U.S.: MORE GAS EXPORTS
The Republican-controlled U.S. House has passed a bill aimed at expediting approvals of natural gas exports.
In a 277-133 vote on Wednesday, the House approved a bill giving the Energy Department a 30-day deadline to authorize natural gas exports from facilities after they are reviewed and approved.
It's the third energy-related bill passed by the House this Congress. They've also approved bills authorizing construction of the Keystone XL oil pipeline and fast-tracking new natural gas pipelines.
The natural gas boom has revived a push for liquefied natural gas exports from coastal terminals. Nearly all U.S. natural gas exports today are by pipeline.
More than three dozen applications to build export terminals are pending and have yet to reach the Energy Department. DOE has authorized natural gas exports from four projects.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.