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Wedding“Tinubu Signs Nigerian Ports Economic Regulatory Agency Act” — Gives Shippers’ Council Full Legal Backing To Regulate Tariffs, Charges“Ghana Police Arrest Nigerian, Kill Two In Alleged Foiled Bank Robbery” — GCB Denies Attempt At Its Branch As Vehicle Record Raises Questions“Keyamo Gives Airlines One Week To Agree Repayment Plans For Outstanding 5% Ticket Sales Charges” — Orders Unions Direct Access To Workers“NAICOM Clears Seven More Insurers, Brings Recapitalisation Exercise To Conclusion” — 50 Firms Meet Revised Capital Requirements“Orders Police To Investigate Fadahunsi Over Alleged ‘Kill Accord Members’ Remark” — Report Due Within Two Weeks“Hazardous Gases, Pollution Detected In Bille Community” — Reps Demand Urgent Action Over Nine-Month Gas Seepage“Court Throws Out Trump’s Suit Against Harvard” — Says Alleged Incidents Too Isolated To Prove Civil Rights ViolationsVIDEO: “Pelosi Denies Knowing Extent Of Biden’s Decline While President” — Faults Those Who ‘Should Have Acted 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Supreme Court Enabled The President’s Record“The Courts Have Made Two Things Plain: Freeze Accounts Only On Court Orders, And The EFCC Has Limited Powers” — Says Prof. Ajayi, SAN“Court Restrains UNICAL VC, Others From Interfering With Chaplain’s Rights” — Orders Status Quo In Chapel Of Redemption Dispute“Abacha Loot Was No Hoax; Abdulsalami Should Apologise And Quit Peace Committee” — Falana Says His Own Decree Confirmed Illegal Forfeitures“Oyebanji Awards Full Scholarship To Ekiti Spelling Bee World Champion” — Gifts Damilola Adeolu, School, Coach ₦5m“Court Of Appeal Bars EFCC From Investigating Fayemi, Ekiti Officials Over State Accounts” — Says Commission Cannot Ignore Subsisting Judgment“Let Osun Remain Peaceful” — Davido Urges Voters To Reject Violence, Appeals To Uzodimma Against Election Interference“Human Rights, Security Must Go Hand In Hand” — AGF Inaugurates NHRC–Police Liaison Framework To Strengthen Accountability“Tinubu Administration Is Not Seeking A One-Party State” — 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Trending News: “Court Freezes Ise Kingdom Obaship Process In Lagos” — Bars Govt From Acting On Purported Oba-Elect Nomination“Cambridge’s Youngest Black Professor Jason Arday Found Dead At 41” — Death Comes Days After Resignation Amid Plagiarism Allegations“Suleja Crackdown: Police Arrest 139 Suspects, Arraign 64” — Recover Cutlasses, Knives, Live Cartridges“Atiku, ADC Drag Tinubu To Federal High Court Over Alleged NYSC Certificate Forgery” — Seek Disqualification From 2027 Presidential Election“Vandals Bring Down Five TCN Towers In Akwa Ibom, Seven More At Risk” — Ibom Power Left Without Supply As TCN Begins Emergency Repairs“Anyone Who Is Making Money From Politics Is An Evil Person” — Melaye Says 90% Of Nigerian Politicians Have No Second Address“Court Remands Ex-NBA Shendam Chairman Tsenyen In SSS Custody” — To Decide If Fresh Cyberstalking Trial Amounts To Double Jeopardy“Ronaldo, Georgina Sign Prenuptial Agreement To Keep Assets Separate” — Details Emerge After Private Portugal Wedding“Tinubu Signs Nigerian Ports Economic Regulatory Agency Act” — Gives Shippers’ Council Full Legal Backing To Regulate Tariffs, Charges“Ghana Police Arrest Nigerian, Kill Two In Alleged Foiled Bank Robbery” — GCB Denies Attempt At Its Branch As Vehicle Record Raises Questions“Keyamo Gives Airlines One Week To Agree Repayment Plans For Outstanding 5% Ticket Sales Charges” — Orders Unions Direct Access To Workers“NAICOM Clears Seven More Insurers, Brings Recapitalisation Exercise To Conclusion” — 50 Firms