₦airaland Forum

The Energy Information Administration (IEA) has reported that US crude and fuel inventories all fell last week, while crude imports from Nigeria hit their highest level in nearly six years.

Crude imports from Nigeria rose by 358,000 bpd to 364,000 bpd, marking the highest import figure from the African nation since October 2019.

The jump in imports comes as Nigeria’s 650,000 bpd Dangote refinery has faced an unplanned outage from April 7 to May 11, the Agency said on Thursday.

Crude inventories fell by 2.8 million barrels to 440.4 million barrels in the week ending May 23, the EIA said, compared with analysts’ expectations in a Reuters poll for a 118,000-barrel rise.

U.S. crude exports rose during the week by 794,000 barrels per day (bpd) to 4.3 million bpd, helping push inventories lower.

“I found it a supportive report, with higher US.. crude exports resulting in a crude draw,” said Giovanni Staunovo, an analyst at UBS.

“Pumping stations demanding more gasoline and diesel last week ahead of Memorial Day resulted in higher implied demand and draws for gasoline and distillates,” he added, referring to a U.S. holiday this week.

Oil prices rose slightly after the EIA reported a surprise draw in stockpiles, but were still trading in negative territory. Global Brent crude futures were off 56 cents to $64.34 a barrel at 12:11 p.m. EDT (1611 GMT), while U.S. West Texas Intermediate (WTI) futures were down 65 cents to $61.20 a barrel . Crude stocks at the Cushing, Oklahoma, delivery hub rose by 75,000 barrels, the EIA said.

U.S. refinery crude runs fell by 162,000 barrels per day in the week, while utilisation rates fell by 0.5 percentage points in the week to 90.2%, the EIA said. U.S. gasoline stocks fell by 2.4 million barrels in the week to 223.1 million barrels, the EIA said, compared with analysts’ expectations for a 527,000-barrel draw.

Gasoline supplied, a proxy for demand, rose last week to 9.45 million bpd, up from 8.64 million bpd the prior week.Distillate stockpiles, which include diesel and heating oil, fell by 724,000 barrels in the week to 103.4 million barrels, versus expectations for a 481,000-barrel rise, the EIA data showed.

U.S. distillate fuel oil stocks fell to their lowest last week since April 2005, while inventories in the U.S. Midwest were at their lowest since November 2017.

Net U.S. crude imports fell last week by 532,000 bpd to 2.05 million bpd, EIA said.

helinues:
Good

Islie:
https://leadership.ng/nigerias-crude-export-to-us-hit-highest-level-in-6-years/

Nlfpmod

AutoConsultng:
Interesting

anonimi:
World Bank offers Nigeria forex rate advice, as Tinubu eyes N200/Dollar rate

April 23, 2023

The President-elect said he would work with the Central Bank of Nigeria (CBN) to *bring down the exchange rate to N200 in his first term.*

“My administration will collaborate with the Central Bank to harmonize the fiscal and monetary policy to achieve immediate stabilization of the value of the naira against the US dollars and other currencies and in the short term, strengthen the naira by boosting the supply of foreign currency and moderating demand.

“The short-term goal is to achieve a naira/dollar rate of 300 naira/US$ and gradually achieve a less than 200 naira rate over the next four years, Tinubu stated.

https://www.ripplesnigeria.com/world-bank-offers-nigeria-forex-rate-advice-as-tinubu-eyes-n200-dollar-rate/?amp

Goodnews247:
With little or zero impact in the lives of Nigerians

Glimpsetv:
A large crowd of Lagosians was filmed in a long queue struggling to collect a loaf of bread. To maintain order, several military personnel were on the ground to control the crowd. This has triggered a lot of reactions online.

Watch the video, share your thoughts in the comments.


https://www.youtube.com/watch?v=zYltMapDyIo?si=0-hO0Vt5C9uBxVd1

casualobserver:
Wait O! So Dangote had unplanned outage for a month, nobody heard, it took a report from a foreign agency for us to know. PH Refinery shut down for maintenance and it’s a crime that sets the whole world ablaze. That useless sychophant energy expert MR Kelvin did not think he should mention in his numerous interviews over the last month that Dangote was shut down?

persius555:
He mentioned it and Dangote refinery mentioned it in one of their reports that they were going for routine maintenance but had enough reserves for future supplies.

Goodnews247:
With little or zero impact in the lives of Nigerians

Islie:
The Energy Information Administration (IEA) has reported that US crude and fuel inventories all fell last week, while crude imports from Nigeria hit their highest level in nearly six years.

Crude imports from Nigeria rose by 358,000 bpd to 364,000 bpd, marking the highest import figure from the African nation since October 2019.

The jump in imports comes as Nigeria’s 650,000 bpd Dangote refinery has faced an unplanned outage from April 7 to May 11, the Agency said on Thursday.

Crude inventories fell by 2.8 million barrels to 440.4 million barrels in the week ending May 23, the EIA said, compared with analysts’ expectations in a Reuters poll for a 118,000-barrel rise.

U.S. crude exports rose during the week by 794,000 barrels per day (bpd) to 4.3 million bpd, helping push inventories lower.

“I found it a supportive report, with higher US.. crude exports resulting in a crude draw,” said Giovanni Staunovo, an analyst at UBS.

“Pumping stations demanding more gasoline and diesel last week ahead of Memorial Day resulted in higher implied demand and draws for gasoline and distillates,” he added, referring to a U.S. holiday this week.

Oil prices rose slightly after the EIA reported a surprise draw in stockpiles, but were still trading in negative territory. Global Brent crude futures were off 56 cents to $64.34 a barrel at 12:11 p.m. EDT (1611 GMT), while U.S. West Texas Intermediate (WTI) futures were down 65 cents to $61.20 a barrel . Crude stocks at the Cushing, Oklahoma, delivery hub rose by 75,000 barrels, the EIA said.

U.S. refinery crude runs fell by 162,000 barrels per day in the week, while utilisation rates fell by 0.5 percentage points in the week to 90.2%, the EIA said. U.S. gasoline stocks fell by 2.4 million barrels in the week to 223.1 million barrels, the EIA said, compared with analysts’ expectations for a 527,000-barrel draw.

Gasoline supplied, a proxy for demand, rose last week to 9.45 million bpd, up from 8.64 million bpd the prior week.Distillate stockpiles, which include diesel and heating oil, fell by 724,000 barrels in the week to 103.4 million barrels, versus expectations for a 481,000-barrel rise, the EIA data showed.

U.S. distillate fuel oil stocks fell to their lowest last week since April 2005, while inventories in the U.S. Midwest were at their lowest since November 2017.

Net U.S. crude imports fell last week by 532,000 bpd to 2.05 million bpd, EIA said.
https://leadership.ng/nigerias-crude-export-to-us-hit-highest-level-in-6-years/