Australia LNG Exports, U.S. Oil Reserve: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

LNG
Australia Considers Curbing LNG Exports to Avert Domestic Supply Crunch - Australia said on Monday it will decide whether to curb exports of liquefied natural gas (LNG) after a watchdog urged restrictions, warning the country could face a shortfall and soaring prices next year. The Australian Competition and Consumer Commission warned extra gas is needed to offset declining output at offshore fields that have long supplied the populous east coast, home to nearly 90% of Australia's population. Resources Minister Madeleine King said she would consult with LNG exporters and Australia's trading partners before making a decision in October. (Reuters)

CRUDE OIL
Oil Sinks About 4% - Oil prices dropped about 4% on Monday as weak manufacturing data in several countries weighed on the demand outlook. Brent crude oil futures fell $3.94, or 3.8%, to settle at $100.03 a barrel. U.S. West Texas Intermediate crude oil fell $4.73, or 4.8% to settle at $93.89 a barrel. (Reuters)

U.S. Emergency Oil Reserve Sinks to Lowest in 37 Years - The U.S. emergency crude oil stockpile fell by 4.6 million barrels last week to its lowest level since May 1985, according to the Department of Energy (DOE) on Monday. Crude oil held in the Strategic Petroleum Reserve dropped to 469.9 million barrels for the week ending July 29, according to DOE data. (Reuters)

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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.