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The US should move more quickly to expand its liquefied natural gas exports not only to reap significant domestic energy and economic benefits, but also to improve its geopolitical influence overseas by helping countries diversify their gas supply sources, speakers recommended in two separate Washington forums.

North Sea Brent crude oil price averaged $65/bbl in February, a decrease of $4/bbl from January. The US Energy Information Administration expects prices to decline gradually, averaging $60/bbl in the second half of this year, according to its most recent Short-Term Energy Outlook.

Light, sweet oil prices rose only slightly Mar. 6 to settle at $62.60/bbl on a second forecast this week of increasing US production. The US Energy Information Administration raised its oil production estimate for 2018 on Mar. 6, which analysts said made for bearish fundamentals.

US crude oil inventories, excluding the Strategic Petroleum Reserve, increased by 2.4 million bbl for the week ended Mar. 2 vs. the previous week, the US Energy Information Administration said.

Eight US oil and gas trade association leaders jointly urged President Donald Trump to at least allow exemptions for energy projects’ materials if he moves ahead with imposing a tariff on imported steel.


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