Meet Revised Capital Requirements“Orders Police To Investigate Fadahunsi Over Alleged ‘Kill Accord Members’ Remark” — Report Due Within Two Weeks“Hazardous Gases, Pollution Detected In Bille Community” — Reps Demand Urgent Action Over Nine-Month Gas Seepage“Court Throws Out Trump’s Suit Against Harvard” — Says Alleged Incidents Too Isolated To Prove Civil Rights ViolationsVIDEO: “Pelosi Denies Knowing Extent Of Biden’s Decline While President” — Faults Those Who ‘Should Have Acted Sooner“Tax Ombud To Launch Taxpayer Bill Of Rights And Obligations” — Seeks Liaison Officers In Revenue Agencies“EFCC Prosecutes Woman Over Alleged ₦42.345m PMS Supply Deal” — Court Sets Review Of Facts, TrialPresidential Working Group Seeks Wider Input On National Policing Bill” — Extends Memoranda Deadline By August 21“We Will Use Fadahunsi As An Example To End Politicians’ Impunity Over Electoral Violence” — Amnesty International“Federal High Court Could Not Override Supreme Court On SDP Leadership” — Court Of Appeal Voids Judgment Recognising Gabam“US Arrests 11 Over Alleged 1,000 Sham Marriages For Green Cards” — DOJ Says Foreign Nationals Paid Up To $100,000 Each“US Media Groups Sue Trump Over Paid Early Access To Truth Social Posts” — Call Scheme ‘Corrupt And Unconstitutional’“Court Nullifies Dissolution Of PENGASSAN Chevron Executives, September 2025 Elections” — Orders Fresh Poll Within 30 Days“Wike Orders Immediate Closure Of Secretariat For Sale Of FG Houses In FCT” — Creates New Division In Land Administration Department“NDC Ticket Dispute Deepens In Peter Obi’s Anaocha 1 Constituency” — Ogbuefi, Okoye Await INEC List“Court Remands Damilola Shoyemi In Kirikiri Over Alleged Cyberbullying” — Faces Charges Over Death Threats Against Mohbad’s Widow And Son“Issues Already Joined”—Court Rejects Oyerinmade’s Bid To Withdraw Suit, Dismisses Challenge To Adefiranye’s APC Ticket“Nigeria Fails US Fiscal Transparency Test” — Report Says Actual Revenues, Expenditures Audit And Procurement Do Not Match Approved Budget“Adeleke Campaign Spokesman, Pelumi Olajengbesi, Esq., Threatens ₦10bn Defamation Suit Against Senator Fadahunsi” — Over Alleged Cult Sponsorship Claims“EFCC Invites Insurance Commissioner Over Alleged ₦30bn Recapitalisation Fees, 1% Capital Charge” — NICON, Nigeria Re Question Legal Basis“We Weaponise Religion And Division For Political Advantage, Leaving Permanent Damage” — APC Chairman Yilwatda Warns Politicians“Atiku Raises Alarm Over BVAS Running On Outdated Android 10” — Calls For Independent Audit Ahead Of 2027 Elections“Delta To Introduce Biometric Criminal Database For Persons Charged With Offences” — AG Ohwovoriole Says System Will Boost Security“It Is A Crime To Do That And Whoever Does That Should Be Arrested,” Says NCAA DG, Achimugu, On Bus Parked On Lagos Airport Airside“Justice Nwagboso Altered His Judgment After Delivery” — Odinkalu Says Imo Judge Was Among Nine Compulsorily Retired For Age Falsification“Students’ Data Allegedly Used To Open Bank Accounts Without Lawful Basis” — NDPC Begins Forensic Probe Of UNILAG, Lotus Bank, Hackerbella“Professors Now Aid Illiterates To Rig Elections, SANs Defend Forgery” — Peter Obi Laments Decline Of Nigeria’s Democracy“Former PENGASSAN President and UN Global Mediator Panel Member”— Louis Brown Ogbeifun To Speak At ICMC Conference”“Emir Sanusi Has No Carry-Over, Viral Claim Is False And Baseless” — Northwest University Kano Warns Against Defamatory Posts“Nigerian Law School Confirms Death Of Student Who Fell From Lagos Campus Hostel Rooftop” — Says Family’s Privacy Should Be Respected“EU Has Not Rejected INEC’s Invitation For 2027 Election Observation” — Ambassador