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Official cars are seen outside Grand Hotel Wien after a session of meeting of the Joint Comprehensive Plan of Action (JCPOA) on “Iran nuclear deal talks” in Vienna, Austria on May 01, 2021.
Askin Kiyagan | Anadolu Agency | Getty Images

A nuclear deal between the U.S. and Iran could send energy prices higher — even if it means more supply in the oil markets, according to Goldman Sachs’ head of energy research.

While it appears to be contradictory, a deal that brings Iranian barrels back to the market could actually see oil prices rise, said Damien Courvalin, who is also a senior commodity strategist at the bank.

Talks in Vienna are ongoing as Iran and six world powers — the U.S., China, Russia, France, U.K. and Germany — try to salvage the 2015 landmark deal. Officials say there’s been progress, but it remains unclear when negotiations could conclude and oil prices have been seesawing as a result.

A deal would lift sanctions on Iran and bring Tehran and Washington back to complying with the Joint Comprehensive Plan of Action (JCPOA). The U.S. unilaterally withdrew from the nuclear deal in 2018 and reimposed crippling sanctions on Iran which dealt a blow to the Islamic Republic’s oil exports.

If that announcement comes in the next few weeks, in our view, it actually starts that bullish repricing.
Damien Courvalin
head of energy research, Goldman Sachs

Courvalin explained his rationale. He pointed to how oil prices rose in April after OPEC+ said they would gradually raise output from May by adding back 350,000 barrels a day.

“An increase in production … is announced that is above anyone’s expectations — ours included. And yet prices rally, volatility comes down,” he said.

“Why? Because we lifted an uncertainty that was weighing on the market since last year,” he told CNBC’s “Squawk Box Asia” last week.

Investors wondered if OPEC would end up in a price war when it tried to increase production, but the oil cartel presented a “convincing path going forward,” Courvalin said.

“You could argue the same for Iran,” he added. Simply knowing will likely “lift some of that uncertainty.”

“If that announcement comes in the next few weeks, in our view, it actually starts that bullish repricing,” he said at that time.

Opposing views

Other analysts say an agreement could mean lower prices for oil, at least in the short term.

Morgan Stanley said in a research note that an increase in Iranian exports will probably cap Brent crude at $70 per barrel, and expects the international benchmark to trade between $65 and $70 per barrel for the second half of 2021.

Brent crude was lower by 0.13% at $71.22 on Friday in Asia, while U.S. crude futures were down 0.1% at $68.75.

“Our view is that the initial reaction to a potential deal will be a brief sell-off,” Tamas Varga, an analyst at PVM Oil Associates, told CNBC in an email.

Extra Iranian barrels would be a headwind if a deal materializes, according to Austin Pickle, investment strategy analyst at Wells Fargo Investment Institute.

But softer crude prices may only be temporary.

“We suspect accelerating demand and OPEC+’s disciplined supply response will support oil prices,” Pickle wrote in a note, referring to OPEC and its allies.

PVM Oil Associates expects Brent prices to reach $80 per barrel by the fourth quarter of 2021, Varga said.

He also said it will take time before Iran starts to export oil again, and global demand could have improved significantly by the time additional barrels reach the market.

Extra Iranian barrels should only delay price recovery but not throw it off course.
Tamas Varga
analyst, PVM Oil Associates

While the global economic recovery has been uneven — faster in the developed world, compared to the developing world — oil prices will rise more quickly when vaccine rollouts accelerate in Asia, he added.

“Extra Iranian barrels should only delay price recovery but not throw it off course,” Varga said.

S&P Global Platts Analytics has the view that there is room to accommodate Iranian and OPEC+ oil supply growth in the third quarter.

Toward year-end, however, energy prices could come under pressure as Iran exports and U.S. oil production increase, said Nareeka Ahir, a geopolitical analyst at S&P. She said Brent could fall to the mid or low $60s in late 2021 into 2022.

Supply may lag demand

Goldman Sachs sees Brent crude prices rising at a faster pace, and predicts the international benchmark could hit $80 by the third quarter of this year.

Courvalin noted that Asia’s oil demand has been revised lower due to new waves of the virus, and that has been been offset by upside surprises in the U.S. and Europe.

