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Cloud Energy Offers to Light Up 5,000 Homes with Solar Promo

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300MW Solar energy
  • Cloud Energy Offers to Light Up 5,000 Homes with Solar Promo

Cloud Energy, the energy solutions provider, is offering Nigerians the perfect Christmas gift as it begins the lighting up of 5,000 homes and businesses with solar harvest promo.

According to the company, its warehouses are filled with solar products and marketers, explaining that resellers, engineers and installers are being trained and retrained. The company added that partnerships for micro financing have been perfected with logistics streamlined to ensure that at least 5,000 homes and businesses, nationwide, begin to enjoy 24/7 electricity during the Christmas season.

Running from October 1, 2016 to January 31, 2017, the Solar Harvest Promo is designed to make solar products available and affordable to complement the genuine efforts of governments to address the shortfall in power supply, by the Discos using off grid solar installation.

Speaking at the in-house training session in Lagos recently for resellers and installers, the Managing Director/CEO of Cloud Energy Photoelectric Limited, Theophilus Nweke, said that the difficult times faced by the Nigerian economy demand that indigenous alternative energy solutions companies must find innovative ways to provide the constant electricity required to increase productivity in Nigeria.

Availability of power, he said, must be the core approach in the task to pull the country out of recession. To this end, he said the solar harvest promo, provides the quality and discounted solar technology products that enable uninterrupted work and play.

“Nigerians must complement the efforts of government by changing their attitude to the use of available power,” Nweke said, noting that Nigerians have a culture of waste when it comes to energy consumption.

He explained that the solar harvest promo aims at making consumers energy-self-sufficient. Every consumer must have an energy bank because energy saving is the key to unlock the energy frustrations of Nigeria. There are solar bundles and inverter bundles that save electricity automatically.

He urged Nigerians and governments at all levels to take advantage of the solar harvest promo to make the Christmas and New Year memorable events.

He noted that this will be a perfect Christmas gift to give to friends and family members. Nweke revealed that the promo is the beginning of a series of themes and schemes to provide Nigerians with full electricity, install a solar system in every office and home in Nigeria.

Responding on behalf of the installers and resellers, Mr. Dada Oluwafemi of Afytech Services, thanked Cloud Energy for the capacity building exercise. He said that the new skills and technologies that they are being exposed to would surely help them to overcome the challenges of these difficult times.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Crude Oil

Oil Dips Below $62 in New York Though Banks Say Rally Can Extend

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Oil

Oil Dips Below $62 in New York Though Banks Say Rally Can Extend

Oil retreated from an earlier rally with investment banks and traders predicting the market can go significantly higher in the months to come.

Futures in New York pared much of an earlier increase to $63 a barrel as the dollar climbed and equities slipped. Bank of America said prices could reach $70 at some point this year, while Socar Trading SA sees global benchmark Brent hitting $80 a barrel before the end of the year as the glut of inventories built up during the Covid-19 pandemic is drained by the summer.

The loss of oil output after the big freeze in the U.S. should help the market firm as much of the world emerges from lockdowns, according to Trafigura Group. Inventory data due later Tuesday from the American Petroleum Institute and more from the Energy Department on Wednesday will shed more light on how the Texas freeze disrupted U.S. oil supply last week.

Oil has surged this year after Saudi Arabia pledged to unilaterally cut 1 million barrels a day in February and March, with Goldman Sachs Group Inc. predicting the rally will accelerate as demand outpaces global supply. Russia and Riyadh, however, will next week once again head into an OPEC+ meeting with differing opinions about adding more crude to the market.

“The freeze in the U.S. has proved supportive as production was cut,” said Hans van Cleef, senior energy economist at ABN Amro. “We still expect that Russia will push for a significant rise in production,” which could soon weigh on prices, he said.

PRICES

  • West Texas Intermediate for April fell 27 cents to $61.43 a barrel at 9:20 a.m. New York time
  • Brent for April settlement fell 8 cents to $65.16

Brent’s prompt timespread firmed in a bullish backwardation structure to the widest in more than a year. The gap rose above $1 a barrel on Tuesday before easing to 87 cents. That compares with 25 cents at the start of the month.

JPMorgan Chase & Co. and oil trader Vitol Group shot down talk of a new oil supercycle, though they said a lack of supply response will keep prices for crude prices firm in the short term.

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Crude Oil

Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return

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Crude oil

Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return

Oil prices rose on Monday as the slow return of U.S. crude output cut by frigid conditions served as a reminder of the tight supply situation, just as demand recovers from the depths of the COVID-19 pandemic.

Brent crude was up $1.38, or 2.2%, at $64.29 per barrel. West Texas Intermediate gained $1.38, or 2.33%, to trade at $60.62 per barrel.

Abnormally cold weather in Texas and the Plains states forced the shutdown of up to 4 million barrels per day (bpd) of crude production along with 21 billion cubic feet of natural gas output, analysts estimated.

Shale oil producers in the region could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output affected, sources said, as frozen pipes and power supply interruptions slow their recovery.

“With three-quarters of fracking crews standing down, the likelihood of a fast resumption is low,” ANZ Research said in a note.

For the first time since November, U.S. drilling companies cut the number of oil rigs operating due to the cold and snow enveloping Texas, New Mexico and other energy-producing centres.

OPEC+ oil producers are set to meet on March 4, with sources saying the group is likely to ease curbs on supply after April given a recovery in prices, although any increase in output will likely be modest given lingering uncertainty over the pandemic.

“Saudi Arabia is eager to pursue yet higher prices in order to cover its social break-even expenses at around $80 a barrel while Russia is strongly focused on unwinding current cuts and getting back to normal production,” said SEB chief commodity analyst Bjarne Schieldrop.

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Crude Oil

Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather

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oil

Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather

Oil prices rose to $65.47 per barrel on Thursday as crude oil production dropped in the US due to frigid Texas weather.

The unusual weather has left millions in the dark and forced oil producers to shut down production. According to reports, at least the winter blast has claimed 24 lives.

Brent crude oil gained $2 to $65.47 on Thursday morning before pulling back to $64.62 per barrel around 11:00 am Nigerian time.

U.S. West Texas Intermediate (WTI) crude rose 2.3 percent to settle at $61.74 per barrel.

“This has just sent us to the next level,” said Bob Yawger, director of energy futures at Mizuho in New York. “Crude oil WTI will probably max out somewhere pretty close to $65.65, refinery utilization rate will probably slide to somewhere around 76%,” Yawger said.

However, the report that Saudi Arabia plans to increase production in the coming months weighed on crude oil as it can be seen in the chart below.

Prince Abdulaziz bin Salman, Saudi Arabian Energy Minister, warned that it was too early to declare victory against the COVID-19 virus and that oil producers must remain “extremely cautious”.

“We are in a much better place than we were a year ago, but I must warn, once again, against complacency. The uncertainty is very high, and we have to be extremely cautious,” he told an energy industry event.

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