65 per cent to N2.50.

On the flip side, Multiverse crashed by 9.63 per cent to N9.85, Geregu Power shut down by 9.09 per cent to N1141.50, Legend Internet lost 5.41 per cent to end at N8.40, Veritas Kapital slipped by 4.76 per cent to N1.00, and Transcorp shed 4.65 per cent to N44.10.

During the session, investors traded 531.3 million shares for N19.8 billion in 14,870 deals versus the 498.5 million shares worth N10.8 billion traded in 14,916 deals a day earlier, indicating a decline in the number of deals by 0.31 per cent, and a rise in the trading volume and value by 6.58 per cent and 83.33 per cent, respectively.

The most traded equity at midweek was GTCO with 53.3 million units sold for N3.7 billion, Access Holdings transacted 51.9 million units valued at N1.1 billion, Fidelity Bank traded 40.5 million units worth N834.8 million, Nigerian Breweries exchanged 35.8 million units valued at N1.9 billion, and Zenith Bank sold 27.4 million units worth N1.3 billion.

By Adedapo Adesanya

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the first cargo of the new Obodo crude blend has been shipped.

Business Post gathered that the first cargo could be headed for the North Sea port of Wilhelmshaven, Germany.

In a statement by the chief executive of NUPRC, Mr Gbenga Komolafe, Conoil Producing Limited was congratulated on the successful shipment of the first cargo of the Obodo crude blend.

Mr Komolafe said this development marks a significant milestone for Nigeria’s upstream sector, demonstrating the growing capacity of indigenous operators to contribute meaningfully to national crude oil production and exports.

“The introduction of the Obodo crude blend further diversifies Nigeria’s export portfolio and aligns with the commission’s strategic objectives to enhance production output, maximise hydrocarbon resources, and attract investment through operational efficiency and innovation,” he said.

Mr Komolafe maintained that this achievement by Conoil, under the production sharing contract framework with the Nigerian National Petroleum Company Limited, also reflects the positive outcomes of collaborative regulatory support, enabling indigenous players to thrive.

“As the regulator of Nigeria’s upstream petroleum industry, the NUPRC remains committed to providing a transparent, predictable, and investment-friendly environment that encourages the development of new crude streams and ensures optimal value for the Nigerian people.

“We look forward to more milestones of this nature that advance national energy security and economic resilience,” he said.

According to tracking data from Kpler, the Suezmax Atlanta Spirit loaded on  April 25 from the floating production, storage and offloading vessel Tamara Tokoni.

Obodo has a gravity of 27.65°API and a very low sulphur content of 0.05pc, according to Argus.

Obodo joins the list of crude grades launched by Nigeria in the last year.

The Nigerian National Petroleum Company (NNPC) restarted production of similar-quality Utapate in 2024 and launched Nembe a year earlier.

Obodo could find favour with European refineries, as Nigerian medium sweet grades — including Forcados, Escravos and Bonga — have gone predominantly to Europe, the largest market for the country’s crude.