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