“It really paints a picture where, once vaccination rates progress sufficiently, you really see pent-up mobility get unleashed, and a significant increase in oil demand,” he said. “That’s … the root of the bullish view.”

He said supply will likely lag the pop in demand, and there will be “plenty of room” to absorb oil from Iran.

“In fact, if you told me Iran’s not coming back, our $80 dollar forecast is way too low relative to where the oil market is heading by 2022,” he added.

Concerns over an Iran deal and the pandemic may have “masked a fast-tightening oil market,” Courvalin said.

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The first entirely US-made crystalline solar panels are coming to market

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The first entirely US-made crystalline solar panels are coming to market

All US-made solar panels featured only imported solar cells until now, but two US manufacturers just struck a three-year, $400 million deal. 

Canada-headquartered Heliene, which makes solar panels in Minnesota, will incorporate Georgia-based Suniva’s US-made monocrystalline silicon solar cells into its panels, and those “Made in the USA” panels will hit the market in mid-2024, thanks to a new three-year strategic sourcing contract between the two companies.

Heliene’s modules will be the first crystalline solar panels with US-made solar cells. Suniva says the catalyst for the pairing was solar project owners and developers wanting their projects to qualify for the 10% Domestic Content Bonus Investment Tax Credit. That’s achieved by using US-made cells based on the US Department of Treasury’s guidance published in May 2023 – and that’s in addition to the 30% IRA tax credit for renewable energy factories.

US Treasury Secretary Janet Yellen, who visited Suniva’s Norcross, Georgia, factory yesterday, said, “Before this Administration, solar companies across the United States were struggling. Between 2016 and 2020, nearly 20% of solar manufacturing jobs were lost. Now, though there remain significant challenges, Inflation Reduction Act tax credits are helping change the game.”

Cristiano Amoruso, CEO of Suniva, said, “We are proud to fulfill our long-standing promise to bring back cell manufacturing to the United States at our Norcross facility.”

Read more: The US’s oldest solar factory filed for bankruptcy in 2017 – but now it’s back


If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here. –ad*

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Porsche retires gas-powered Boxster and Cayman in the EU with all-electric model coming

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Porsche retires gas-powered Boxster and Cayman in the EU with all-electric model coming

The gas-powered Porsche 718 Boxster and Cayman models are being discontinued in Europe as an all-electric version approaches its debut.

Porsche retires gas-powered 718 Boxster, Cayman cars

After announcing plans to retire its best-selling SUV in Europe, the Macan, Porsche will do the same with its 718 Boxster and Cayman models.

Porsche retired the gas-powered Macan early due to new cybersecurity rules. Its availability ends in July 2024. The gas-powered 718 Boxster and Cayman are now set for the same fate.

In a statement to Auto Express, Porsche said as a result of the rule changes “sale of the 718 models with an internal combustion engine is discontinued in the EU and some states that apply EU legislation from now on, thereby ensuring that the vehicles can be delivered to customers and registered by the deadline.”

Porsche did note the 718 Cayman GT4 RS and 718 Spyder RS are not impacted “due to small series regulations.”

Porsche-Macan-EV-Turbo
Porsche Macan EV (left) and Turbo (right) versions (Source: Porsche AG)

Although the regulation applies to all vehicles (ICE and EV), Porsche is preparing to launch an all-electric 718 model. It’s not expected to have any issues with the new rules.

Like with the Macan, updating the gas-powered version would be too costly with an electric model rolling out anyways.

Porsche’s electric 718 is getting closer to production ahead of its debut. We got a sneak peek of the EV this week after it was spotted testing in the Arctic Circle rocking production headlights.

Porsche 718 EV testing (Source: CarSpyMedia)

The German automaker is expected to reveal the electric 718 model before the end of the year with deliveries kicking off in 2025. Porsche has already begun preparing its Zuffenhausen plant for the new EV.

Porsche CEO Oliver Blume confirmed plans to begin Macan EV deliveries later this year. Up next will be an electric 718 model followed by the long-awaited Cayenne EV.

Porsche-retires-Boxster
(Source: Porsche AG)

Porsche said it’s expanding “upward” with plans for an ultra-luxury electric SUV, slated to sit above the Cayenne. Blume called it “a very sporting interpretation of an SUV.”

