SOLID MINERALS SECTOR UPDATE Nigeria Targets … Weekly - Vol...3 The United States Government’s...
Transcript of SOLID MINERALS SECTOR UPDATE Nigeria Targets … Weekly - Vol...3 The United States Government’s...
Editorial Team
Marcel OkekeEditor
Eunice SampsonDeputy Editor
Joy Patrick-AkpanKazeem Aremu
Sunday Enebeli-UzorUgochi Chibuzor Nweke
Chinemerem OkoroResearch Economists
Rotimi Arowobusoye
Sylvester Ukut
Layout/Design
August 19, 2016 | Vol.11 No.33
Nigeria is seeking investments worthUS$7 billion in the mining and steel in-dustry over the next decade, with par-ticular focus on the development of thegold and iron ore extraction industries.To this end, the government is workingout plans to address the fundamentalprerequisites that would create the en-abling environment to attract foreigndirect investment in the sector... pg. 1
The United States Government’s Over-seas Private InvestmentCorporation(OPIC) has committed toinvesting about $213m in the first phaseof the OMA Power Project. The OMAPower Project is a three-phased, greenfield gas-fired power plant co-devel-oped by Geometric Power Limited(GP), a Nigerian independent powerproducer and General Electric (GE) ofthe United States of America... pg. 3
The Central Bank of Nigeria (CBN) haslaunched an online collateral registry,according to a World Bank report. Thecollateral registry was developed withthe support of the World Bank Groupto allow low-income people and small-scale entrepreneurs to secure loansagainst movable assets such as machin-ery, livestock, and inventory... pg. 4
On Monday, August 15, 2016, the Fed-eral Government launched the agricul-tural sector roadmap, known as “TheGreen Alternative: Agriculture Promo-tion Policy, 2016-2020.” The vision ofthe government is to boost food pro-duction and create high quality exportcommodities in the country, accordingto the Minister of Agriculture and Ru-ral Development, Chief Audu Ogbeh...pg. 6
The World Bank’s Board of ExecutiveDirectors have approved their safe-guard policies, a new Environmentaland Social Framework that expandsprotections for people and the environ-ment in Bank-financed investmentprojects. According to the World Bank,the framework states requirements bor-rowing governments will have to ad-dress on certain environmental andsocial risks in order, to receive WorldBank’s support for investmentprojects... pg. 8
Nigeria is seeking investments worth
US$7 billion in the mining and steel in-
dustry over the next decade, with particu-
lar focus on the development of the gold
and iron ore extraction industries. To this
end, the government is working out plans
to address the fundamental prerequisites that
would create the enabling environment to at-
tract foreign direct investment in the sector.
The nation’s primary concern is to meet the
annual steel demand of 6.8 million metric
tonnes, from a current output of a third of
Source: National Bureau of Statistics
Nigeria Targets US$7bn Investment in Mines,Steel Industry
SOLID MINERALS SECTOR UPDATE
2
that, produced mainly from scrap iron, according to the
Minister of Solid Minerals Development, Dr. Kayode
Fayemi.
The solid minerals sector is considered a very stra-
tegic and important productive sector of the economy,
particularly in the effort to diversify the nation’s oil-de-
pendent economy. There are over 40 different types of
minerals spread across the country, including gold, bar-
ite, bentonite, limestone, coal, bitumen, iron ore, tanta-
lite/columbite, lead/zinc, barites, gemstones, granite,
marble, gypsum, talc, iron ore, lead, lithium, silver, etc.
However, not all the minerals are available in commercial
quantities. Even the ones available in commercial quan-
tities are not fully tapped.
Current Production Level & KeyActive States
According to available data collated from registered
stakeholders in the industry by the National Bureau of
Statistics (NBS), Nigeria produced about 36,000 tonnes
of coal and nearly 9,000 tonnes of metal Ore in 2010.
However, it produced around 28 million tonnes of other
minerals in the same year. Mining and quarrying activi-
ties rose significantly in 2014 with 386,000 tonnes of
coal and 38,000 tonnes of metal ore produced. Other
mining and quarrying stood at 40 million tonnes.
However, activities in this sector nose-dived con-
siderably in 2015 amid economic and sector-specific chal-
lenges like lack of funding and insecurity. Ogun, Kogi,
Cross River, Oyo and the Federal Capital Territory (FCT)
were key active states where major mining activities were
carried out, with these states accounting for more than
70 per cent of total mining and quarrying activities in the
country, according to NBS.
