US Energy Sec Confirms No Plans For Oil Or Gas Export Bans

Update (1335ET): US Energy Secretary Chris Wright has confirmed, through a statement he posted on X that the US will not be baning oil or gas exports…

Thanks to @POTUS, the United States is the world’s top oil and natural gas producer.

We are also the largest natural gas exporter and a top oil exporter.

To be clear, the Trump administration has no plan to implement restrictions on oil and gas exports.

Interestingly, the initial kneejerk higher in oil prices on the reported denial has been completely erased…

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Having diverged significantly overnight from Brent crude prices, WTI is now exploding higher, breaking back above $100, after hopes of a US export ban were crushed by Politico’s sources.

Sophia Cai (@SophiaCai99) posted on X that:

NEW: The White House will not implement a crude export ban, and told oil executives as much at this morning’s meeting with API, per an admin official who participated in the meeting.

The reaction was immediate…

Erasing the overnight blowout in the WTI-Brent spread…

Will The White House deny this and signal the possibility?