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US Industrial Production Jumps As ''Cold Winter'' Sparks Biggest Jump In Utility Demand Ever After an unexpected decline in December, Industrial Production was expected to rebound in January and it did, rising 1.4% MoM (almost triple the 0.5% MoM rise expected). Source: Bloomberg The headline beat in Industrial Production was due almost entirely to the cold winter as the increase of 9.9 percent in the output of utilities in January was the largest in the history of the index (since 1972) and reflected strength for both electric utilities and natural gas utilities. The index for mining rose 1.0 percent. Oil and gas well drilling advanced 6.2 percent; the index in January was nearly 50 percent above its year-earlier level but still about 14 percent below its pre-pandemic reading. However, on the manufacturing side, growth was relatively flat, rising just 0.2% MoM… Source: Bloomberg Finally, Capacity Utilization is back above pre-COVID-Lockdown levels... So, let''s just hope that it remains frigid for the rest of the quarter!!

Oil prices recover losses on Wednesday as investors considered conflicting statements on possible withdrawal of some Russian troops around Ukraine amid tight global supplies and recovering fuel demand

Petrol and diesel prices have hit a new record in the past week, sending a full tank to £81 as tensions continue between the Ukraine and Russia - but what can you do about it? We''re here to help

AMID concern over the steady rise of oil prices as risks of supply gaps persist, Department of Energy…

WASHINGTON: US import prices increased by the most in nearly 11 years in January amid a jump the cost of energy products and strained supply chains, the latest indication that high inflation could persist for a while. Import prices increased 2.0% last month, the largest rise since April 2011, after declining 0.4% in December, the Labor Department said on Wednesday. In the 12 months through January, prices accelerated 10.8% after rising 10.2% in December. Economists polled by Reuters had forecast import prices, which exclude tariffs, advancing 1.3%. The report followed news on Tuesday that producer prices increased by the most in eight months in January. Consumer prices also rose solidly last month, with the annual inflation rate posting its largest increase in 40 years. Supply bottlenecks had shown signs of easing towards the end of 2021, but that progress stalled as COVID-19 cases, driven by the Omicron variant, raged around the globe. US trade deficit ends 2021 with slight increase Imported fuel prices shot up 9.3% last month after decreasing 8.3% in December.

Nigeria, Africa’s top oil producer, is experiencing an acute shortage of fuel, which is causing huge disruption across the country. People are waiting at petrol stations for several hours, some into the night trying to get fuel. The longest queues have been in cities like the capital, Abuja, and the commercial hub of Lagos, at […] The post Fuel queues in Nigeria after dirty petrol quarantined appeared first on The Independent Ghana .

On both sides of the debate, however, there is agreement that the world is far from reaching sustainable targets as demand for energy grows

KUALA LUMPUR, Feb 16 — The retail price of RON97 petrol will increase by six sen per litre while those for RON95 and diesel will remain unchanged for the February 17 to 23 period. The Finance Ministry, in a statement today, said the retail price…

Financial expert, Bismarck Rewane says the country''s economy will continue to recover as long oil prices remain higher. The Managing Director and Chief Executive Officer of Financial Derivatives Company made this known on Tuesday during Stanbic IBTC Holdings Plc’s webinar. According to Rewane, the supply of COVID-19 vaccines has continued to reduce the impact of Omicron on oil demand and the effect of the Iran nuclear deal is expected to push up the nation’s oil supply to the global market. Rewane stated that sustained oil supply concerns had helped to shore up global oil prices above $80 per barrel, adding that Nigeria''s economy will continue to recover as witnessed in the last quarter of 2021. He said the Central Bank of Nigeria (CBN) had continued to step up its intervention programme in the forex market as the nation’s gross external reserves continued to dwindle. The financial expert, however, disclosed that the naira had continued to witness increased pressure due to excess liquidity.