Government Strategic Plan andOutlook
As part of the strategies to reform the sector, the
Ministry of Solid Mineral Development has identified some
strategic minerals, namely, iron ore, lead/zinc, bitumen,
nickel, coal and gold for priority development. The min-
istry is targeting about US$5billion worth of investments
to kick-start commercial mining of these minerals in the
next two to five years. To attract investors and create
enabling environment, the Ministry is set to present a
mining plan and later a bill proposing the creation of a
regulator for the sector. With these steps, the govern-
ment is repositioning Nigeria to regain her status as an
exporter of solid minerals. This holds great opportunities
for investors, government and the economy at large.
Nigeria targets US$7bn investment in mines, steel industry
Source: National Bureau of Statistics (NBS)
Year Coal Metal Ore
Other Mining &
Quarrying
2010 35,713.19 8,819.16 27,806,845.43
2011 13,427.15 14,256.01 21,864,614.05
2012 62,409.95 4,164.33 34,723,946.65
2013 40,359.59 28,634.62 45,353,317.11
2014 385,893.73 37,741.75 51,935,307.51
2015 144,880.33 22,638.96 39,851,770.63
Mining and Quarrying ProductionLevel In Nigeria (In Tonnes) (2010 – 2015)
3
The United States Government’s Overseas Private
Investment Corporation(OPIC) has committed to invest-
ing about $213m in the first phase of the OMA Power
Project. The Project is a three-phased, green field gas-
fired power plant co-developed by Geometric Power Lim-
ited (GP), a Nigerian independent power producer and
General Electric (GE) of the United States of America.
The 1080MW capacity project is located in Abia
State, Nigeria. The first phase of the Power project is a
500MW (gross) simple cycle plant driven by General Elec-
tric Frame 9 turbines. It has an option for expansion and
upgrade to a 1080MW combined cycle facility in its sub-
sequent phases. Also, the plant will be run on natural gas
which is abundant in, and readily available from the nearby
Niger Delta area. The output will be delivered to its cus-
tomers through the national grid. However, although the
facility is scheduled to commence supply of power to the
national grid in late 2017, the first phase of the project
generating 500 MW is expected to be completed in 2019.
Electricity is widely accepted as a basic necessity
of life, needed for domestic, commercial and industrial
purposes. Nigeria, with a population of over 170 million,
has installed power capacity that fluctuates between 6,000
to just over 7,000 MW. But the country is incapable of
generating adequate power to meet its increasing con-
sumption demands. Consequently, Nigeria experiences
severe electricity shortages that are hampering economic
growth and development. According to the Minster of
Power, Works, and Housing, Babatunde Fashola, the
country’s power generation capacity is presently down to
about 2,500 MW from 4500 MW in 2015. About 68 per-
cent of this energy is generated from hydroelectric, while
31 percent and 1 percent are produced from biomass/
waste and fossil fuels respectively.
POWER SECTOR UPDATE
New Power Project: US to Partner Local IPP
Source: International Energy Statistics
4
Collateral Registry Established to IncreaseAccess to SME Financing
BUSINESS UPDATE
The Central Bank of Nigeria (CBN) has launched
an online collateral registry, according to a World Bank
report. The collateral registry was developed with the
support of the World Bank Group to allow low-income
people and small-scale entrepreneurs to secure loans
against movable assets such as machinery, livestock, and
inventory. According to the report, there is an estimated
37 million micro, small, and medium-size enterprises
(MSMEs) in Nigeria and their contribution to economic
growth and job creation is significant. However, many of
these smaller players struggle to gain access to the capi-
tal they need to grow their businesses, since they lack
traditional collateral such as land and buildings.
According to the World Bank, the initiative will help
This inadequacy in meeting the local energy con-
sumption need has created a huge gap,compelling Nige-
rian businesses and individuals to use generators much
of the time as alternative energy sourcs of power supply.
In line with the compelling need for alternative energy
sources in Nigeria, GP has identified an opportunity to
provide gas-powered electric to support the national grid
and boost the nation’s electricity supply. The company is
now partnering with foreign investors to achieve this
objective
Source: International Energy Statistics
OutlookNigeria is facing tremendous challenges in power
generation and supply. Government needs to provide more
access to private companies involved in the business of
gas production as a way of addressing this problem. If
supported by favorable government policies and construc-
tive joint ventures arrangement, Nigeria could achieve
12,000 megawatts of electricity generation in the next
five years.
