Pump jacks at the Belridge Oil Field and hydraulic fracking site which is the fourth largest oil field in California.
Citizens of the Planet | Universal Images Group | Getty Images
Oil prices jumped Monday, snapping a seven-day losing streak that was crude’s worst since 2019, as the dollar pulled back and traders bet the recent selling was overdone.
“News of zero new cases in China has certainly provided a tailwind as it gives added light at the end of the Covid tunnel and a breath of fresh air to the demand landscape,” noted analysts at Blue Line Futures. “Additionally, the U.S. Dollar has retreated from recent highs, underpinning the commodity landscape broadly.”
West Texas Intermediate crude futures, the U.S. oil benchmark, last traded $3.22, or 5.2%, higher at $65.35. Earlier in the day it rose more than 6% to hit a session high of $66, at which point it was on track for its best day since November.
The sharp jump marks a turnaround from last week when the contract sank nearly 9% for its worst weekly performance since October and second negative week in three. WTI ended Friday at its lowest level since May 20.
International benchmark Brent crude advanced 5%, or $3.20, to $68.38 per barrel on Monday, after posting its worst week since October.
Oil’s tumble came amid fears of a demand slowdown as the delta variant of Covid-19 spreads, leading to new lockdowns in countries including Japan and New Zealand. Additionally, weak economic data out of China, which is the world’s largest crude importer, weighed on prices. The latest U.S. inventory report also showed a rise in gasoline stocks as well as an uptick in output from U.S. producers.
But some Wall Street firms said the selling looked overdone.
“We find this price weakness excessive and believe it has more to do with the psychology of market participants than with any deterioration of fundamental data,” noted analysts at Commerzbank.
Goldman Sachs, meanwhile, said that macro headwinds including the reflation unwind and Covid concerns in China are veiling the bullish backdrop for oil and commodities more generally.
“While liquidity will likely remain low and the trend is not our friend right now, we believe the micro — steadily tightening commodity fundamentals — will trump these macro trends as we move toward autumn, pushing many markets like oil and base metals to new highs for this cycle,” the firm wrote Monday in a note to clients.
Energy stocks jumped on the heels of oil’s rise, and the group was the top-performing S&P 500 sector, gaining more than 3%. Diamondback Energy and Occidental were among the top performers, rising more than 6%. APA gained more than 5%.
The energy sector fell more than 7% last week and has yet to reclaim its spot as the top-performing group this year. Energy was the best sector for the first half of the year but has been hit hard in recent weeks and is now the fourth-best sector for 2021, trailing financials, real estate and communication services.
Enjoyed this article? For exclusive stock picks, investment ideas and CNBC global livestream Sign up for CNBC Pro Start your free trial now
Tesla’s head of the Cybertruck program, Siddhant Awasthi, announced that he is leaving after more than 8 years at the company.
Awasthi is a good example of Tesla’s transition into fostering inside leadership rather than outside hiring.
For better or worse, over the last 5 years, Tesla has virtually had no significant outside hires into high-level leadership roles. It almost exclusively promotes from within.
Awasthi worked on a hyperloop school program, interned at Tesla, and joined the company straight out of school in 2018. Within 2 years, he became an engineering manager. Within 3 years, he was a senior technical program manager in charge of the Cybertruck’s 48-volt architecture.
Advertisement – scroll for more content
To say that this is unusual at a major company would be an understatement.
By late 2022, ahead of Tesla’s planned start of Cybertruck production, he was made head of the electric truck program.
He was in charge of the production ramp and future improvements to the electric pickup truck, which has since become a commercial flop. Tesla is having trouble selling 25,000 Cybertrucks per year, despite planning for an annual production capacity of 250,000 trucks.
Today, the young engineer announced on X:
I recently made one of the hardest decisions of my life to leave Tesla after an incredible run.
He tried to “sum up” his career at Tesla in a paragraph:
It’s tough to sum up eight years in just a few lines, but what a thrilling journey it’s been: ramping up Model 3, working on Giga Shanghai, developing new electronics and wireless architectures, and delivering the once-in-a-lifetime Cybertruck—all before hitting 30. The icing on the cake was getting to dive back into Model 3 work toward the end.
In addition to his duties as Cybertruck program manager, Awasthi was also made in charge of the Model 3 program last summer.
While I’m using Awasthi as an example of Tesla prioritizing internal promotions rather than attracting outside talent, I’m not blaming the failures of the Cybertruck program on him. The blame should always be placed at the very top.
The program failed because someone at Tesla —likely Elon —was way too optimistic about what it could accomplish, and ultimately, what Tesla unveiled in 2019 had very little to do with what it brought to production in 2023.
It had less range, fewer cool features, and all for a way higher price.
But it’s also far from an endorsement of Tesla’s organizational approach, far from it.
FTC: We use income earning auto affiliate links.More.
