₦airaland Forum

London (CNN Business)
The spectacular collapse in oil markets is showing no signs of easing, as the coronavirus crisis saps demand and producers run out of places to store all their excess barrels of crude.

What's happening: US oil prices plunged, falling below $0 Monday to $-37.63 a barrel. That's the lowest level since NYMEX opened oil futures trading in 1983.

The selloff can be attributed in part to market mechanics. The May futures contract for West Texas Intermediate, the US benchmark, is about to expire. Most investors are already focusing on the June contract, thinning out trading volume and feeding volatility, UBS analyst Giovanni Staunovo said.

The June futures contract for WTI is trading around $22 per barrel, but that's still sharply lower on the day. Brent crude futures, the global benchmark, fell 8% Monday to $25.81 per barrel.

The extreme pressure on the WTI contract for May highlights ongoing concerns about the supply and demand dynamics plaguing the oil market.
"No one in America wants oil in the short term," Jeffrey Halley of Oanda told clients on Monday.

Saudi Arabia, Russia and other producers tried to prop up prices with a deal last week to slash production by 9.7 million barrels per day in May and June, the deepest cut ever negotiated. But that isn't expected to soak up the supply glut caused by evaporating demand for energy.
Oil storage facilities are still at risk of overflowing, raising the chance that some oil producers in the United States and Canada could start paying customers to take crude off their hands, according to Staunovo.

https://www.cnn.com/2020/04/20/investing/premarket-stocks-trading/index.html

https://www.theguardian.com/world/2020/apr/20/oil-prices-sink-to-20-year-low-as-un-sounds-alarm-on-to-covid-19-relief-fund?CMP=Share_AndroidApp_Tweet

Nija get long way to go my dear...E go tey small.

KillerBeauty: Electrical

Plumbing

Plumbing...that's new. Where do you go go learn that skill?

The unemployment situation in Nigeria is no longer news. Graduates are walking the streets in an endless search of the jobs. However, a lot of the 'umemployed' still thrive on their own with skills they have learned outside their formal academic pursuit. I am curious to know from you fellow nairalanders what the most marketable vocational skill is in today's Nigeria. I am hoping this will benefit us all and we can all utilize information to empower ourselves and become self reliant.

Ideas...

Jinad, thanks for the information. It was helpful to some extent, I could not find the newspaper page you referred to. Pls if anyone finds out the exact official date for resumption of camp, kindly text me 08058405649. Thanks y'all.