Theft sparks Nigeria kerosene shortage, tanker jam

(Reuters) - Constant theft of kerosene from a pipeline near Nigeria's largest city Lagos has caused a shortage across the country and long tanker queues offshore, the head of the national oil company said on Tuesday.

Thieves regularly bore into the fuel pipeline near the country's main import terminal at Atlas Cove, siphoning fuel into jerry cans for sale on a thriving black market.


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Cocoa Declines as Nigerian Bean Graders End Strike, Easing Supply Concerns

(Bloomberg) -- Cocoa fell in New York after
government workers ended a strike in Nigeria, the world's
fourth-largest producer, easing supply concerns.

Civil servants in Nigeria's main cocoa-growing state of
Ondo, including those who grade the quality of newly harvested
beans, walked out July 17 to demand higher pay, Akinwale Ojo,
executive secretary of the Cocoa Association of Nigeria, said
from Akure, Ondo's capital. Cocoa gained 1.2 percent last week.


Read more at Bloomberg Commodities News

Nigeria's Intercontinental Bank eyes acquisitions

(Reuters) - Nigeria's largest bank by capital, Intercontinental Bank Plc, may consider buying a smaller institution as long as a deal helps achieve its growth objectives, its chief executive told Reuters.

"The bank is not averse to acquiring other smaller banks, but this will be done in deference to our own growth objectives," CEO Erastus Akingbola said.


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Nigerian inflation climbs to 6.4 pct in June

(Reuters) - Nigerian consumer price inflation accelerated to 6.4 percent year-on-year in June from 4.6 percent in May, the National Bureau of Statistics said on Friday -- a setback to government which has made low inflation a priority.

"The rise in the index was caused mainly by increase in the price of some food items, fuels, some building materials, transportation and services," the bureau said in a statement.


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Likely Nigeria finmin wants prudent government spending

(Reuters) - A Nigerian central banker who is widely expected to be the next finance minister said on Tuesday government should limit its spending to help control inflation and deregulate key sectors to spur private sector growth.

Shamsuddeen Usman, deputy governor of the central bank in charge of operations, said Nigeria's windfall oil revenue savings should be used prudently for capital projects to avoid the boom-and-bust cycles that plagued the economy in the past.


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Corrected: Oil hovers at 11-month high on supply worries

(Reuters) - U.S. crude for August delivery was 6 cents higher at $73.99 a barrel -- a fresh 11-month high and getting nearer the record high of $78.40 set in July 2006.




Analysts and traders said oil prices are likely to creep higher on bullish demand sentiment and as political tensions in major producers Iran and Nigeria continue to persist.


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Crude Oil Trades Near 10-Month High on Nigeria Risks, U.S. Gasoline Demand

(Bloomberg) -- Crude oil was little changed in New
York near a 10-month high on concern unrest in Nigeria may
disrupt shipments and U.S. gasoline supplies may be insufficient
during the peak summer demand period.

Crude output from Nigeria, Africa's biggest producer, is
threatened by insecurity, Total SA Chief Executive Officer
Christophe de Margerie said July 7. U.S. gasoline stockpiles are
3.5 percent below their five-year average, the Energy Department
said July 5.


Read more at Bloomberg Energy News

Crude Oil Trades Near a 10-Month High on Nigeria, North Sea Supply Risks

(Bloomberg) -- Crude oil was little changed near a
10-month high on concern unrest in Nigeria and maintenance of a
North Sea oil field will reduce supplies.

The main militant group in Nigeria's oil-producing Niger
River delta region condemned the kidnapping of a 3-year-old
British girl. Brent oil, produced in the North Sea, is also
rising because of planned maintenance at a field in the region.
Refineries in California, Texas and Kansas have shut or slowed
operations this week.


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Nigerian Militants Condemn British Girl's Kidnapping, Promise Punishment

(Bloomberg) -- The main militant group in Nigeria's
oil-producing Niger River delta region condemned yesterday's
kidnapping of a 3-year-old British girl and vowed to punish the
abductors.

``We will not condone attacks on children,'' Jomo Gbomo, a
spokesman for the Movement for the Emancipation of the Niger
Delta, or MEND, said today in an e-mailed response to questions.
``We have directed that the abductors be found and punished.''


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Nigerian naira slips against dollar on liquidity ease

(Reuters) - The Nigerian naira slipped to 127.25 to the greenback on the interbank market on Thursday from 127.20 on Tuesday on a slight easing in naira liquidity in the market, traders said.

The central bank reopened its repo window on Thursday to allow retail banks that required cash borrow to ease the tight liquidity that had forced them to sell their dollar holdings for the naira earlier in the week, dealers said.