New Power Project: US to Partner Local IPP
5
improve access to finance for MSMEs and more
broadly the financial inclusion agenda in Nigeria. A
survey conducted by the project team shows that
only 31% of MSMEs in Nigeria currently have a loan
with a bank or a microfinance institution. Personal
savings and business income are the most impor-
tant sources of capital for financing smal businesses
in the country. At the same time, 82% of financial
institutions surveyed said inadequate collateral is
the most common challenge hampering loans to this
sector.
The National Collateral Registry of Nigeria
operationalizes Part III of the Central Bank of
Nigeria’s Regulations on Registration of Security
Interests in Movable Property by Banks and other
Financial Institutions. It is a web-based system that
allows lenders to determine any prior security inter-
ests, as well as to register their security interests
over movable assets provided as collateral. The Col-
lateral Registry facilitates the use of movable/per-
sonal assets as collateral that remains in posses-
sion or control of the borrowers and is expected to
improve access to secured finance.
Experience from other climesAccording to the World Bank, in smaller countries
such as Ghana and Liberia, collateral registries estab-
lished with the support of the World Bank Group have
already proven to have a catalytic effect on the econo-
mies. For instance, the collateral registry has facilitated
$1.3 billion in financing for the small-scale business sec-
tor in Ghana since it was established in 2010 and $12
billion in total investment in the corporate sector using
movable assets as collateral.
Benefits of the CollateralRegistry
According to the report, the benefits of the collat-
eral registry include enabling businesses to leverage their
assets to obtain credit for growth, improve assets liquid-
ity especially short-term assets, and allow asset diversi-
fication as well as reduce cost and promote prudent lend-
ing. According to the National Collateral Registry, given
the opportunities in agri-business among others, the col-
lateral registry regime allows Nigerian farmers and en-
trepreneurs to unlock significant sources of capital with
assets that would otherwise not be looked at by lenders
as collateral.
Collateral Registry Established to IncreaseAccess to SME Financing
6
Nigeria Unviels New Agriculture Promotion Policy
AGRICULTURAL SECTOR UPDATE
On Monday, August 15, 2016, the Federal Govern-
ment launched the agricultural sector roadmap, known
as “The Green Alternative: Agriculture Promotion Policy,
2016-2020.” The vision of the government is to boost
food production and create high quality export commodi-
ties in the country, according to the Minister of Agricul-
ture and Rural Development, Chief Audu Ogbeh.
The objective of the Green Alternative: Agriculture
Promotion Policy, 2016-2020.” include the following:
• Grow the integrated agriculture sector to 6% - 12%
of GDP by 2020, allowing agricultural household in-
come to double in 6 – 12 years
• Integrate agricultural commodity value chains into the
broader supply chain of Nigerian and global industry,
driving job growth, increasing the contribution of ag-
riculture to wealth creation
• Promote the responsible use of land, water, and other
natural resources to create a vibrant agricultural sec-
tor
• Facilitate the government’s capacity to meet its obli-
gations to Nigerians on food security, food safety and
quality nutrition
• Create a mechanism for improved governance of ag-
riculture by the supervising institutions, and improv-
ing quality of engagement between the Federal and
State Governments
The vision of the present government for agricul-
ture is to work with the principal stakeholders to build an
agribusiness economy capable of delivering sustained
prosperity by meeting the goal of self-sufficiency and food
security, quality exports for enhanced foreign exchange
earnings, and supporting sustainable income and job
growth.
To implement the set goals, the FMARD will create
an implementation plan and timeline for the policy and
convene key stakeholders to share emerging cost, deci-
sion, and implementation plan. The Ministry will also set
up a dedicated implementation support team that will
act as an analytical engine as well as project manage-
ment office for tracking the performance of the policy.
Recently, the Agricultural Transformation Agenda
(ATA), 2011-2015, was launched by immediate past ad-
ministration to provide sustainable agriculture through
agric business in partnership with the private sectors and
other stakeholders. The ATA was a good platform to re-
engage key stakeholders in Nigerian agriculture to shift
focus towards a focused and self-sustaining agribusiness.
It set a target of creating 3.5 million jobs by 2015; gen-
erating foreign exchange, and reducing spending on food
Policy Matrix Summary
Source: Federal Ministry of Agriculture and Rural Development
7
imports. However, the ‘Green Alternative” aimed at clos-
ing the major gaps in ATA, as Nigeria still imports about
$3 to $5 billion worth of food annually, mostly wheat,
rice, fish and sundry items, including fresh fruits, accord-
ing to the Federal Ministry of Agriculture and Rural De-
velopment.
