Business
U.S. Stocks inch higher
NEW YORK – Today, U.S. Stocks inched higher as investors digested a few soft readings on U.S. economic growth.
The Dow Jones Industrial Average rose 13 points, or 0.1%, to 16546. The S&P 500 added three points, or 0.2%, to 1891. The Nasdaq Composite Index edged up 12 points, or 0.3%, to 4143.
Trading volumes have been light in recent days, with Wall Street desks citing caution on the part of investors about making big bets in either direction. Investors continued to hold tight Thursday after a trio of slightly weaker-than-expected readings on the economy.
“Once again, we entered the year thinking there’d be a growth acceleration, and…people are realizing the economy is not ready to break out,” said Dan Greenhaus, chief market strategist at New York brokerage firm BTIG.Existing-home sales for April rose 1.3% on the month to a seasonally adjusted annualized rate of 4.65 million, below expectations for a 2% rise to 4.68 million. The Conference Board’s leading economic index rose 0.4%, missing forecasts for a 0.5% rise. Initial claims for jobless benefits in the latest week rose 28,000 to 326,000, versus expectations of a rise to 310,000, after falling to a seven-year low the week before.
Slight moves in early Thursday trading contrasted with big swings in the last two sessions. On Wednesday, the Dow rallied 159 points, or 1%, to post the biggest one-day point and percentage gain since April 16. That followed a 0.8% selloff on Tuesday to the lowest close since April 25.
The Russell 2000 index of small-capitalization stocks, which has underperformed the broader market by a wide margin in the last couple of months, added 0.5% on Thursday.
Some investors voiced concern about committing new money to stocks with major benchmarks trading just below all-time highs. Others are wary after being burned by sharp declines in Internet shares, biotechnology stocks, and shares of small companies, which have sold off sharply in recent months. Mostly, investors are standing pat, traders said.“A lot of people did take risk off the table, but the S&P 500 has held up because people don’t have any other place to go except U.S. equities,” said Yousef Abbasi, a market strategist at brokerage JonesTrading Institutional Services.
The yield on the 10-year Treasury note edged higher to 2.544% from 2.536% late Wednesday. Crude-oil futures added less than 0.1% to $104.09 a barrel, after settling Wednesday at a one-month high. Gold futures gained 0.9% to $1,299.30 a troy ounce. The dollar gained against the euro and the yen.
European markets gained after data showed business activity in the euro zone continued to grow, but at a slower pace. The Stoxx Europe 600 ticked up 0.1%. Markit’s composite purchasing managers index for the euro zone slipped to 53.9 in May from 54.0 in April, matching expectations. Readings above 50 signal expansion. Germany’s composite PMI was unchanged at 56.1, while France’s composite PMI declined to 49.3 from 50.6.In Asia, Japan’s Nikkei Stock Average shot up 2.1%, boosted by data showing May manufacturing activity contracted at a slower pace than in April and a weaker yen. China’s Shanghai Composite slipped 0.2%, although HSBC’s preliminary manufacturing PMI for May rose to a five-month high of 49.7, but still signaled contraction.
In corporate news, Best Buy rallied 4.4% after the consumer electronics retailer topped fiscal-first-quarter earnings estimates, but fell short on revenue and said it expected declines in same-store sales for the current and third quarters.
Williams-Sonoma rallied 7.3% after the housewares and furniture company reported late Wednesday fiscal-first-quarter earnings and revenue that exceeded expectations and raised its full-year outlook, citing strong sales growth in its West Elm and Pottery Barn businesses.
Hess rose 1.7% after the exploration-and-production company announced an agreement to sell its retail business to Marathon Petroleum’s Speedway unit for $2.6 billion in cash. Hess also said it increased its share buyback program by $2.5 billion to $6.5 billion. Marathon shares gained 0.9%.
– WALLSTREET JOURNAL
Business
Adoption of AI Feature as NIPetGE Pays Courtesy Call at NNPC Ltd
Enhanced adoption of artificial intelligence and other digital technologies to improve operations in Nigeria’s oil and gas industry is taking the centre stage in relevant circles.
The issue came up strongly when the President-elect of the Nigerian Institute of Petroleum and Gas Engineers NIPetGE, Prisca Kanebi, paid a courtesy call at the Nigerian National Petroleum Company Limited (NNPC Ltd), Abuja.