Says Reports Are Speculative, Confirms Expert Mission To Nigeria“Trump Moves To Cut Universal Childhood Vaccine Recommendations” — Executive Order Draws Backlash From Doctors, Legal ExpertsAsset Forfeiture: Need To Establish Legitimacy Of Purchase FundsThe Advocate — Like NBA, Like Osun: Issues In Election Credibility“We Were Still Mobilising Officers; There Was No D-Day” — Col Ma’aji Says Alleged Coup Plot Was Driven By “Patriotism,” Seeks Pardon“Mali Army Says 40 Jihadists Killed In Attack On Military Base” — JNIM Claims Assault As Security Situation Worsens“AI Will Expand Human Capabilities, Not Make People Irrelevant” — Zuckerberg Says Invention, New Businesses Will Shape Future Of Work“EFCC Arrests Fake Operative In Maiduguri Over Alleged ₦3m Fraud” — Recovers Money, Says Suspect Paraded Himself As Commission Officer“Kano People Do Not Support Divisive Remarks” — Kwankwaso Condemns Sheikh Jingir’s Muslim-Muslim Ticket Comment Ahead Of 2027“FG Deploys Passport Intervention Team To UK” — NIS To Clear Pending Applications, Process Renewals For Nigerians In Diaspora“Police Kill Suspected Bandit Kingpin ‘Acid’ Linked To Imo Monarch’s Murder” — Recover AK-47, 56 Rounds Of Ammunition“NUPRC Approves Over $57bn Field Development Plans” — Says 22 Offshore Projects Could Attract Up To $50bn By 2030“Greenwich Merchant Bank Transforms Into Commercial Bank” — New Licence Expands Services To Retail, SMEs, Public Sector“Plateau Crisis Is About Identity, Land, Justice And Belonging” — Jang Says Unresolved Grievances, Leadership Failures Fuelled Decades Of Violence“NRS, JRB Issue New Guidelines On Crypto P2P Taxation” — VASPs To Withhold 1% On Virtual Asset Disposals“Lagos Police Probe Death Of Nigerian Law School Student At Victoria Island Hostel” — 23-Year-Old Allegedly Fell From Rooftop“Meter Manufacturers Drop Suit Against 1.55m Smart Meter Imports” — AMMON Says FG Talks Resolved Dispute In National Interest“NAF Airstrike Kills Nine ISWAP Fighters In Sambisa Forest” — Says Key Commander Abu Khalid Al Muhajir Neutralised In Precision Operation“INEC Extends Deadline For Parties To Submit 2027 Governorship, Assembly Candidates” — Suspends PVC Collection In Osun Ahead August 15 Poll“I Helped 10 Pregnant Women Deliver Babies Bare-Handed In Captivity” — Rescued Kwara Nurse Recounts Six-Month Ordeal With Terrorists“Court Orders Lagos Administrator-General To Take Over Labode Akindele’s Estate” — Late Billionaire’s Son Challenges Validity Of Will[REVEALED] NBA President Osigwe Rejected Ulegede’s 2015 Petition Against Gadzama, Says “No Basis To Further Inquire Into The Matter”“US Court Confirms Divorce Settlement Against Nigerian-Born Simon Guobadia” — Grants Porsha Williams Atlanta Mansion, $1.57m Reimbursement And Rolls-Royce Title“Ejike Ezenwa SAN Tours L.I.B.I Estate, Commends Lawyers’ Mass-Housing Investment Scheme” — AGC Promo Offers Plots From ₦24.5m, Prices To Rise After Conference“Lack Of Electricity Makes Population Double In Nigeria” — Fayose Says Darkness Leaves Rural Residents With Few Night-Time Alternatives“EFCC Can Freeze An Account For 72 Hours, But A State’s Statutory Account Is Different” — Ubani Says Govt Actions Are Subject To Citizens’ Scrutiny“Bank Of America Spends Over $250m Yearly On Weight-Loss Drugs For Employees” — CEO Says GLP-1 Coverage Is A Good Investment Despite Rising Costs“Police Report Implicates Budget Office, OAGF, HoS Officials In Fake DG’s ₦400m Fraud” — Seeks DPP Advice On Prosecution Of Five Govt Officers“The EFCC Froze Three Osun Government Accounts, Not One,” Court Document Reveals Wider Scope Of The Freeze“Tinubu, Wike, Akume, Others Allegedly Listed As PFIPC Board Members” — Reps