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Nymex Rises as Refiners Cut Stockpile
NEW YORK – U.S. crude oil prices pulled back from Wednesday’s highs but retained their gains after domestic stockpiles posted a smaller-than-expected decline.
The Energy Information Administration said the amount of crude oil stored in the U.S. fell by 5.6 million barrels last week, less than half the drawdown reported by the American Petroleum Institute late Tuesday. The trade group said oil stocks fell by 12.4 million barrels in the week ended Nov. 29.
Still, it was the first decline in stockpiles in 11 weeks, as refiners ramped up their production of gasoline, diesel and other products. Refiners boosted their operations by 3 percentage points to 92.4%, well above the average forecast of a 0.4-point rise in a Wall Street Journal survey of analysts.
Light, sweet crude oil for January delivery on the New York Mercantile Exchange was recently up 0.8%, or 78 cents, at $96.82 a barrel, after rising as high as $97.53 in early trade.
Nymex crude also was boosted by news that TransCanada Corp. TRP.T -1.04% plans to bring a new pipeline into operation next month that will allow more crude to flow from the Midwest to Gulf Coast. The link of the Keystone pipeline from Cushing, Okla., to Port Arthur, Texas, can handle up to 700,000 barrels a day of crude.
“Expanded take-away capacity out of Cushing is expected to force big reduction in imports,” said Jim Ritterbusch, president of Ritterbusch & Associates, referring to an escalation an already growing trend.
Cushing is the delivery point of the Nymex contract and prices for U.S. futures gained at the expense of ICE North Sea Brent crude, reflecting the potential for lower imports. ICE January Brent traded 55 cents lower, at $112.07 a barrel.
Traders said Nymex crude also gained on a report from private payroll company ADP that 215,000 U.S. jobs were added in November, more than economists’ forecasts for a rise of 178,000 jobs. The Labor Department’s jobs data due out Friday is being widely watched, as signs of economic recovery could provide hints about the timing of the Federal Reserve’s stated desire to reduce its economic-stimulus program.
Analysts said the market paid little attention to news that the Organization of the Petroleum Exporting Countries agreed to keep its 30 million barrels a day output ceiling in place and to meet again on June 11. Oil ministers from Libya, Iraq and Iran said they expect their output to increase, meaning that OPEC will face tough talks on how to make room for that additional oil. Iran’s oil exports continue to be limited by sanctions but a preliminary six-month deal reached late last month with Western nations raises at least the potential that these sanctions could be loosened by the time of the June meeting.
– WALL STREET JOURNAL
Super Eagles Captain, Ahmed Musa has been signed up by Jaiz Bank as a brand ambassador.
An elated Musa made the disclosure in a statement on his verified handle on micro-blogging site, X on Thursday.
The Kano Pillars striker urged his fans to troop to Jaiz Bank to do business for trusting him with the new role.
He exclaimed, “And to my amazing fans – if you want to support me, make sure to head over to Jaiz Bank and open your accounts with them today! ”
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He wrote, “✨Alhamdulillah✨ I am SO excited to announce that I’ve officially joined Jaiz Bank as their newest ambassador! 🎉💼
“A huge thank you to @JaizBankNG for trusting me and allowing me to be a part of this amazing journey! 🙏🏼💚 It’s an honor to represent a brand that believes in growth, security, and financial empowerment.
“I can’t wait to share all the incredible things we’ll be doing together! 🚀💡
And to my amazing fans – if you want to support me, make sure to head over to Jaiz Bank and open your accounts with them today! Let’s grow together! 💪🏼🔑
“@JaizBankNG is a non interest Financial institution poised with a mission to make life better through ethical Finance. 👌👌”
#NewBeginnings #BankWithJaizBank #PartneredUp #TeamJaizBank”
On November 20, 2024, Kenya’s First Lady, Rachel Ruto, celebrated her 56th birthday and her husband President William Ruto publicly expressed his love and appreciation for his wife on this special day, wishing her well.
The birthday celebrations were marked by an outpouring of goodwill from political figures, media, and citizens across Kenya, who praised her for her grace, leadership, and significant contributions to society, particularly through initiatives like the Joyful Women Organisation, which aims to empower rural women.
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The day was characterized by a collective acknowledgment of her role as a national figure dedicated to community upliftment.
In a heartfelt message, President William Ruto took to social media, writing, “Happy birthday my love, @MamaRachelRuto. Continue being a blessing to me and our children. Mungu akubariki sana,” which translates to “God bless you abundantly.”
Other prominent leaders also extended their wishes to the First Lady, with Anne Waiguru, EGH, OGW, Governor of Kirinyaga County, tweeting, “Happy Birthday First Lady,” further showing the respect and admiration for Rachel Ruto’s leadership and impact.
A gas cylinder explosion at a filling station in Jibia Local Government Area of Katsina State has resulted in significant damage to six vehicles, according to a statement from the Katsina State Police Command.
The command’s spokesperson, Abubakar Sadiq-Aliyu, confirmed the incident, which occurred on Friday, November 15, 2024.
He explained that a loud explosion alerted police operatives from the Jibia Divisional Police Headquarters. Responding promptly, the Divisional Police Officer led a team to the site, supported by military personnel.
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“Upon arrival, operatives found a truck loaded with gas cylinders engulfed in flames at Tamal filling station, along Kagadama-Magamar Jibia Road,” Sadiq-Aliyu stated. The joint team acted swiftly, deploying measures to protect lives and limit property damage. Their efforts successfully extinguished the fire.
The spokesperson added, “Six motor vehicles were significantly affected by the fire incident, but fortunately, no life was lost.”
State Commissioner of Police, Aliyu Abubakar-Musa, has directed a thorough investigation to determine the cause of the explosion. Updates on the findings will be provided as investigations progress.
This incident highlights the need for heightened safety measures at gas filling stations to prevent such occurrences.
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