Biztellers reports that the Kanebi led delegation was received by the Group Chief Executive Officer of the NNPC Ltd, Bayo Ojulari, represented by the Executive Vice President, Gas, Power and New Energy, Olalekan Ogunleye.
According to a statement made available on Sunday, discussions at the meeting focused on the future of Nigeria’s hydrocarbon industry amid global energy transition concerns, technological changes and sustainability targets.
ALSO READ: NNPC Ltd, IOCs Raise Crude Supply to Local Refineries by 103% in 4 Months
The statement indicated that the NNPC Ltd acknowledged the role of NIPetGE in policy advocacy, technical development and innovation within the sector.
Speaking during the meeting, Kanebi highlighted recommendations from the institute’s recent conference, including the proposed establishment of a national centre for intelligent energy systems to support the deployment of artificial intelligence, the Internet of Things and robotics across the petroleum value chain.
She also commended the Federal Government’s decarbonisation efforts and reiterated the institute’s support for policies aimed at improving sustainability in the industry.
The institute also recommended the creation of a hydrocarbon-linked emissions trading system to allow Nigeria to take part in global carbon markets.
The institute also proposed fiscal incentives to support local manufacturing and service delivery in the oil and gas sector, as well as the expansion of the Energy Transition Plan to include measurable upstream decarbonisation targets backed by tax credits.
Other proposals included increased public-private partnerships in emission control infrastructure, carbon capture projects and hybrid renewable energy initiatives.
Both organisations also stressed the need for stronger collaboration between industry and academic institutions to improve professional capacity and align petroleum engineering practice in Nigeria with international standards.
The institute further disclosed that its bill seeking chartered status had passed second reading and was progressing towards a third hearing at the National Assembly.
It added that NNPC Ltd pledged support for future collaborations with the institute on initiatives aimed at improving efficiency and innovation in the energy sector.
Business
FHC Orders NUPRC to Comply with PIA
Business
Local Firms Lead Revival of Idle Oil Wells – SPE
Nigeria’s indigenous oil and gas companies are reopening dormant wells and ramping up production from assets acquired from international oil companies (IOCs) to boost crude oil output.
The Society of Petroleum Engineers (SPE), Nigeria Council, made the assertion through its Chairman, Francis Nwaochie, on the sideline of the Offshore Technology Conference (OTC) which ended at the weekend in Houston, Texas.
Nwaochie said indigenous operators were already taking advantage of opportunities created by disruptions in the global energy market to increase production from existing assets.
According to him, local firms that recently acquired onshore and shallow water assets from IOCs were aggressively reviving inactive wells and maximizing available infrastructure to raise output levels.
“What we are seeing now is that indigenous companies are reopening wells from the assets they acquired from the IOCs. Some of them have almost doubled production from those existing assets,”.
He explained that the renewed focus on dormant wells and existing facilities had become critical at a time the global oil market was facing supply shortages triggered by geopolitical tensions in the Middle East.
The SPE Nigeria Council Chairman noted that Africa, particularly Nigeria, was well positioned to benefit from the supply gap because of the continent’s relative stability compared to some other oil-producing regions.
“There is a huge opportunity for Africa right now. The focus is gradually shifting to Africa because of the volatile environment in many other producing regions.”
He stated that indigenous operators were leveraging digital technologies, financing opportunities and local expertise to improve production efficiency and optimise existing fields.
He added that stronger implementation of local content policies was also helping to create a more stable operating environment for oil and gas investments.
“Local content is very critical. Once communities and local companies clearly understand their roles and benefits, then you create peace across the industry. Business only thrives in peaceful environments.”
ALSO READ: Nigerian Navy Recovers Large Cache of Illegal Refined Petroleum Products
Nwaochie also stressed the need for Nigeria to move beyond crude oil production and begin developing indigenous technologies for the energy industry.
According to him, SPE Nigeria Council was actively supporting innovation and technology development among young Nigerian engineers and researchers.
He disclosed that the association was engaging the National Universities Commission(NUC) on reforms to engineering curricula in universities to better prepare graduates for the future of the energy industry.
“One of our major focuses in SPE is technology development. We should not only import machines and equipment, we must begin to develop our own technologies locally.”
Nwaochie revealed that SPE was already supporting local innovators working on technologies such as remotely operated underwater vehicles (ROVs), noting that indigenous technology development will strengthen Nigeria’s economy and deepen local participation in the oil and gas sector.
“We may not get everything right immediately but we must start somewhere. That is how countries that dominate the global energy industry built their capacities.”