Query FRSC Over Seven Official Number Plates“Trading Naira Notes, Off-Market Forex Cost Four Their Freedom” — Court Jails Baros, Injay, Suleimon, Sholanke“Ghana Court Convicts Two Nigerians Ndifon, Akong ” — Sentences Them To 20 Years Each For Trafficking 11 Compatriots“Court Sentences Final-Year Student To 25 Years For Rape Of 10-Year-Old Girl” — Orders His Arrest, Directs University To Withhold Certificate“Fraudster Is Using Justice Kanyip’s Identity To Seek Contracts And Payments” — National Industrial Court Warns Public“Only Lazy People Depend On Markets For Food” — Senator Nwaebonyi Tells Nigerians To Embrace Farming Amid Rising Prices“12-Hour Flight Delay Amounted To Breach Of Contract” — Court Orders Dana Air To Pay Lawyer ₦5.5m“Court Sentences Abdulshakur Tukur, Abdullahi Buba To Death By Hanging” — Convicted Over Ahmad Yakubu’s Murder“Army Graduates 1,178 Troops For Counter-Terrorism Operations” —Says Graduates Will Strengthen Newly Created Formations“Zamfara APC Senatorial Ticket: Court Reserves Judgment For August 31” — Shinkafi Challenges Ya’u’s Emergence“I’m Embarrassed A Lawyer Would Claim Documents Were Forged When No Court Has Said So” — Ogala, SAN Faults Allegations Against Tinubu’s Credentials“Tinubu Turned EFCC’s Osun Account Reversal Into Cheap Political Point” — Maduabuchi SAN Says AGF, Not President, Should Have Quietly Directed Action“The Homeland Is Not For Sale” — Protesters Clash With Police As Argentine Senate Debates Controversial Property Bill“Tinubu’s EFCC Directive One Of His Best Decisions” — Prof. Agbazuere Says Commission Is Under Executive Powers Of President“Trump Orders Crackdown On Birth Tourism” — New Executive Orders Seek To Deny Citizenship To Children Of Some Non-Citizens Born In US“Ex-Finance Minister Kemi Adeosun’s Husband, Anthony, Dies At 62”— Family Remembers His Faith, Integrity And Service“Adeleke, Osun Sue EFCC, First Bank For ₦2bn Over Frozen Statutory Account” — Seek Immediate Unfreezing, Perpetual Injunction“How Do You Not Go Through Primary And Secondary Certification But You Have A University Degree?” — Odinkalu Says Supreme Court Enabled The President’s Record“The Courts Have Made Two Things Plain: Freeze Accounts Only On Court Orders, And The EFCC Has Limited Powers” — Says Prof. Ajayi, SAN“Court Restrains UNICAL VC, Others From Interfering With Chaplain’s Rights” — Orders Status Quo In Chapel Of Redemption Dispute“Abacha Loot Was No Hoax; Abdulsalami Should Apologise And Quit Peace Committee” — Falana Says His Own Decree Confirmed Illegal Forfeitures“Oyebanji Awards Full Scholarship To Ekiti Spelling Bee World Champion” — Gifts Damilola Adeolu, School, Coach ₦5m“Court Of Appeal Bars EFCC From Investigating Fayemi, Ekiti Officials Over State Accounts” — Says Commission Cannot Ignore Subsisting Judgment“Let Osun Remain Peaceful” — Davido Urges Voters To Reject Violence, Appeals To Uzodimma Against Election Interference“Human Rights, Security Must Go Hand In Hand” — AGF Inaugurates NHRC–Police Liaison Framework To Strengthen Accountability“Tinubu Administration Is Not Seeking A One-Party State” — Akume Pledges Respect For INEC, Continued Dialogue With Catholic Bishops“PSC Deploys Eight Commissioners Of Police To States” — Appoints AIG Auwal Mohammed As Police Academy Commandant“Police Arrest Fifth Suspect Over Killing Of UNIJOS Graduate” — Command Says Victim Was Tied To Pole, Tortured By Mob“Many Nigerian Airlines May Collapse Within 30 Days Without Urgent Intervention” — Onyema Warns FG“US Moves To Revoke Citizenship Of 25 Naturalised Americans” — Three Nigerians Named As DOJ Launches Largest Coordinated Denaturalisation Push
Sat. Aug 15th, 2026