A combination of huge oil pipeline repairs cost and a high-level crude oil theft are bleeding the Nigerian economy, with losses amounting to at least $29 billion in the last six years, spanning 2015 to 2021. In February last year, the Nigerian National Petroleum Company (NNPC) Limited disclosed that the country lost an average of […]

Pakistan Peoples Party (PPP) Chairperson Bilawal Bhutto Zardari has said that the days of the "selected government are numbered", adding that the citizens will not accept the hike in petroleum prices at any cost. In a statement, the PPP leader said that already the CNG stations were closed for three months, and now an increase in oil prices will further raise inflation and food prices. "The long march starting from February 27 will take into account every robbery committed on the pockets of the people. The days of the puppet circus are over," Bilawal said. Jamaat-i-Islami (JI) Chief Siarjul Haq also issued a statement, accusing the government of being "indifferent to the sufferings of inflation-hit masses". Threatening a protest march towards Islamabad, the leader said that his party will not remain silent on this brutality by the government. Pak Sarzameen Party (PSP) Chairman Mustafa Kamal also lashed out at the government, saying that the rise in petrol prices has crushed the poor segment of society.

Analysis | By Bisi Daniels | 16. 02. 2022 The recent spill at Santa Barbara 1 well in Nembe, Bayelsa State, made the news so loud that it drowned some salient points and diverted attention from bigger stories elsewhere in the creeks. Aiteo Eastern Exploration and Production Company, operators of the well, must have been under intense pressure going by the number of highly placed Bayelsa indigenes in the oil and gas industry. They include the Minister of State for Petroleum Resources, Timipre Sylvia, who visited the site and said that President Buhari sent him; and Simbi Wabote, the Executive Secretary of the Nigerian Content Development and Monitoring Board. A former Shell executive and highly respected monarch, Chief Edmund Daukoru is the Amanyenebo of Nembe. He obtained a Ph.D in Geology from Imperial College, London. He was employed by Shell International Petroleum Company from 1970, where he rose from Chief Geologist to General Manager of Exploration in Nigeria. Although they were not reported to have said anything, the presence of such knowledgeable people cannot be ignored.

Iraq''s Kurdistan Regional Government rejected the Federal Supreme Court ruling against independent Kurdish exports in the semi-autonomous region and vowed to take legal and constitutional measures to protect its oil and gas contracts as the dispute between Erbil and Baghdad escalates. Iraq''s Federal Supreme Court ruled on Feb. 15 the 2007 oil and gas law in the Kurdistan region as…

Pakistan Peoples Party (PPP) Chairperson Bilawal Bhutto Zardari has said that the days of the "selected government are numbered", adding that the citizens will not accept the hike in petroleum prices at any cost. In a statement, the PPP leader said that already the CNG stations were closed for three months, and now an increase in oil prices will further raise inflation and food prices. "The long march starting from February 27 will take into account every robbery committed on the pockets of the people. The days of the puppet circus are over," Bilawal said. Jamaat-i-Islami (JI) Chief Siarjul Haq also issued a statement, accusing the government of being "indifferent to the sufferings of inflation-hit masses". Threatening a protest march towards Islamabad, the leader said that his party will not remain silent on this brutality by the government. Pak Sarzameen Party (PSP) Chairman Mustafa Kamal also lashed out at the government, saying that the rise in petrol prices has crushed the poor. On Tuesday, the government announced a massive up to Rs 12.03 per litre increase in the prices of petroleum products with effect from February 16 (today).

The presidency has denied that President Muhammadu Buhari queried the chief executive officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, over the recent importation of dirty fuel into the country. This development comes as petrol, on Tuesday, sold for N800 per litre within the Federal Capital Territory (FCT), Abuja. According to the presidential source, yesterday, no query was issued to the management of the NMDPRA, contrary to an earlier report in the media. A report by a national newspaper, (not BusinessDay), and credited to an unnamed source, had said an angry President Buhari, who doubles as minister of petroleum, directed the minister of state, Timipre Sylva, to issue a query to Farouk Ahmed, the NMDPRA boss. The competent presidential source, while setting the records straight, told State House correspondents that “no such order was given by the president” Read also: Why it is difficult to remove petrol subsidy – Sylva “There was no directive to issue a query.