Opportunities:• The new federal Agricultural Promotion Policy (APP)
focuses on solving the core issues at the heart of lim-
ited food production and delivery of high quality
exportables
• Could boost export markets with positive impacts on
Nigeria’s balance of payments
• Export’s proceeds could ease the liquidity squeeze at
the new FX interbank market
• Income opportunity through project financing of agri-
business
• The federal government would deploy 100,000 agric
extension workers to assist farmers to implement the
policy.
• The Bank of Agriculture would be recapitalised and
repositioned to meet farmers’ financial need by giving
them a single digit interest rate and low interest
Challenges:• Nigeria is unable to meet domestic food requirements.
This problem is a productivity challenge driven by an
input system and farming model that is largely ineffi-
cient.
• Also, the country could not export at quality levels
required for market success. This challenge is driven
by an equally inefficient system for setting and enforc-
ing food quality standards, as well as poor knowledge
of target markets.
• Insufficient food testing facilities, a weak inspectorate
system in FMARD, and poor coordination among rel-
evant federal agencies serve to compound early stage
problems such as poor knowledge of permissible con-
taminant levels.
OutlookThe FMARD’s is expected to prioritize investment in
systems and markets initially, and then shift focus to boost-
ing productivity so that farmers and other investors can
earn the highest possible return on their increased out-
put. Nevertheless, policy-actions linkage has been the bane
of Nigeria’s vision towards self-sufficiency in agricultural
production and economic development. But given a well
monitored implementation of the policy, the ‘Green Alter-
native’ may be the new light at the end of the tunnel.
Source: Federal Ministry of Agriculture and Rural Development
Gaps in Nigeria Demand and Supplyacross Key Crops and Activities (2016 Estimate)
Nigeria Unviels New Agriculture Promotion Policy
8
World Bank’s Environmental and Social Framework:Nigeria, Other to Comply
SUSTAINABILITY UPDATE
The World Bank’s Board of Executive Directors have
approved their safeguard policies, a new Environmental
and Social Framework that expands protections for people
and the environment in Bank-financed investment
projects. According to the World Bank, the framework
outlines environmental and social risk requirements that
borrowing governments will have to address on certain
environmental and social risks in order, to receive World
Bank’s support.
The World Bank safeguard policies are the corner-
stone of Bank support for sustainable poverty reduction
and the key to effective development. In response to a
changing global context, the Bank adopts environmental
and social safeguards to achieve its twin goals of ending
extreme poverty and boosting shared prosperity. Accord-
ingly, the safeguards review concludes nearly four years
of analysis and engagement around the world with gov-
ernments, development experts, and civil society groups,
reaching nearly 8,000 stakeholders in 63 countries in-
cluding Nigeria.
The key objectives of the Safeguard include; Sup-
porting integration of environmental and social aspects
of projects into the decision making process; Provision
of a mechanism for addressing environmental and social
issues in program and project design, implementation
and operation; Identifying and managing impacts and
risks; Providing a framework for consultation and disclo-
sure. The World Bank Safeguard Policies demand that
prior to financing projects, assessments of Impacts, Risks
and Sustainability are carried out in the following areas.
• Environmental assessment
• Natural habitats
• Forests
• Pest management
• Physical cultural resources
• Access to information policy subject to independent
inspection
• Involuntary resettlement
• Indigenous peoples
• Safety of dams
• Projects involving international waters
• Projects in disputed areas
Nigeria like all developing countries in the world
seeks economic growth and development. This depends
in part on providing infrastructure and facilities that im-
prove people’s lives and expand economic opportunities.
As it is common with other developing countries, Nigeria
often turns to the World Bank to help finance infrastruc-
ture and service facilities. These projects are expected
to help reduce poverty and improve living conditions,
which is in line with the World Bank’s goals of ending
extreme poverty and promoting shared prosperity.
The World Bank Group has supported Nigeria with
credits worth about 14.2 billion dollars since 1958. In
addition to about 60 Trust Funds, the World Bank is cur-
rently financing 33 Core Knowledge Products Reports and
29 ongoing National and Regional projects in the coun-
try. The World Bank’s project funding in Nigeria is done
through its agencies such as
• International Bank for Reconstruction and Develop-
ment (IBRD); The IBRD provides financing, risk
management products, and other financial services
to countries.
