Oil derrick pumps operate at the Inglewood Oil Field in Culver City, California, on Sunday, July 11, 2021.
Kyle Grillot | Bloomberg | Getty Images
Oil prices slid on Monday, building on last week’s steep losses, as rising Covid cases prompted fears of a slowdown in demand.
West Texas Intermediate crude futures declined more than 4% to trade at $65.50 per barrel. The contract traded as low as $65.15 earlier in the session. International benchmark Brent crude declined 3.8% to $68.01 per barrel.
“The biggest challenge for oil markets remains the uncertainty around COVID as the ‘delta variant’ has made for the highest daily case counts since early 2021,” noted analysts at Bank of America.
Last week both contracts dipped more than 7% for their worst week since October. The slide came amid demand worries as well as a surprise build in U.S. crude inventory. The U.S. Energy Information Administration said Wednesday that crude stocks rose by 3.6 million barrels in the prior week, while analysts surveyed by FactSet were expecting a 2.9 million barrel draw. Gasoline stocks did, however, decline by a larger-than-expected 5.3 million barrels.
Data out of China also weighed on crude on Monday. The country’s export growth unexpectedly slowed in July, while imports rose 28.1% compared to a year earlier. This was below forecasts that called for a 33% increase.
China, which is the world’s second largest oil consumer, imported 9.7 million barrels per day in July, which was the fourth straight month below 10 million barrels per day, according to analysts Commerzbank.
“The price slide is continuing [Monday] amid growing concerns about demand again,” the firm wrote in a note to clients. “Market participants are watching the rising coronavirus figures in Asia with considerable alarm, as this could prompt the Chinese government to take drastic measures in line with its strict zero Covid strategy.”
A possible slowdown in demand as portions of the world reinstate lockdown measures follows OPEC and its allies further boosting production this month. In April 2020 the group implemented record production cuts of nearly 10 million barrels per day as the pandemic sapped demand for petroleum products.
Oil has slowly recovered and WTI is still up 40% for 2020. In July the contract traded as high as $76.98, a price not seen since 2014.
“The oil market is likely to remain rangebound here as the physical market is poised to remain in a deficit through the end of the year,” said Tom Essaye, editor of the Sevens Report.
– CNBC’s Michael Bloom contributed reporting.
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Fleet electrification expert Tony Nisam took to LinkedIn yesterday to post a deal that he ran across at a Washington State Costco that stacks a $25,500 manufacturer rebate with $3,000 in “regular” Costco Member Savings, $2,750 in “LIMITED-TIME” Manufacturer to Member Incentives, plus an additional $250 for Costco Executive members.
Do a bit of math (add up 25,500 + 3,000 + $2,750 + 250), and you’ll calculate an almost unheard of $31,500 discount on one of the best, most capable commercial vans on the market – ICE or electric. And that’s before you factor in the 0% interest financing (72 mo.) being advertised at Blade Chevrolet, the Mount Vernon, Washington, where VIN 2G58J2TY6S9104313 (the exact van shown, below) is shown as stock number 16757.
If you’re not a Costco member yet and you’re looking for a new truck for your business or even a unique #vanlife ride with zero emissions, modern tech, and a nationwide dealer network, GM makes that $130 Executive membership seem like a no-brainer.
Is a $39,000 price cut enough to get you to take a look at a new Brightdrop? At $45,235 (from a starting price of $84,235), can you afford not to? Head down to the comments and let us know.
Tesla has quietly removed the Cybertruck’s range extender from the options in its online configurator.
Does Tesla still plan to bring the product to market?
When Tesla unveiled the production version of the Cybertruck in late 2023, there were two main disappointments: the price and the range.
The tri-motor version, which was the most popular in reservation tallies, was supposed to have over 500 miles of range and start at $70,000.
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Tesla now sells the tri-motor Cybertruck for $100,000 and only has a range of 320 miles.
As for the dual-motor Cybertruck, it was supposed to cost $50,000 and have over 300 miles of range. The reality is that it starts at $80,000, and it has 325 miles of range.
However, Tesla had devised a solution to bring the range closer to what it originally announced: a separate battery pack that sits in the truck’s bed. Tesla called it a “range extender.” It costs $16,000 and takes up a third of the Cybertruck’s bed.
Even though the Cybertruck has been in production for a year and a half at this point, the range extender has yet to launch.
At the time, Tesla also reduced the range that the removable battery pack adds to the Cybertruck to “445+ miles” rather than “470+ miles” for the dual motor – a ~25-mile reduction in range.
