Proshares Ultra Bloomberg Crude Oil ETF News

Nigeria’s headline inflation rate rose marginally in February to 15.70 percent from 15.60 percent in January. The National Bureau of Statistics (NBS), in its Consumer Price Index report released on Tuesday, attributed the marginal increase to a surge in energy prices which emanated as a result of the scarcity of petrol and the ongoing crisis between Russia and Ukraine. Read also: Nigeria facing unprecedented budget deficit, surging inflation says EIU Food inflation increased to 19.69percent in February as against 17.37percent the previous month. Core inflation, which excludes the prices of volatile agricultural produce stood at 13.46 percent month-on-month, up 0.53 percent compared to 13.33 percent in January 2021. Details shortly…

Guests: Byron York, Josh Kraushaar and Jeff Mason

Forex news from the European morning session on Mar 15, 2022

U.S. equity futures edged higher Tuesday, while oil prices fell to a two-week low and Treasury bond yields climbed, as investors navigated a series of headline risks linked to China''s Covid outbreak, an intensifying war in Ukraine and the start of the Federal Reserve''s two-day policy meeting.

To secure the country’s oil supply and prevent firms from unjustly adjusting their pump prices, the House Committee…

Crude oil prices extended their decline and sank nearly 6 per cent to a touch above $100 as hopes of peace talks helped calm investors.

Egdon Resource says extending its drilling plans could provide valuable onshore oil reserves.

Gas prices are up, commutes are back, and Russian oil is under sanction. Too bad the electric vehicle industry isn’t ready to seize the moment.

The fall comes amid hopes over cease-fire talks between Russia and Ukraine and as China imposed lockdown restrictions on major manufacturing regions.

Airline operators, the Nigeria Downstream and Midstream Petroleum Regulatory Authority (NDMPRA), the National Petroleum Company (NNPC) Limited and oil marketers on Monday resolved that aviation fuel be sold at N500 per litre in the next three days. This is just as the airline operators insisted that the economy class ticket fare within the period and the benchmark price will be N85,000 per seat. The resolutions were sequel to an intra-meeting of the stakeholders after initial disagreement while appearing before the House of Representatives Special ad-hoc Committee investigating the scarcity and high cost of aviation fuel. According to the agreement, the airline operators and the major oil marketers would meet within the period of three days and work out modalities that would lead to the permanent reduction of the aviation fuel prices, presently sold for more than N600 per litre. Mele Kyari, NNPC Chief Executive Officer who disclosed the decisions of stakeholders said as requested by the Airline Operators Association of Nigeria, they will be granted license by the regulatory authority to import petroleum products.

Asian refiners would have little problem sourcing alternatives to Russian crude oil, but end-users hope to see OPEC and its allies more than double the scale of the producer group''s monthly production hike due to increasing feedstock cost burdens and faltering oil inventory levels, market participants said at the S&P Global Commodity Insights 9th Asian Refining and Petrochemicals Summit March…

Retail fuel prices have not been marked to market for a few months and should be increased by around 15% to reflect current international crude prices, Morgan Stanley said in a report.

The Office of the Auditor-General for the Federation has said the defunct Nigerian National Petroleum Corporation, now Nigerian National Petroleum Company Limited (NNPC), has failed to account for about 107,239,436 barrels of crude oil lifted for domestic consumption in 2019. The office made the allegation in its 2019 audit report presently being considered by the Committees on Public Accounts at the Senate and House of Representatives. According to the report, about 22,929.84 litres of Premium Motor Spirit, also known as petrol, valued at N7.06bn and pumped to the two depots (Ibadan-Ilorin and Aba-Enugu) between June and July 2019 were not received by the depots. Continue reading NNPC Fails To Account For 107 Million Barrels Of Crude Oil at BizWatchNigeria.Ng.

After opening marginally higher, the Indian market was trading flat with negative bias amid falling crude oil price and signs of easing of tensions between Russia and Ukraine. Get more Markets News and Business News on Zee Business.

The partially convertible rupee opened at 76.46 per US dollar as against 76.56 per US dollar at the previous close. So far in the day, the Indian currency moved in a band of 76.4380-76.5800 against the greenback.