Daily News Energy Headlines from June 5, 2017

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

LNG
Qatar Political Rift Puts LNG Market on Edge - Saudi Arabia and key allies on Monday cut ties with Qatar, the world's top seller of liquefied natural gas (LNG), stoking concern over any supply disruptions to neighboring countries spilling over into global gas markets. They accuse Qatar, which supplies roughly a third of global LNG of supporting extremism. (Reuters)

Eni Finalizes $7 Billion Mozambique LNG Investment - Eni SpA (NYSE:E) led a group that signed off on a $7 billion investment in a project to export natural gas from Mozambique. (Bloomberg)

NATURAL GAS
U.S. Gas Prices Fall as Hedge Funds Liquidate - U.S. natural gas prices have tumbled by more than 10% since late May as hedge funds start to liquidate a near-record bullish position accumulated in the expectation of a tighter market that failed to materialize. Fund managers reduced their net long position by the largest amount in any one week since November 2016, after raising it by a cumulative 1,721 billion cubic feet during the previous 12 weeks. (Reuters)

GASOLINE
Gulf Coast Leads U.S. in Lower Gasoline Demand - U.S. gasoline demand in the first quarter was down 2.7% from a year earlier, according to the latest monthly data from the U.S. Energy Information Administration. The Gulf Coast accounted for 71% of the decline. (Reuters)

CRUDE OIL
Saudi Arabia Raises Crude Price to Asia, U.S., Europe - Saudi Arabia, the world's largest oil exporter, raised pricing for July sales of all crude grades to Asia, the U.S. and Northwest Europe as it seeks to take advantage of increased demand after suppliers extended production cuts to help curb a global glut. (Bloomberg)

TERMINALS
Magellan Midstream Could Further Expand Houston, Corpus Christi Presence - Magellan Midstream Partners LP (NYSE:MMP) (Tulsa, Oklahoma) Chief Financial Officer Aaron Milford talked about the expansion of its Houston-area presence and potential further expansion in Corpus Christi as part of last week's investor conference held by the Master Limited Partnership Association (Washington, D.C.) in Orlando, Florida. Milford said the two areas remained strong assets in Magellan's portfolio and also hinted at future projects that the company had in its "shadow backlog." (IIR)

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