Backfiring U.S. Ethane Restrictions, Large Israel-Egypt Gas Deal, Lower U.S. Crude Oil Exports: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

U.S. FOSSIL FUEL EXPORTS
U.S. Crude Oil Exports Hit Four-Year Low in July - U.S. crude oil exports eased in July to the lowest levels in nearly four years on low domestic supplies and as Asian and European buyers found cheaper alternatives, undermining U.S. President Donald Trump's push for more foreign countries to purchase U.S. energy supplies. Exports tumbled to about 3.1 million barrels per day (BBL/d) in July, the lowest since October 2021, according to data from ship tracking firm Kpler. Exports averaged 3.2 million BBL/d over the last five weeks, compared with 3.6 million BBL/d in June, according to the U.S. Energy Information Administration (EIA). The decline came as the spread between European and U.S. benchmark crude futures narrowed, making it less economically attractive to ship barrels across the Atlantic. (Reuters)

Energy CEOs: U.S. Restrictions on Ethane Exports May Have Backfired - Recent U.S. restrictions on ethane exports to China will likely make it more difficult to contract with Chinese companies, even though they have already been lifted, U.S. exporter Energy Transfer LP (Dallas, Texas) said on Wednesday. The U.S. placed restrictions on shipping ethane to China in late May and early June after accusing Beijing of slowing shipments of rare earths vital to automakers and other industries. The restrictions were rescinded last month, but they disrupted flows of ethane and caused significant delays to shipments. "That, you know, put a little bit of a black eye on us, on our industry, on our country...," Marshall McCrea, co-Chief Executive Officer (CEO) of Energy Transfer, said in a post-earnings conference call. Rival Enterprise Products Partners LP (Houston, Texas) also warned last week that the export curbs compromised the U.S. brand for reliable supply and energy security. "These kind of actions rarely hurt the intended target and often backfire hurting our own industry more," said Jim Teague, CEO of Enterprise. (Reuters)

NATURAL GAS
Israel's Leviathan Strikes US$35 Billion Natural Gas Supply Deal with Egypt - Israel's Leviathan natural gas field has signed the largest export agreement in the country's history, worth up to US$35 billion to supply gas to Egypt, NewMed Emergy (Herzliya, Israel), one of the partners in the field, said on Thursday. Under the deal announced on Thursday, Leviathan, located off Israel's Mediterranean coast, with reserves of some 600 billion cubic meters, will sell about 130 billion cubic meters of gas to Egypt through 2040, or until all of the contract quantities are fulfilled. The gas is pumped via pipelines, which makes it cheaper than liquefied natural gas. (Reuters)

CORPORATE
ConocoPhillips to Sell Anadarko Basin Assets - ConocoPhillips (Houston, Texas) will sell its Anadarko Basin assets for $1.3 billion, the company said on Thursday, as it sheds non-core acreage following the Marathon Oil acquisition to reduce debt and focus on higher-margin basins. The asset sale, expected to close at the beginning of the fourth quarter, pushes ConocoPhillips past its target of raising $2 billion ahead of schedule. (Reuters)

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About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).