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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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Bayern Won’t Sell Olise Even for €200m — Rummenigge Drops Bombshell

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Bayern Munich have made a strong statement over the future of winger Michael Olise, with Vice-President Karl-Heinz Rummenigge insisting the club would reject even a €200 million offer for the player.

The comments, reported by transfer expert Fabrizio Romano on Monday, highlight Bayern’s long-standing policy of prioritising sporting stability over financial gain.

SEE ALSO: BREAKING: Chelsea Hit With £10.75m Fine, Transfer Ban

Rummenigge explained that the club’s position is rooted in a historic decision made in 2009, when Bayern received a massive bid from Chelsea for Franck Ribéry.

After internal discussions involving then CFO Karl Hopfner and former president Uli Hoeneß, the club chose to reject the offer — a decision that shaped its modern transfer philosophy.

According to him, that principle remains unchanged today.

He stressed that Bayern do not consider selling players who are essential to the team, adding that even a record-breaking €200 million bid would not change their stance on Olise.

The statement is expected to fuel further transfer speculation across Europe, but Bayern officials maintain that Olise is a key part of their long-term sporting project and not for sale.

Bayern Munich continue to uphold their “untouchable players” policy, while Michael Olise remains central to their squad plans.

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AFCON 2025 Drama: Morocco Defends CAF Ruling Amid Growing Controversy

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The Fédération Royale Marocaine de Football (FRMF) has defended its position following the controversial ruling by the Confederation of African Football Appeal Board over the disputed 2025 Africa Cup of Nations final.

In a statement issued on Wednesday, the Moroccan football authority said its appeal was strictly aimed at ensuring the proper application of competition rules, and not to question the sporting merit or performance of any team involved in the final.

The federation emphasized its commitment to fairness, transparency, and the stability of African football competitions, noting that its actions were guided by respect for established regulations.

ALSO READ: JUST IN: Senegal Stuns Hosts Morocco To Lift AFCON 2025 Trophy

“The Federation reiterates that its approach has always been grounded in respect for the rules and stability of African competitions,” the statement read.

FRMF also praised all participating nations in the tournament, describing the 2025 AFCON as a significant milestone in the growth and development of football across the continent.

However, the body revealed that a more detailed position would be made public after a scheduled meeting of its governing organs.

The statement is expected to further clarify Morocco’s stance and outline any possible legal or administrative steps moving forward.

The CAF Appeal Board’s decision has continued to generate widespread reactions among football stakeholders, with growing calls for clearer regulations, improved transparency, and consistency in the administration of African football.

 

 

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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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