• The International Development Association (IDA);
9
Market Highlight
World Bank’s Environmental and Social Framework:Nigeria, Other to Comply
The World Bank’s Fund which provides low-interest
loans and grants to 82 of the world’s poorest
countries.
• International Finance Corporation (IFC); The largest
global development institution focused exclusively
on the private sector, which provides strong support
to businesses in developing countries by leveraging
the power of the private sector to create jobs and
tackle the world’s biggest development challenges.
• The Multilateral Investment Guarantee Agency
(MIGA); the political risk insurance and credit
enhancement arm of the World Bank Group. MIGA’s
support helps mobilize foreign direct investment in
developing countries.
The World Bank has updated requirements to re-
flect present day realities as, experience and capacity of
many borrowers have improved. This was a result of the
need to respond to new and varied development demands
and challenges that have arisen over time.
The new Environmental and Social Framework is
expected to boost protection for people and the environ-
ment and drive sustainable development through capac-
ity building and country ownership. It is also projected to
enhance efficiency for both the Borrowing countries like
Nigeria and the World Bank. In line with this goal, the
framework places greater emphasis on the use of bor-
rowers’ existing frameworks and capacity building, with
the aim of constructing sustainable borrower institutions
Source: The World Bank
and increasing efficiency.
The primary objective of the review is to strengthen
the safeguards policies to enhance the development ef-
fectiveness of World Bank-supported projects and pro-
grams. The World Bank is also considering if and how it
could potentially address some emerging areas that are
not covered by the current safeguard policies. These in-
clude climate change; disability; free, prior and informed
consent of Indigenous People; gender; human rights;
labor and occupational health and safety; and land ten-
ure and natural resources. This is in addition to the re-
view of eight environmental and social safeguard poli-
cies – Environmental Assessment, Natural Habitats, Pest
Management, Indigenous Peoples, Physical Cultural Re-
sources, Involuntary Resettlement, Forests, Safety of
Dams – as well as the Policy on Piloting the Use of Bor-
rower Systems for Environmental and Social Safeguards.
OutlookNigeria like every other borrowing government has
to, address certain environmental and social risks to re-
ceive World Bank’s support for investment projects. The
country will have to conduct environmental and social
impact assessment, consult with communities about po-
tential project impacts and restore the livelihoods of in-
dividuals displaced by these projects. In addition, effort
should be made in several areas including; procurement
reform, climate and gender strategies, amongst other
social and environmental issues.
10
Source: Nigeria Stock Exchange (NSE)
Market Highlight
CAPITAL MARKET UPDATE
The Nigerian equities market rebounded in the
outgone week, with the bulls dominating activities in four
of the five trading days. The market performance gauge,
the All-Share Index (ASI), appreciated by 1.48 percent
or 403.44 to close at 27,650.32, from 27,246.88 recorded
in the preceding week. Market Capitalization also in-
creased by 1.48 per cent or N138 billion, climbing to
N9.496 trillion, from the N9.358 trillion recorded the pre-
vious week. Similarly, all other Indices finished higher
during the week, with the exception of the NSE Insur-
ance and NSE Oil and Gas Indices that shed 1.19 per
cent and 3.44 per cent respectively while the NSE ASeM
Index closed flat.
Investors’ sentiment was also bullish as twenty-
five equities appreciated in price during the week under
review, higher than eighteen equities of the previous
week. At the close of the week’s trading, a turnover of
1.375 billion shares worth N12.940 billion were traded
by investors in 16,915 deals, in contrast to a total of
1.361 billion shares valued at N10.711 billion that ex-
changed hands in the previous week in 16,070 deals.
Recent development• Union Bank Of Nigeria Plc released its unaudited
financial statements for the period ended June 30,
2016. Gross earnings rose to N60.069 billion, up
from the 2015 figure of N55.389 billion. Profit after
Tax rose to N8.761billion, up from the 2015 figure
of N6.458 billion.
• Avon Crowncaps & Containers Nig Plc released its
unaudited financial statements for the period ended
June 30, 2016. Gross Revenue increased to N4.077
billion, from the 2015 earnings of N3.411 billion.
However, Loss after Tax stood at N201.750 million,
as against the 2015 loss position of N27.244 mil-
lion.
