Oil
BTC to outperform ‘most major assets’ in H2 2022 — Bloomberg analyst
Senior commodity strategist at Bloomberg Intelligence, Mike McGlone, stated October has historically been the best month for Bitcoin (BTC) since 2014, averaging gains of about 20% for the month, and that commodities appearing to peak could imply that Bitcoin has reached its bottom. In an Oct. 5 Bloomberg Crypto Outlook report, McGlone says while the rise of interest rates globally is putting downwards pressure on most assets, Bitcoin is gaining the upper hand when compared with commodities and tech stocks like Tesla, with the report noting: “When the ebbing economic tide turns, we see the propensity resuming for Bitcoin, Ethereum, and the Bloomberg Galaxy Crypto Index to outperform most major assets.” McGlone notes that Bitcoin has its lowest ever volatility against the Bloomberg Comm...
Bitcoin stems losses after US bans Russian oil, gold heads to record highs
Bitcoin (BTC) erased then recovered its daily gains later on March 8 as United States President Joe Biden announced a complete ban on Russian oil imports. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC comes full circle, while gold steals the show Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it targeted $38,000 an hour after Tuesday’s Wall Street open. Having hit $39,240, the pair swiftly changed trajectory as Biden confirmed the plans, which added to oil’s already strong gains and further pressured stocks and risk assets. “Today, I’m announcing that the United States is targeting the main artery of Russia’s economy,” he said at a press conference. “We’re banning all imports of Russian oil and gas and energy. That means that Russia...
Bitcoin steadies as gold hits $2K, US dollar strongest since May 2020
Bitcoin (BTC) stayed near one-week lows on March 7 as a flight to safety among investors did crypto markets no favors. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Gold, dollar spell sour times for stocks Data from Cointelegraph Markets Pro and TradingView showed BTC/USD bouncing at around $37,600 overnight before tracking around $1,000 higher. The pair had faced pressure into the weekly close, resulting in its lowest levels this month amid reports that Western sanctions against Russia could expand to include an oil embargo. An already panicky atmosphere thus fueled performance by safe haven gold, which returned to $2,000 per ounce for the first time since August 2020 Monday. XAU/USD 1-week candle chart. Source: TradingView Coming in step was the U.S. dollar, which surg...
Nigerians urged to reject PIB for failing to address key issues
Socially relevant and need-meeting organisations in partnership with civil society movements have called on Nigerians to massively reject the long-expected PIB as it has failed to address fundamental issues. Rather the organisations said that the outcome of PIB was mischievous and would compound the problems of the communities, just as it would create another avenue to make the rich even richer while the suffering communities continue to languish in difficulty and poverty. The coalition group said the PIB “failed to properly address the lingering issues of the oil and gas host communities” submitting that the recent position on critical issues is a far cry from the yearnings of oil and gas host communities. “The current version of the Petroleum Industry Bill failed to address community, ec...
NLC urges National Assembly to transform NNPC to public liability company
The Nigeria Labour Congress has cautioned the National Assembly to handle with utmost care what it described as the very sensitive issue of the unbundling of the Nigeria National Petroleum Corporation. It urged the lawmakers to transform the NNPC to a public liability company as part of the reforms of the oil and gas sector captured in the Petroleum Industry Bill. The NLC President, Ayuba Wabba, said this on Tuesday, in a statement lauding the passage of the PIB titled, ‘Congress commends the national assembly for passing the petroleum industry bill – demands that the NNPC be transformed into a public liability company.’ It stated, “We know that the process of making the PIB a law has not been completely consummated as the passed bill would still need to be harmonized by a conference of th...
Nigerian government set to tackle oil, gas infrastructure vandalism with skills acquisition
The Federal Government has expressed plans to create a reorientation programme aimed at engaging the youth in skills acquisition to address oil and gas infrastructure vandalism. The Minister of Niger Delta Affairs, Sen. Godswill Akpabio, stated this at a Town Hall Meeting on “Protecting Oil and Gas Infrastructure” on Monday in Abuja. Newsmen report that the town hall meeting was organised by the Federal Ministry of Information and Culture. Akpabio said that the programme would be targeted at the pupils and students of primary and secondary school across the nine states in Niger Delta. He explained that the Federal Government was currently meeting with stakeholders, traditional rulers, youth groups and all others from one state to the other. “We are setting up skills acquisition centres, we...