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Oil drops $1, eyes on US stocks, Nigeria exports

(Reuters) - Oil fell $1 a barrel on Tuesday as investors weighed ample fuel stocks in top consumer the United States and the potential for higher Nigerian crude exports.

London Brent crude, now a better gauge of the global market than U.S. oil, dropped $1.04 to $70.32 a barrel by 1419 GMT, after gaining 18 cents on Monday. U.S. crude slid $1.05 cents to


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Canadian Stocks Decline on Metals, Crude Oil Prices; Talisman Shares Fall

(Bloomberg) -- Canadian stocks declined for a fourth
time in five days, led by such energy and raw-materials producers
as Talisman Energy Inc. and Teck Cominco Ltd., as prices for crude
oil, copper and gold declined.

Oil futures fell from a nine-month high in New York after a
strike in Nigeria ended. Copper dropped a third day in London on
concern that Asian demand may be slowing, while gold declined on
speculation a drop in European equity markets may cut demand for
bullion.


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Oil slides $1 as Nigeria supply worries ease

(Reuters) - Oil prices fell by more than $1 to near $70 on Monday after Royal Dutch Shell said it was preparing to resume exports from a Nigerian oilfield abandoned over a year ago because of militant attacks.

The news came two days after Nigerian unions ended a general strike that had threatened to halt shipments from Africa's biggest oil producer.


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Nigerian unions dig in for a long strike

(Reuters) - Nigerian unions dug in for a long battle with the government on Friday after the collapse of talks on the third day of a general strike over fuel prices.

Unions threatened to extend the strike, which has already crippled most sectors of the economy, to essential services such as water and power.


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Oil rises above $71 on Nigeria strike fears

(Reuters) - Oil prices rose above $71 a barrel on Friday on fears a general strike in Nigeria could intensify and disrupt crude shipments from the world's eighth-largest exporter.

London Brent crude, currently seen as the best benchmark of world oil prices, settled up 96 cents at $71.18 a barrel, after trading as high as $71.50 during the day.


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Nigerian inflation climbs to 4.6 pct in May

(Reuters) - Nigerian year-on-year consumer price inflation climbed to 4.6 percent in May from 4.2 percent the previous month, the National Bureau of Statistics (NBS) said on Friday.

The composite consumer price index rose by 0.5 percent to 161.9 in May compared to 161.1 percent in April, the bureau said in its latest monthly report.


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Crude Oil Falls Amid Speculation Nigerian Strike Won't Disrupt Its Exports

(Bloomberg) -- Crude oil fell as some analysts and
traders speculated a strike in Nigeria would fail to affect exports
from Africa's largest producer.

Oil workers left Nigeria's export terminals yesterday as part
of a general strike protesting an increase in domestic fuel prices
and taxes. Oil traders and analysts doubt the strike has further
disrupted supplies from Nigeria. About a third of the nation's
output was already halted by political and criminal violence.


Read more at Bloomberg Commodities News

Nigeria Strike Continues After Government, Unions Fail to Reach Agreement

(Bloomberg) -- A nationwide general strike in Nigeria,
Africa's biggest oil producer, continued for a third day after
labor unions and the federal government failed to reach an
agreement over an increase in domestic fuel prices.

Peter Akpatason, the president of the National Union of
Petroleum & Natural Gas Workers, or Nupeng, said the next meeting
was scheduled for 9 a.m. today. Yesterday, oil unions withdrew
workers for export terminals in a bid to halt exports and intensify
pressure on the new administration of President Umuru Yar'Adua.


Read more at Bloomberg Emerging Markets News

Oil Rises, Approaches $70, as Nigerian Strike Spreads to Export Terminals

(Bloomberg) -- Crude oil rose after Nigerian oil
workers left the country's export terminals, amid a nationwide
general strike in Africa's largest crude producer.

Nigerian unions increased pressure on the government in the
second day of the strike, protesting increases in taxes and fuel
prices. The Petroleum & Natural Gas Senior Staff Association of
Nigeria, or Pengassan, will hold more talks with the government
today, said Lumumba Okugbawa, a spokesman for the group.


Read more at Bloomberg Energy News

Crude Oil Falls on Expectations U.S. Will Report Rising Gasoline Supplies

(Bloomberg) -- Crude oil fell from near a nine-month
high amid expectations U.S. gasoline stockpiles will rise.

A U.S. Energy Department report today will probably show the
country's gasoline supplies grew last week for the seventh straight
week, according to analysts surveyed by Bloomberg News. Crude rose
5.7 percent over the past five sessions before a general strike
started today in Nigeria, Africa's biggest oil producer.


Read more at Bloomberg Energy News