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Stats: 1,574,996 members, 2,823,904 topics. Date: Thursday, 05 May 2016 at 05:14 PM
|Education / Re: WAEC: Latest Ranking Of Nigerian Schools by gulfer: 12:48pm|
Most of these schools are privately funded and so you would expect nothing less
|Celebrities / Re: PHOTOS: Weird Facts That Sounds Totally False, But They’re Not. by gulfer: 12:48am On May 04|
Explorers 2 Nice work
|Politics / Re: Xerona Duke Celebrates 26th Birthday by gulfer: 7:33pm On May 03|
Is she Greek??, smh
|Politics / Re: Nigerians Would Be Happy In Few Hours - Ita-Enang by gulfer: 12:36pm On May 03|
MaleoPearls:Olorun o ni je o Ta a ti o! Happy Thirtieth Birthday
|Investment / Re: Emirates Vacation Club Dupes Nigerians by gulfer: 9:41am On May 03|
I am sure the fraudster is one smart_alec from nowhere else but Nigeria .................
7 Likes 1 Share
|Crime / Re: Interpols Most Wanted Nigerians by gulfer: 8:21pm On May 02|
Fullish OP, that lady is from Benin Republic and was only born in Abeokuta... My gut feeling says you must be a Flat_head
|Car Talk / Re: HELP!HELP!HELP! How Do I Recover My Tinted Glass Permit Login Password? by gulfer: 11:45am On Apr 28|
We are in the same boat, and the site has no password recovery mode.
|Politics / Re: Rare Picture Of The First University Graduate In The Nigerian Army- Emeka Ojukwu by gulfer: 8:50am On Apr 25|
Mumu OP, see your life....................He was among the first set of graduate and NOT the first Graduate.
He joined the civil service in Eastern Nigeria as an Administrative Officer at Udi, in present-day Enugu State. In 1957, within months of working with the colonial civil service, he left and joined the military as one of the first and few university graduates to join the army: O. Olutoye (1956); C. Odumegwu-Ojukwu (1957), E. A. Ifeajuna and C. O. Rotimi (1960), and A. Ademoyega (1962).
|Phones / Re: Which 40k Android Phone Can I Buy In Ph by gulfer: 7:16am On Apr 24|
Go for Oukitel 2G Ram and 6000Mah, my advice.
|Politics / Re: Obama Sends Samantha Power To Nigeria Over Boko Haram Growing Threat by gulfer: 2:44pm On Apr 20|
America already panicky over the China deal struck by GMB.......................It is very obvious this is geared towards making the country unstable again
|Politics / Re: Gov Polls: EFCC Arrests INEC Chiefs For Taking N675m In Bribes by gulfer: 12:41pm On Apr 17|
This BVN Ehhhh
|Crime / Re: NDLEA Recovers Cocaine In Passenger's Socks (pictures) by gulfer: 8:37pm On Apr 15|
When I skimmed the story and did not quickly see a name, I thought the worst but now I have confirmed there's no deviation from the norm......,,
|Politics / Re: Fayose Adresses Business Community In China. See Photos by gulfer: 12:29pm On Apr 15|
|Politics / Re: Loan: Fayose Writes Chinese Government Not To Give Loan To Nigeria by gulfer: 2:47pm On Apr 14|
Fayose is always late, Baba has already moved........................Fayose will continue to fool himself.
|Celebrities / Re: Inside Olajumoke Orisaguna's New Apartment - Photos by gulfer: 2:29pm On Apr 14|
buzquet:Which one dem don ever dash you?
|Politics / Re: Do U Want Him Back? Be Sincere. See Picture by gulfer: 10:12am On Apr 14|
|Properties / Re: How To Construct Concrete Facial For Your Parapet Roof Project by gulfer: 9:53am On Apr 14|
@OP, kindly give me a rough estimate of how much the workmanship should be for this small attic section.
