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Nymex Rises as Refiners Cut Stockpile

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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.

Nymex Rises as Refiners Cut StockpileLight, 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

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Inside Tinubu’s Closed-Door Meeting With Opposition Leaders – SDP, IPAC Reveal Details

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The Social Democratic Party (SDP) and the Inter-Party Advisory Council (IPAC) have disclosed details of their recent closed-door meeting with President Bola Tinubu, explaining that the engagement focused on strengthening Nigeria’s democratic process ahead of the 2027 general elections.

The clarification came amid speculation surrounding the meeting, which took place at the Presidential Villa in Abuja after leaders of several opposition parties attended an Iftar dinner hosted by the president earlier in the week.

ALSO READ: NNPC Secures Tinubu’s Approval for $20bn FID on Bonga Deepwater Project

Speaking during a gathering hosted in Abuja by the SDP’s former presidential candidate, Adewole Adebayo on Friday, the party’s National Chairman, Prof. Sadiq Gombe, said the meeting with Tinubu followed an official invitation from the Presidency and lasted about an hour.

According to Gombe, the discussion centred on the need to strengthen Nigeria’s electoral laws and restore public confidence in the country’s electoral process ahead of the 2027 polls.

He explained that the meeting provided an opportunity for party leaders to remind the president of the importance of conducting transparent, free, and credible elections.

Gombe noted that democracy can only thrive when governments listen to the concerns of citizens and ensure electoral processes that guarantee fairness and accountability.

The SDP chairman also expressed concern over growing voter apathy, pointing to the low turnout recorded in the recent Area Council election in the Federal Capital Territory.

He said the Abuja Municipal Area Council election witnessed only about seven per cent voter turnout, which he described as a clear sign that many Nigerians are losing confidence in the electoral system.

Gombe urged the government and members of the National Assembly to take urgent steps to review electoral laws and rebuild public trust in Nigeria’s democracy.

Also speaking, the National Chairman of IPAC, Dr. Yusuf Dantalle, said political parties used the meeting to raise concerns about aspects of proposed electoral reforms, particularly issues related to indirect primaries and the mandatory electronic transmission of results.

Dantalle explained that the parties appealed to the president to use his influence to encourage legislative review where necessary, noting that reforms should strengthen, rather than complicate, the democratic process.

He expressed optimism that Tinubu would consider the concerns raised and support necessary amendments that would improve the electoral system.

The IPAC chairman also called on the Independent National Electoral Commission (INEC) to strictly adhere to electoral guidelines as preparations for the next election cycle begin.

Earlier in his remarks, Adebayo cautioned political actors against turning the 2027 general elections into a do-or-die contest, stressing that the primary goal of democracy should be the progress and stability of Nigeria rather than personal political victories.

He urged leaders across political parties to encourage citizens to actively participate in the democratic process and ensure that elections are conducted peacefully and transparently.

 

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President Tinubu nominates Taxman Taiwo Oyedele as minister of state for finance

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President Bola Ahmed Tinubu has nominated the arrowhead of the nations new tax reforms, Mr Taiwo Oyedele as the next minister of state for finance, replacing Dr Doris Uzoka-Anite.
Uzoka-Anite will now move to the Ministry of Budget and National Planning, as the Minister of State, her third portfolio in the administration.

President Bola Tinubu and Mr. Taiwo Oyedele during his nomination on Wednesday.

President Tinubu has today conveyed the nomination of Oyedele to the Senate for confirmation in a letter to the Senate President, Godswill Akpabio.
Until President Tinubu nominated him as a minister, Oyedele from Ikaram, Akoko, Ondo State, was the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, which overhauled Nigeria’s tax system.
Oyedele, 50, is an economist, accountant and public policy expert.
He attended Yaba College of Technology, where he obtained a Higher National Diploma (HND) in accountancy and finance. He attended Oxford Brookes University and earned a BSc in applied accounting.
He also completed executive education programmes at the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School.
Oyedele spent 22 years of his working career at PwC, joining in 2001 and rising to become the Fiscal Policy Partner and Africa Tax Leader.
Oyedele is also a professor at Babcock University in Ogun State and a visiting scholar at the Lagos Business School.
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Nigeria deploys 5 man delegation to the US for Rev Jesse Jackson’s Burial

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Nigeria’s President, Bola Ahmed Tinubu has sent a five-person delegation to represent him and the country at the final burial rites of Rev. Jesse Jackson, the American civil rights leader, activist and former presidential candidate.
Jackson passed away at age 84 on February 17, 2026, in Chicago.
Senator George Akume, Secretary to the Government of the Federation, is the leader of the delegation.
Other members are the Minister of State for Foreign Affairs, Bianca Odumegwu-Ojukwu; the Minister of Arts, Culture and Creative Economy, Hannatu Musawa; the Special Presidential Envoy for Global and Pan-African Affairs, Brian Browne; and the Senior Special Assistant, Foreign Affairs and International Relations, Ambassador Sola Enikanolaye.
The delegation will deliver President Tinubu’s message of condolences to the Jackson family.
In an earlier tribute, President Tinubu described Reverend Jackson as a great friend of Nigeria and Africa.
“He was a moral voice and a formidable resistance to apartheid in South Africa. He played a leading role in the campaign for the release from prison of Nelson Mandela and other African National Congress leaders. He won critical support for sanctions against the then apartheid government”, President Tinubu wrote.
The burial programme for the civil rights leader began on February 26, with a lying-in-state at Rainbow PUSH Coalition in Chicago. Services in South Carolina and Washington, D.C., and a lying-in-state at the South Carolina Statehouse were scheduled for March 1-5.
On March 6, a “People’s Celebration” will take place at House of Hope in Chicago, followed by a private homegoing on March 7 at the Rainbow PUSH Coalition.
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