Asia Middle Distillates: Key market indicators this week
The Asian middle distillate complex in the week starting May 24 will continue to face pressure from lackluster demand amid a resurgence in COVID-19 cases.
While leaner supplies will likely continue to provide support for the Asian gasoil market, the rise in COVID-19 transmissions cast doubts as to whether the demand momentum can be sustained. Meanwhile, the jet fuel/kerosene sector continues to see demand stifled by movement restrictions imposed to curb the spread of the pandemic.
Jet fuel/Kerosene At 0255 GMT May 24, the front-month June-July jet fuel/kerosene time spread widened 1 cent/b on the day to be pegged at minus 21 cents/b, Platts data showed.
By Obinna Chima
Banking sector credit to the private sector increased year-on-year by N382 billion to N31.823 trillion as of April, up from the N31.440 trillion it was as at the end of March.
The data were compiled from the latest Central Bank of Nigeria (CBN) money and credit statistics for April 2021, posted on the regulator’s website.
The development could be attributed to the aggressive development finance interventions by the central bank since the outbreak of the COVID-19 pandemic.
Also, net credit to the government increased to N12.156 trillion year-on-year, as at the end of April, higher than the N11.994 trillion it was at the end of the previous month.
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By Rukayat Moisemhe Lagos, May 23, 2021 The Lagos Chamber of Commerce and Industry (LCCI) has said that the 2021 first quarter 0.40 per cent Gross Domestic Product (GDP) increase, though a pleasant surprise, is not reflective of the manufacturing sector current realities. Dr Muda Yusuf, Director-General, LCCI, said
Analysts at CSL Stockbrokers have predicted that the monetary policy committee (MPC) of the Central Bank (CBN) will hold the monetary policy rate (MPR), and other key rates as the output gap remain widened after tepid economic growth in the first quarter (Q1) of 2021. “At the monetary policy committee (MPC) meeting