When it comes to battery longevity, it appears that brand matters. A recent study published by Germany’s ADAC revealed tangible, real-world differences in how the high-voltage batteries in PHEVs age across manufacturers. The results: Mercedes’ batteries came out on top, Mitsubishi trailed behind.
A recent study by the German motoring group ADAC (think of it as Germany’s equivalent of America’s AAA) and data analysts at Austrian battery firm AVILOO analyzed more than 28,500 state-of-health (SoH) measurements from plug-in hybrid electric vehicles (PHEVs) across six years and several vehicle brands. While the study found that battery degradation for most brands remains within a range consistent with an average vehicle lifespan, it turns out that one of the strongest predictors of battery longevity was the brand of vehicle tested.
In other words: not all hybrid batteries are created equal, and it seems like you really do seem to get what you pay for with batteries from traditionally pricer brands like Mercedes-Benz, BMW, and Volvo out-performing those from mainstream car brands like VW, Ford, and Mitsubishi. Here’s how ADAC broke it down:
In terms of brand comparison, Mercedes-Benz models generally show very stable battery performance up to a mileage of 200,000 kilometers. This contrasts with Mitsubishi, whose PHEVs already exhibit significant degradation even at low mileages, although this stabilizes somewhat over the course of their lifespan.
Battery degradation in vehicles from the Volkswagen Group and Volvo remains within an unremarkable range even with higher proportions of electric driving. BMW models show a noticeable variation across the entire field, depending on electric usage. In Ford models, battery capacity decreases remarkably early, regardless of the specific user group. However, predictions regarding battery condition at higher mileages are not possible due to the limited number of tests.
So, what are the big takeaways here, besides the notion that more expensive products tend to be built better than cheaper ones? It seems like most PHEVs are maintaining more than 80% of their batteries’ SoH after 200,000 km (~120,000 miles), with some of the higher-performing batteries doing significantly better.
Advertisement – scroll for more content
Still totally fine
2024 Mitsubishi Outlander PHEV; via Mitsubishi.
Again, the ADAC results shouldn’t be interpreted to mean that the Mitsubishi PHEV models aren’t perfectly serviceable, reliable offerings – just that some cars that cost a lot more than the Mitsubishi tend to have batteries that last a little longer under typical driving conditions.
ADAC also adds that, if frequent electric-only trips are on your agenda (as they are on mine), a fully battery-electric vehicle may be the smarter pick, as their batteries go through fewer charging cycles and tend to last longer than PHEV batteries as a consequence.
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.
FTC: We use income earning auto affiliate links.More.
At EICMA 2025, Honda finally pulled back the curtain on its first full-size electric motorcycle with the first-ever public unveiling of the Honda WN7. As someone who’s followed the electric motorcycle space for over a decade, I’ve been waiting a long time to see Big Red bring some serious voltage – and it looks like that moment has arrived.
The WN7 isn’t just a compliance bike or a modest scooter like we’ve seen for years from Honda – it’s a legitimate full-size motorcycle, albeit still a commuter motorcycle and not something you’d likely want to take on a cross-country trip.
Designed as a naked street bike in Honda’s “FUN” category, the WN7 features a peak output of 50 kW (67 hp), putting it in a similar performance class to a 600cc internal combustion motorcycle. With 100 Nm of torque, it even rivals liter-class bikes in terms of torque off the line, promising quick acceleration and agile city or highway handling.
Honda’s development team leaned into the EV strengths with a design philosophy they call “Be the wind.” The goal is apparently a ride experience that’s quiet and immersive, letting you hear the world around you while still delivering that satisfying EV torque hit.
Advertisement – scroll for more content
Visually, the WN7 sports a sharp silhouette and a horizontal LED light bar up front – a design element Honda says will become the face of its entire electric lineup. It also features a new colorway exclusive to Honda’s EVs: a black body accented with golden mechanical components.
One of the most interesting engineering decisions is the frameless chassis. Instead of a traditional motorcycle frame, Honda uses the rigid aluminum battery case itself as a central structural element, connecting both the front steering head and the rear swingarm pivot directly to it. This design not only cuts weight but also improves handling by centralizing the mass. It’s a move we’re seeing more frequently, having been employed by other electric motorcycle makers such as LiveWire as part of their S2 Arrow platform.
Honda’s powertrain includes a new liquid-cooled motor with a built-in inverter, delivering its power to a belt-drive rear wheel through a newly designed gearbox. It’s quiet, clean, and torquey – just what you want in a commuter or light touring bike.
The moderately sized, fixed 9.3 kWh battery supports both CCS2 fast charging (20% to 80% in 30 minutes) and Type 2 charging, with a claimed range of 140 km (87 miles) per charge under WMTC standards. Riders also benefit from regenerative braking with customizable deceleration levels, as well as a slow-speed walk mode for precise parking assistance.
No word yet on pricing or exact market release dates, but Honda says the WN7 will be produced in Japan and rolled out in regions “where electrification is advancing.” Perhaps that could be a clue about its entry, or lack thereof, in North America.
FTC: We use income earning auto affiliate links.More.