• Austin Laz & Company Plc released its unaudited
financial statements for the period ended June 30,
2016. Gross Revenue rose to N130.025 million, up
from the 2015 figure of N37.265 million. However,
Loss after Tax stood at N42.162 million, as against
the 2015 loss position of N44.433 million.
11
Market Highlight
• Guaranty Trust Bank Plc released its audited finan-
cial statements for the period ended June 30,
2016.Gross earnings rose to N209.873 billion, from
the 2015 figure of N152.996 billion. Profit after Tax
rose to N77.461billion, from the 2015 figure of
N53.374 billion.
• PZ Cussons Nigeria Plc released its audited financial
statements for the period ended May 31, 2016. Gross
Revenue slipped to N69.528 billion, from the 2015
figure of N73.126 billion. Profit after Tax also dipped
to N2.129 billion, as against the 2015 figure of
N4.571 billion.
• Access Bank Plc released its audited financial state-
ments for the period ended June 30, 2016. Gross
earnings increased to N174.069 billion, up from the
2015 figure of N168.642 billion. Profit after Tax also
rose to N39.487 billion, from the 2015 figure of
N31.287 billion.
• Guaranty Trust Bank Plc announced the closure of
its register for the half year ended June 30, 2016.
Proposed Interim Dividend is 25 kobo per share;
Closure Date is 1st September 2016 and Payment
Date is 9th September 2016.
• PZ Cussons Nigeria Plc announced the closure of its
register for the year ended May 31, 2016. Proposed
Dividend is 50 kobo per share; Closure Date is 19th
September 2016, Annual General Meeting (AGM)
Date is 6th October 2016 at Transcorp Hotel, Abuja
while Payment Date is 7th October 2016.
• Access Bank Plc announced its closure of register
for half year ended June 30, 2016. Proposed In-
terim Dividend is 25 kobo per share, Closure Date is
6th September 2016, and Payment Date is 13th
September 2016.
OutlookThe Nigerian equities market rebounded in the
outgone week, after two consecutive weeks of bearish
grip. The renewed positive investor sentiment was
prompted by impressive half-year results released by some
quoted companies as well as bargain hunting activities
of speculators. In trading sessions ahead, further bar-
gain hunting is expected as discerning investors take ad-
vantage of the current entry opportunity.
Source: Nigeria Stock Exchange (NSE)
12
Crude Oil Market Highlights
Oil Market Review (August 15th - 19th, 2016)
At the close of trading on Friday, August 19th, oil
prices closed the week higher with U.S. crude posting its
biggest weekly gain since March after surging nearly 25
percent in a little over two weeks, a rally analysts cau-
tioned was not justified by fundamentals. West Texas
Intermediate (WTI) crude for September delivery settled
up 30 cents, or 0.6 percent to close the week at $48.52
a barrel on the New York Mercantile Exchange. Brent
crude for October Settlement closed just a penny lower
at $50.88 a barrel on the ICE Futures Europe. Earlier at
the beginning of trading this week on Monday, August
15th, oil prices hit five-week highs, gaining 10 percent or
more in a three-day rally as speculation intensified over
potential producer action to support prices amid a crude
glut.
On Tuesday, August 16th, oil settled up nearly 2
percent, hitting five-week highs for a second straight day
as sources at OPEC spoke of Saudi Arabia’s desire for
higher crude prices while Russia met the producer group
to discuss the market. During midweek trading on
Wednesday, August 17th, oil’s rally extended for a fifth
day, helped by a weaker dollar and an unexpected draw-
down in U.S. crude and gasoline but traders said the run
up might not last, pointing to galloping Saudi output and
technical factors. On Thursday, August 18th, oil prices
rose for a sixth straight day, with Brent crude rising above
$50 for the first time in six weeks as the world’s biggest
producers prepared to discuss a possible freeze in pro-
duction levels.
Date 15/8/2016 16/8/2016 17/8/2016 18/8/2016 19/8/2016
WTI Crude ($) 45.74 ↑ 46.58 ↑ 46.79 ↑ 48.22 ↑ 48.52 ↑
Brent Crude ($) 48.35 ↑ 49.23 ↑ 49.85 ↑ 50.89 ↑ 50.88 ↓
Natural Gas ($) 2.590 ↑ 2.617 ↑ 2.619 ↑ 2.674 ↑ 2.584 ↓
Source: New York Mercan'le Exchange. ↑ indicates an increase in price. ↓ indicates a price reduc'on –
indicates no change