Despite several automakers pulling back Porsche is sticking to its target of an 80% EV delivery share by 2030.

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Save $483 on Jetson Canyon electric scooter from $417, portable pellet grill now $251, more

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Save 3 on Jetson Canyon electric scooter from 7, portable pellet grill now 1, more

Spring joyrides are now just as affordable as they are fun, as today’s best deals come headlined by the Jetson Canyon Folding Electric Scooter starting at $417. You can also take a more environmentally-friendly approach to cookouts this spring with this portable Z GRILLS Pellet Grill and Smoker at $251, while getting your yard in shape for get-togethers with a collection of discounted Sun Joe electric tools. Plus, all of the other best new Green Deals landing this week.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Save up to $483 on the Jetson Canyon Folding Electric Scooter starting from $417

Amazon is offering the Jetson Canyon Folding Electric Scooter with two varying discounts based on location, the first of which falls to $417.28 shippedafter clipping the on-page 20% off coupon – and the second falling to $495.52 shippedafter clipping the on-page 5% off coupon. Already down from its $900 MSRP, this is only the fifth discount we have tracked over the course of the last year and comes in as a 54% or 45% markdown off the going rate, saving you a whopping $483 to $404 off the MSRP. You won’t be able to find this particular model on the manufacturer’s website anymore either, as it has been retired since December, but when it was available it was last listed at its MSRP. 

Equipped with a 500W motor and a 48V lithium-ion battery, the Jetson Canyon escooter is able to reach top speeds of 15.5 MPH and travel up to 22 miles on a single charge. It comes with three speed modes (up to 3 MPH, up to 10 MPH, and up to 15.5 MPH) that can be controlled via the LCD display that also gives you real-time information on your speed, battery levels, and headlight status. Like many other models of electric scooters, this one features a folding design that makes it far easier to store or transport when you’re not using it.

Z GRILLS CRUISER 200A Pro Portable Pellet Grill and Smoker hits $251

Amazon is offering the Z GRILLS CRUISER 200A Pro Portable Pellet Grill and Smoker for $251.10 shipped. Down from $322, with a higher $335 MSRP, it has seen very few discounts since its release in February 2023, with the biggest of the past year dropping costs to a $215 low. Today’s deal comes in as a 25% markdown off the going rate and lands as the third-lowest price we have tracked – just $36 above the all-time low.

This portable grill and smoker sports a more compact design than other models under the Z GRILLS brand, only measuring 25 inches by 20 inches by 13 inches that makes it easy to transport, set up, break down, and clean – all on the go. It utilizes wood pellets as a fuel source for maximum flavor and reduced emissions lower than that of charcoal. Equipped with upgraded PID controls, this device keeps between its 180-degree to 450-degree temperature range for 8-in-1 functionality: grill, smoke, bake, roast, sear, braise, barbecue, and char-grill. It has 202 square-inches of cooking space that holds up to six burgers, 11 hotdogs, or one full rack of ribs at once – even including a meat probe so you won’t have to sit around babysitting your food as it cooks.

Sun Joe SPX3000 2,030 PSI Electric Pressure Washer now $129

Amazon is offering the Sun Joe SPX3000 14.5A 2,030 PSI Electric Pressure Washer for $129 shipped. It has spent the last year at or returning to $169, with the second half of 2023 seeing regular discounts, but never down farther than $159 – except for a short-lived drop to $110 in October during Prime Deals days. Since 2024 began, we’ve seen the same recurring discount to $129, with today’s deal coming in to repeat the trend as a 24% markdown off the going rate and returning costs to the fourth-lowest price we have tracked – $34 above the all-time low from 2022. Equipped with a 1,800W motor, this electric pressure washer is able to produce a 2023 max PSI and 1.76 GPM. It features two 0.9L onboard detergent tanks to better tackle cleaning projects, as well as Sun Joe’s total stop system that automatically shuts off the pump when the trigger is not engaged to conserve water and costs. It comes with five interchangeable nozzles: zero degrees, 15 degrees, 25 degrees, 40 degrees, and a special soap nozzle.

Spring e-bike deals!

AeroGarden Sprout 3-plant indoor garden from two angles

Other new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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