The Real Reason For Oil’s Crazy Volatility This Week

  • Naira
  • February 4, 2016
  • 0 Comments
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The volatility in crude oil trading has reached the highest levels since Lehman’s systemic crisis in 2008. Intraday swings of 5-10% are now de rigeur with OPEC and geopolitical headlines jockeying for narrative amid collapsing fundamentals.. but there is another, much bigger driver of this sudden chaos. As Reuters reports, the sudden liquidation of a $600 million triple-levered fund bet on falling prices wreaked havoc through the entire crude complex.

Intrday volatility in oil has been incredible to say the least…

But this week’s epic rips – in the face of dire data – was just “odd”…

Plenty of narratives were assigned but none made any sense. So what really happened? As Reuters reports,

Unknown investors in the VelocityShares 3x Inverse Crude Oil Exchange Traded Note (ETN) – which offers the ability to make a bearish bet on prices magnified threefold, with gut-churning ups and downs – bailed out early this week after jumping into the fund in January, ETN data show.

Some 1.8 million shares worth more than $602 million were redeemed on Tuesday, the largest outflow from the ETN in history, according to data from FactSet Research.

The selloff suggests that at least some big investors are betting that the worst of an 18-month oil market rout is over after U.S. prices fell to $26 a barrel last month for the first time since 2003. Trading activity has also jumped to the highest levels on record.

The DWTI note inversely tracks the S&P GSCI Crude Oil Index ER, which follows movements in the oil market. And because it offers investors three times the exposure, the impact on the underlying futures is magnified – as is the volatility in the ETN, whose price more than doubled in the first three weeks of January before halving again as oil futures rebounded.

The net asset value of the fund – one of a handful of exchange funds that allows investors to trade oil without the complexity of a futures exchange – fell from close to $1 billion to $417 million on Tuesday and to $322 million on Wednesday, according VelocityShares’ website.

As a result, the mass exodus likely forced the ETN’s issuer, Credit Suisse, to quickly buy back short positions as investors redeemed shares.

VelocityShares, a unit of Janus Capital Group, was unable to comment on the trading activity.

To unwind alone may have amounted to upwards of 40,000 futures contracts on Tuesday, according to estimates by analysts.

There is a day’s lag between when redemptions and creations are ordered and when they show up in share figures, according to Nadig, meaning that Tuesday’s flows were ordered on Monday, when oil reversed a three-day rally to close $2 a barrel lower.

On Wednesday, oil prices surged more than 8 percent to $32.28 a barrel, despite a seemingly bearish report from the U.S. Energy Information Administration showing nationwide crude inventories rose by 7.8 million barrels last week.

Volume in the March West Texas Intermediate futures contract surged on Wednesday to more than 777,000 lots traded, its second highest volume on record, according to data via ThomsonReuters’ Eikon. DWTI volume was also unusually heavy on Wednesday, with more than 1.9 million shares traded.

So that explains the sudden squeeze carnage yesterday…

And why today’s follow-through has failed as that unwind pressure disappears as DWTI’s NAV disappears.

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