PIB: Ijaw leaders reject ‘disgusting, provocative’ bill
The leadership of the Ijaw nation has rejected the Petroleum Industry Bill (PIB) just passed into law by the National Assembly describing it as disgusting and provocative. The leaders also called on the Minister of State for Petroluem Resources, Chief Timipre Sylva, to use this opportunity to write his name in gold, and on the side of prosperity by standing firm with the Ijaw people against their oppressors. President of the Ijaw National Congress (INC), the umbrella body of the Ijaw people, Prof Benjamin Okaba in a packed press conference, he addressed at the Ijaw House, headquarters of INC in Yenagoa, Bayelsa State, declared that the Ijaw nation rejects in its entirety the 3% and 5% provisions as compensation, the redefinition of host communities and other provisions including the alloca...
PIB: IPMAN commends National Assembly for inclusion of PEF
The Independent Petroleum Marketers Association of Nigeria has commended the National Assembly for the inclusion of the Petroleum Equalisation Fund in the newly passed Petroleum Industry Bill. The Public Relations Officer of IPMAN, Yakubu Suleiman, gave the commendation on Sunday in a statement. Suleiman said the legislative arm of government had demonstrated that it was sensitive to the yearnings of majority of Nigerians for a permanent solution to the energy problems in the country. He said the entire content of the bill as passed by the Senate would serve as a catalyst for the inflow of the much desired foreign direct investment to boost the economy. He said: “The much awaited Petroleum Industry Bill has come to ease Nigerians of the pains that necessitated the call for the Bill in the ...
PANDEF cautions Nigerian government over Nnamdi Kanu, Sunday Igboho, others
The Pan Niger Delta Forum (PANDEF) has cautioned the Federal Government over some of its recent actions, warning that the government should consider the consequences of treating with contempt, the 16-Point Agenda it presented to President Muhammadu Buhari in November 2016. The group also condemned the midnight raid on the house of Yoruba Nation agitator, Sunday Adeyemo, popularly called Sunday Igboho and cautioned the Government’s plan to identify the sponsors of the rearrested leader of the Independent People of Biafra (IPOB), Nnamdi Kanu. The socio-cultural organization said the action of the government has caused the Niger Delta youths to declare a vote of no-confidence on PANDEF because it was the leaders of the region that requested them to stay action when they took a decision to cri...
PDP salutes Governor Obaseki at 64
The Peoples Democratic Party (PDP) has congratulated Gov. Godwin Obaseki of Edo State as he marks his 64th birthday. The party, in a statement by its National Publicity Secretary, Mr Kola Ologbondiyan, in Abuja on Thursday described Obaseki as a courageous leader. He also described him as a brilliant technocrat, highly resourceful and ingenious administrator. The party spokesman said that Obaseki had continued to exhibit an exceptional commitment towards the unity, stability and development of not only Edo State but the nation at large. Ologbondiyan said that the PDP was proud of the outstanding achievements recorded by Obaseki in the development of Edo State, particularly in the critical sectors, in line with the manifesto of the party. The sectors, according to him, include infrastructur...
Presidency: Niger Delta Avengers’ threat unnecessary
File Photo The Presidency on Sunday reacted to the threat by the Niger Delta Avengers to bomb oil installations if some demands were not met by federal government, saying the recent threat of force by the Avengers is unnecessary. It, however, said it was curious that the threat was coming barely 48 hours after President Muhammadu Buhari met with the leadership of the Niger Delta and Ijaw National Congress (INC), at the State House, Abuja and the germane issues, especially call for restructuring of the federation, and the inauguration of a Board for the Niger Delta Development Commission (NDDC), had been thrashed out. A release on Sunday by the Media Adviser to the President, Femi Adesina, stressed that the media was Sunday awash with threats and demands by a group, Niger Delta Avengers, to...
Petrol smuggling: Nigerian government using device to track trucks, smugglers
The Federal Government says it has facilitated the use of a tracking device to track every truck loading petroleum product from any of its depots as part of efforts to nip smuggling in the bud and arrest culprits. Minister of State for Petroleum Resources, Chief Timipre Sylva, said this at a forum organised by the News Agency of Nigeria (NAN) to gauge the achievements recorded in the oil and gas sector in the last two years. Sylva noted that a lot had been achieved in the industry but that the activities of smugglers had continued to overshadow the successes especially as it concerned fuel subsidy and the quantity of petroleum products consumed in the country. “This is one big question that we try to answer ourselves because when we look at the number of load-outs from our depots every day...