Any thoughts, opinions etc. I need the estimate for the concrete-work workmanship to be able to compare with what I am been billed.
|Politics / Re: Buhari Meets With Nigerian Community In China (photos) by gulfer: 9:51pm On Apr 13|
Presidiotbuhari:Keep up the delusion who are the Nigerians predominant in PRC
|Properties / Re: How Much Should Decking Of This Size Cost-Concrete Work? by gulfer: 8:49am On Apr 13|
gulfer:Any thoughts, opinions etc I need the estimate for the concrete-work workmanship to be able to compare with what I am been billed.
|Properties / How Much Should Decking Of This Size Cost-Concrete Work? by gulfer: 8:25am On Apr 13|
House, kindly give me a rough estimate of how much the workmanship should be for this small decking.
|Politics / Re: See How Wole Soyinka Was Arrested By A Police Officer In The Good Old Days(pic) by gulfer: 6:59am On Apr 12|
I cannot recollect where Wole Soyinka was reported as threateneing Nigeria with Violence of Gun and bombs........
|Business / US Importing Nigeria Crude Oil Again? by gulfer: 7:46am On Apr 11|
One news item in the international wire service last week caught my attention. It is the fact that the United States of America has turned again to Nigeria for crude oil. The new twist in the US quest for Nigerian oil is coming on the heels of the slow down in shale oil fracking in the US. The US oil production has fallen by about 600,000 barrels a day since peaking in 2015, and imports have filled the gap. The news looks cheering going by the fact that several tons of Nigerian crude have been on the high sea looking for buyers. According to the report, refineries along the US coasts are choosing to buy imports instead of local crude. “One of the biggest winners is Nigeria, which is regaining lost market share. Imports from Nigeria surged to 559,000 barrels a day in mid-March, compared with an average of 52,000 for all of 2015. The opening up of the US market is giving Nigeria a new beginning with the US in oil trade. However, it is because the price of crude has dropped so low that it is no longer profitable for the US shale producers to continue in business. The current price of crude has made oil recovery from shale far more expensive than imported oil. The question is: will this bring relief to Nigeria’s dwindling revenue? Perhaps, in the last few years, Angolan crude has been finding it easier to attract buying interest than the light sweet and better quality Nigerian crude, which, until a few years ago, was the preferred choice for most refiners. But it is not only due to higher prices and economics that Nigerian crudes are struggling; a lot has to do with the customer base of both countries. “Angolan crudes rely on countries that are growing at a rate of 5 per cent to 8 per cent while crudes out of Nigeria rely heavily on Europe, where economies are generally on a decline.” It must have been giving Nigeria’s oil authority a nightmare that the country’s export crude cargoes every month are grappling to attract end-users and refinery demand, and are instead being stored on ships and on storage terminals, idling away. It is said that bulk of the oversupply in the Atlantic Basin crude market is comprised more of Nigerian crudes. What is further worrisome is the fact that a lot of Nigerian crude had been floating on the seas and in storage tanks with no home and no destination. But with the US now buying an average of 559,000 barrel per day, Nigeria can now have a respite. As a result of the boom in shale oil that the US experienced in the last few years and the crash in crude oil prices, the US Senate lifted its embargo on oil export. In the three months since the U.S. lifted its 40-year ban on crude oil exports, rather than flooding global markets, U.S. crude shipments to foreign buyers have stalled. At the same time, imports into the U.S. jumped to a three-year high in what looks to be a reversal of a year-long decline in the amount of foreign crude brought into the American market. According to Bloomberg report, “As of March 25, the four-week average of imports was running at 7.9 million barrels a day, 9.8 per cent higher than the year before. “That’s not a one-week blip,” says Tim Evans, an energy analyst at Citi Futures. “We’re seeing a consistent pattern.” As it tuned out, the US producers, who reaped the benefits of the shale revolution, no longer enjoy a steep price advantage over foreign rivals in selling to domestic refiners. Production has fallen by about 600,000 barrels a day from its peak of 9.6 million in 2015. Curiously, almost the 600,000 barrels shortfall from US local production is now being imported from Nigeria. At the moment, refineries are buying foreign oil to replace the lost U.S. output—and, along with traders, are storing much of the less-expensive imported oil to sell when prices