“Consumer spending is really influential because it accounts for 70 percent of the economy,” said Brad Samples, a commodity analyst for Summit Energy Inc. in Louisville, Kentucky. “The equity markets, commodities and the Fed are all looking for signs of sustained growth. Increased consumer spending provides some hope.”
Nigeria
Shell’s Nigerian unit said it halted some flow stations in the country’s southern oil region after sabotage caused a pipeline leak. The damage was detected Jan. 30, the same day the Movement for the Emancipation of the Niger Delta, a militant group, said it was ending an “indefinite cease-fire.”
“Nigeria has been quiet for six months,” Samples said. “We were looking at Nigeria as a source of new supply that would mitigate increasing demand this year. That view could be out the window now.”
www.bloomberg.com/apps/news?pid=20601082&sid=aq10MkMkQRzU
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