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1. Environmentalists Push for White House Ban on New US Oil Ports

- After US President Joe Biden halted approvals for new LNG terminals this January, climate activists are now pushing the White House to implement a similar regulatory pause for crude oil shipping facilities.

- The pressure from Sierra Club comes after the Department of Transportation quietly approved a deepwater port (SPOT) off the coast of Texas developed by Enterprise Products Partners, capable of exporting VLCCs.

- There are currently three other crude export facilities under federal review, proposed by the likes of Energy Transfer, Phillips 66, or Trafigura, which could be halted in case the environmentalists’ lobbying is successful.

- Environmentalists argue that the DOT is failing to evaluate the greenhouse impacts of deepwater export terminals, saying that any new port facility would be equivalent to 90 new coal-fired plants over a time span of 30 years.  

2. Europe’s Gas Outlook Turns Increasingly Bullish

- Even though European gas consumption is lingering in a period of weaker spring demand, hedge funds are increasingly bullish about the region’s gas prices, with net length reaching the highest since February 2022.

- According to ICE data, the net-long position in the benchmark TTF gas futures rose for a fourth straight week.

- The European gas balance was also impacted by Denmark’s Tyra gas field seeing a slower-than-anticipated ramp-up,…

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