ENERGY

Authored by Charles Kennedy via OilPrice.com,

• The government of Cuba has announced a 500% increase in fuel prices beginning on February 1.

• The Cuban government can no longer afford its massive subsidy campaign for nearly all essential goods.

• Officials confirmed on Monday that the cost of one liter of regular gasoline would increase from the current 20 cents to $1.10.

The government of Cuba has announced a 500% increase in fuel prices beginning on February 1, as the (more…)

Oil prices extended their recent gains, as traders weighed escalating violence in the Red Sea and tighter US inventories (following last night's API report showing a big crude draw, but product builds) against a fragile market demand backdrop.

As Bloomberg notes, crude has seesawed in a roughly $5 range for the past month as traders attempt to gauge the outlook for coming quarters.

Turmoil in the Middle East, a shutdown of Libya’s biggest oil field and production cuts (more…)

Oil prices actually rallied today, reversing a tumble the previous day that was kicked off by Saudi Arabia trimming its official selling prices.

Underpinning the rebound are continued attacks on merchant shipping in the Red Sea and shutdowns of major oil fields in Libya.

Crude prices have also tracked the trajectory of equity markets as they pared their losses for the day.

API

• Crude -5.125mm (-600k exp)

• Cushing -625k

• Gasoline +4.896mm (+2.1mm exp) (more…)