The recent US Commerce Department ruling to allow two companies to export minimally processed condensate turned many energy industry heads and raised questions about whether the US was moving toward relaxing the 39-year oil export ban. This editorial clearly lays out the situation’s complexity and calls for more adroit policy in the face of new US energy realities. “Despite all the simplified talk about oil and gas production, the reality is a complex puzzle of various types of crude, differing refining needs and both local and global markets. Federal regulations, and our national conversation, need to catch up to this new reality. Gluts in some areas, and shortages in others, will likely necessitate a mix of imports and exports to ensure that our energy demand matches supply.” [Houston Chronicle]

Cheniere yesterday announced it signed a 20-year sales and purchase agreement with Woodside Energy Trading for 0.85 million tons per year of the liquefied fuel from the second train of its Corpus Christi Liquefaction Project. “Under the SPA, Woodside will purchase LNG on a free on board (“FOB”) basis for a purchase price indexed to the monthly Henry Hub price plus a fixed component. LNG will be loaded onto Woodside’s vessels. The SPA has a term of twenty years commencing upon the date of first commercial delivery of the second train of the Corpus Christi Liquefaction Project, with an extension option of up to ten years. Deliveries from Train 2 are expected to occur in 2019.” [Cheniere]

Cape Wind – on the drawing board for years – got a boost yesterday when the DOE announced “the first step toward issuing a $150 million loan guarantee” that would support the project’s construction. Though prevalent in several European countries, Cape Wind would be the first US offshore wind project. [DOE] Stay tuned for in-depth coverage of this important development from Breaking Energy shortly.