Now, Tesla has removed the option from its online Cybertruck configurator. It used to take reservations for the range extender with a “$2,000 non-refundable deposit”, as seen on the image above, but now it’s not in the configurator at all at the time of writing.
It’s unclear if Tesla is not planning to launch the product anymore or if it is just pausing reservations.
In its specs page, Tesla still lists the achievable range of both versions of the Cybertruck with and without the range extender battery:
Electrek’s Take
I’m curious. Is it dead, or does Tesla just want to stop taking reservations for it?
At first, I was curious about the product even though I didn’t think it would make up for Tesla’s significant miss on Cybertruck specs.
However, after it was confirmed that it takes up 30% of your bed and that it needs to be installed and removed by Tesla at a service center, I think it’s pretty much dead on arrival at $16,000.
It’s going to be a product limited to only a few people at best. And now that’s if it makes it to market.
With the option being removed from the configurator, there’s no production timeline available. Again, the last one was “mid-2025”, which is soon.
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Portable power station specialist EcoFlow is kicking off its third annual Member’s Festival this month and is offering a unique new rewards program to those who become EcoFlow members. The 2025 EcoFlow Member’s Festival will offer savings of up to 65% for its participating customers, and a portion of those funds will be allocated toward rescue power solutions for communities around the globe through the company’s “Power for All” fund.
EcoFlow remains one of the industry leaders in portable power solutions and continues to trek forward in its vision to power a new tech-driven, eco-conscious future. Per its website:
Our mission from day one is to provide smart and eco-friendly energy solutions for individuals, families, and society at large. We are, were, and will continue to be a reliable and trusted energy companion for users around the world.
To achieve such goals, EcoFlow has continued to expand its portfolio of sustainable energy solutions to its community members, including portable power stations, solar generators, and mountable solar panels. While EcoFlow is doing plenty to support its growing customer base, it has expanded its reach by giving back to disaster-affected communities by helping bolster global disaster response efforts the best way it knows how– with portable power solutions.
Source: EcoFlow
EcoFlow and its members look to provide “Power for All”
Since 2023, EcoFlow has collaborated with organizations worldwide as part of its “Power for All” mission. This initiative aims to ensure access to reliable and timely power to disaster-affected communities across the globe, including rescue agencies, affected hospitals, and shelters, to support rescue and recovery efforts.
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This fund most recently provided aid for communities affected by the recent Los Angeles wildfires, assistance to the Special Forces Charitable Trust (SFCT) in North Carolina following severe hurricanes, and support for non-profits engaged in hurricane preparedness in Florida and the Gulf Coast. Per Jodi Burns, CEO of the Special Forces Charitable Trust:
In the wake of devastating storms in Western North Carolina, reliable power was a critical need for the families we serve. Thanks to EcoFlow’s generous donation of generators, we were able to provide immediate relief, ensuring these families and their communities had access to power when they needed it most. We are so impressed with EcoFlow’s commitment to disaster response through their ‘Power for All’ program. It has made a tangible impact, and we are deeply grateful for their support and partnership in helping these families recover and rebuild.
In 2024, the US experienced 27 weather and climate events, each causing losses exceeding $1 billion, marking the second-highest annual total on record, according to National Centers for Environmental Information. The increasing frequency and severity of natural disasters underscore the critical need for reliable and timely power solutions during emergencies, much like EcoFlow and its members are helping provide through the “Power For All” initiative.
To support new and existing EcoFlow members, the company is celebrating its third annual Member’s Festival throughout April to offer a do-not-miss discount on its products and donate a portion of all sales to the “Power for All” fund to provide rescue power to those in need in the future. Learn how it all works below.
Source: EcoFlow
Save big and give back during the 2025 Member’s Festival
As of April 1st, you can now sign up to become an EcoFlow member to participate in the company’s exclusive 2025 Member Festival.
As a member, you can earn “EcoFlow Power Points” by completing tasks like registration, referrals, and product purchases and tracking your individual efforts toward disaster preparedness and recovery.
Beginning April 4, EcoFlow members will also be able to take advantage of exclusive discounts of up to 65% off select portable power stations, including the DELTA Pro Ultra, DELTA Pro 3, DELTA 2 Max, DELTA 3 Plus, RIVER 3 Plus, and more. However, these sale prices only last through April 25, so you’ll want to move quickly!
Click here to learn more about EcoFlow’s “Power for All” campaign. To register for EcoFlow’s 2025 Member Festival in the US, visit the EcoFlow website. To register as a member in Canada, visit here.
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