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First Look - Venture Global to get approval for CP2 LNG exports

March 19, 2025 | Narciso Cano
  • Oil traded lower on Wednesday morning, dropping 14c to $66.76/Bbl (7:45 AM CT)
    • The American Petroleum Institute (API) reported a 4.6 MMBbls increase in nationwide crude inventories for the week ending March 14
      • The API also noted a draw of 1.1 MMBbls in Cushing crude inventories
    • Markets are awaiting the Federal Reserve’s interest rate decision and comments from Chair Jerome Powell on the economy amid the escalating trade war
      • A Bank of America survey revealed that investors have cut their holdings of US equities by the most on record, with fund managers reporting a 23% underweight in US stocks (indicating they hold 23% fewer US stocks than the benchmark index would suggest, signaling a cautious outlook on US equities)
    • The momentum from rising Middle East tensions has faded, erasing early-week gains

 

 

 

 

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  • Natural gas is higher, extending gains from yesterday
    • The April contract continues to trade above $4/MMbtu, with prices up about 9c this morning (8:20 AM)
    • Plaquemines LNG hit a new record in its commissioning process, with inflows reaching 2.16 Bcf/d, as of this morning’s nominations
  • Venture Global to get approval for CP2 LNG exports (BBG)
    • The Trump administration is set to give conditional approval for Venture Global to export LNG from the planned Calcasieu Pass (CP2) project
    • The facility had been stalled under the Biden LNG permitting pause
    • Once completed, the facility will have a capacity of 3.96 Bcf/d
  • FERC ordered to reconsider Texas LNG (BBG)
    • The D.C. Circuit court has ruled that FERC must reexamine its decision to reauthorize Texas LNG and Rio Grande LNG, both to be located in the port of Brownsville
    • The court did not pull the approvals, though, saying the procedural steps FERC skipped were important but not fundamental

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