rise. According to Bloomberg, “During the early years of the U.S. shale boom, millions of barrels of light, sweet crude had one big problem: no affordable access to refiners on the coasts of Texas and Louisiana. To tap into the cheaper oil pooling in Oklahoma, pipelines that used to bring imported oil up from the Gulf were reversed to take shale oil down to the coast. Refiners in Philadelphia and New Jersey also began buying North Dakota crude instead of foreign oil, moving it by train across the country. By October 2014, U.S. imports had fallen by about 40 per cent from a high in 2006. “Analysts say that West Texas Intermediate crude has to be $3 to $5 cheaper than imported oil to pay for those pipeline and transportation costs. From 2011 to 2014, U.S. oil was on average $12.61 cheaper than equivalent foreign oil. The discount slowly narrowed as pipeline projects were completed and U.S. crude began to flow more freely from the middle of the country down to the Gulf Coast. “A week before the US Senate approved lifting the export ban on December 18, WTI traded around $3 below Brent. Over the next month, the discount disappeared, and, for the first time in six years, WTI traded at a premium to Brent for a few days in January. WTI is now less than a dollar cheaper than foreign barrels available on the Gulf Coast. The irony of the shale boom, and all the light crude it unlocked, is that it came just as U.S. refiners were spending billions to process heavy oil. “In theory, there was always going to be a linkage between freeing up U.S. barrels and replacing them with foreign crude that U.S. refiners are better suited to run,” says Kevin Book, managing director at ClearView Energy Partners. “For some of the weakest U.S. producers with the highest costs, lifting the ban didn’t matter because they can’t compete on the global market, says Abudi Zein, co-founder of ClipperData, which uses customs data and ship-tracking information to estimate global oil flows. For U.S. producers with the highest costs, “they’ll never be able to export because all of a sudden, they’re competing with Saudi Arabia and Iraq.” The U.S. is hoarding a lot of the imported oil. As of March 25, U.S. commercial crude inventories hit 534 million barrels. That’s near the all-time high in 1929, when U.S. commercial storage hit 545 million barrels, as huge oil finds coincided with the beginning of the Great Depression. Today, with oil so cheap, producers and traders are opting to wait for prices to rise instead of selling, especially with the futures market signaling that oil prices will rise. Traders can lock in those prices by taking out a contract for delivery a few months down the road”. How this will help Nigeria shore up its dwindling revenue is not yet clear. But one thing is certain, return of the US to buying Nigerian crude will ensure that there is a ready market for Nigeria. The NNPC had better take this chance seriously.
|Crime / Re: See The Kidnappers Arrested By Policemen In Rivers State This Morning. Photo by gulfer: 5:48pm On Apr 09|
charlezok:Was going to type exactly this......
|Family / Re: My Wife Is Seducing Men, Help by gulfer: 11:09pm On Apr 08|
But i knew that was not the first time, she has been doing it before because each time i open the windows in the morning,The above got me.......
|Celebrities / Re: Photos Of Wizkid's Directors Who May Have Leaked The Smelly Vagina Story by gulfer: 7:32pm On Apr 04|
Me, listens to Wizkids songs etc; may have snitched because he is not a celebrity
|Crime / Re: Man Steals Ambode’s ‘light Up Lagos’ Project Cable (photo) by gulfer: 3:08pm On Apr 04|
Are we not our own problems
|Nairaland / General / Re: Man On His Kneels To Beg Rich Man In Car For Money In Lagos by gulfer: 7:47am On Apr 04|
dcole73:Did the OP state that the action was repetitive or just one-off
|Crime / Re: Kidnappers Of Ifesinachi Ani Sneak Her To Enugu by gulfer: 10:06am On Apr 02|
This story smells of fish, was someone trying to play a prank on Nigerians?
|Politics / Re: Obama Praises Buhari At Nuclear Summit In Washington by gulfer: 8:30am On Apr 02|
tit:Everybody gbagaun....o gbagaun
|Science/Technology / Re: Extreme Military Engineering: Fascinating Facts About Aircraft Carriers. by gulfer: 3:53pm On Apr 01|
Here's one we are developing.....................
|Politics / Re: Why We’ve Not Sent Buhari 2016 Budget Details – House Of Reps by gulfer: 12:38pm On Mar 31|
I wonder if any of you wailers can sign a blank check to your account Buhari not accenting to the budget without seeing the computer details and figures is consistent with the departure from the era of drunkenly signing budgets and checks; we are where we are because someone used to approve anything presented without scrutiny after a jugful of kai kai.......
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