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Natural gas prices are making some unnatural moves.

After a nearly 40% rally in the last month — an unusually outsized move for any commodity — the charts are now flashing warning signs, Miller Tabak’s Matt Maley told CNBC’s “Trading Nation” on Thursday.

Natural gas prices fell by about 3.5% on Thursday after climbing nearly 4% in the previous session.

“Even though I’m bullish longer term, I just think the thing has become overbought,” the firm’s chief market strategist said.

When natural gas prices spiked Wednesday, their relative strength index reached 80, a level that has “signaled near-term tops” throughout much of this year, Maley said.

“On its weekly chart, it also got above 80, and that’s the second highest, the second-most overbought it has been in a decade,” Maley said.

“This doesn’t mean that the bull market is over for this commodity. I just think that when you get a weekly chart that’s that overbought, the pullback’s going to last for more than a couple of days, and [Thursday’s] pullback I think won’t be the end of it,” he said. “We’re going to have to see a pullback that lasts for more than just a few days.”

The commodity found another long-term bull but near-term worrier in Nancy Tengler, the chief investment officer of Laffer Tengler Investments.

Her firm recently launched a green energy-based product for its clients that owns some natural gas stocks but hedges them with oil, she said in the same interview.

“I think we are due for a pullback, but long term, this is a relatively clean solution to energy, and I think we’re going to continue to see strength in natural gas over the coming years from a fundamental standpoint,” she said.

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Porsche kicks off Macan EV production at its newly upgraded plant

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Porsche kicks off Macan EV production at its newly upgraded plant

After investing nearly $1 billion over the past several years, Porsche launched electromobility at its production site in Saxony. The investment was designed to expand the facility so Porsche could ramp up Macan EV production.

Porsche ramps up Macan EV production at Zeipzig plant

On Tuesday, the company announced the official start of electromobility at its production site in Saxony, Germany.

Porsche has invested nearly $1 billion (600 million euros) to upgrade the facility to prepare it for Macan EV production. New additions include a new body assembly line. Porsche says production of the new Macan is currently being ramped up.

“At Porsche, we’re convinced that electromobility is the future,” CEO Oliver Blume explained. Following the Taycan, the Macan is Porsche’s second all-electric vehicle.

Despite this, Porsche wants to “remain flexible” by making gas, hybrid, and electric cars on the same production line.

“In production at Porsche, we have implemented the ‘smart, lean and green’ approach at all our factories,” Porsche executive board member for production Albrecht Reimold said.

“This means that we have the vision of an intelligently connected factory with the lowest possible environmental impact.” The Porsche Macan is produced with a carbon-neutral balance sheet in Leipzig.

Porsche-Macan-EV-production
Porsche Macan EV production (Source: Porsche)

Porsche is working toward a carbon-neutral balance sheet across its entire value chain for new cars built by 2030.

Porsche will begin deliveries of the new Macan EV in the second half of the year. Blume boasted in March, “We already have 10,000 orders, and these customers haven’t even been able to drive the car yet.”

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

Meet the all-electric Macan

The Macan EV is available in two options: the Macan 4 and Macan Turbo. The Macan 4 generates up to 402 hp (300 kW), while the Turbo model packs up to 630 hp (470 kW).

With that, the Macan 4 can sprint from 0 to 60 mph in 4.9 seconds, while the Turbo model takes just 3.1 seconds.

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All-electric Porsche Macan EV Turbo (Source: Porsche)

As the first Porsche based on its new 800V PPE platform, the Macan EV can charge from 10% to 80% in under 21 minutes (with 270 kW charging).

Inside, the electric Macan gains luggage space over the gas model with up to 18 cu ft capacity behind the rear seat.

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Porsche Macan EV interior (Source: Porsche)

Porsche equipped the new Macan EV with its latest-gen infotainment, including a 12.6″ curved instrument cluster and 10.9″ central display. For the first time, passengers are offered a personal 10.9″ touchscreen.

The new infotainment is based on Android Auto OS and compatible with Apple CarPlay. The starting price for the Macan 4 is $78,800, while the MSRP for the Macan Turbo is $105,300.

Both do not include a $1,650 delivery fee. While EPA range figures will be released closer to deliveries, Porsche says the Macan EV 4 gets up to 381 miles (613 km) WLTP range. The Turbo version gets up to 367 miles (591 km).

Orders for Porsche’s new electric SUV are open now. You can use our link to view deals on the new 2024 Porsche Macan EV and Macan Turbo in your area.

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This retail fueling giant is about to integrate DC fast charging at a lot of gas stations

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This retail fueling giant is about to integrate DC fast charging at a lot of gas stations

Gas pump and convenience store equipment technology giant Gilbarco Veeder-Root (GVR) has launched a DC fast charging system that can be seamlessly integrated into its retailers’ gas stations.

GVR, which has over 500,000 installations globally, co-developed the turnkey Konect DC fast charging system with EV charging tech company SK Signet. Seoul-based SK Signet will manufacture the EV charging equipment in the US and Korea.

Konect assists with site selection, funding options, and point-of-sale equipment. It provides hardware and software solutions, integrates onsite energy storage, and sets up loyalty schemes. 

Konect’s DC fast charging system isn’t designed to be shoved in the back of the gas station on a separate network – it’s integrated into GVR’s existing full-site fueling payment and service systems.

GVR’s network connects multiple onsite cloud-based services, from point-of-sale payment and loyalty systems to localized energy management and off-grid charging solutions. 

GVR has made its Konect DC fast chargers compelling to fuel retailers by minimizing upfront capital and ongoing operating expenses and boosting ROI. 

Om Shankar, vice president & general manager of Konect, said:

[W]e aspire to remove hurdles and build an incredible business case for fuel retailers to play a major part in the EV transition. 

… Konect is fully integrate-able with our existing full-site solutions, and is poised to help supercharge the transition to electric mobility.

Konect’s system is available now in the US and Europe, with more markets to come.

Read more: Tesla drivers, EVgo is about to begin NACS deployments on its DC fast chargers


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Tesla loses a top AI lead

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Tesla loses a top AI lead

Tesla has lost a top AI engineer in charge of “planning, imitation learning & RL team for Tesla AI” amid a broader talent exodus.

Over the last few weeks, Tesla has been conducting several major waves of layoffs throughout its entire organization.

On top of the layoffs, we recently reported that some Tesla employees are leaving the company due to low morale.

There appear to be a clear exodus of talent at Tesla at the moment.

Another example is Paril Jain.

Jain spent the last 9 years at Tesla where he became an important part of Tesla’s autonomous driving effort.

Most recently, he was tech lead for “Planning, Imitation Learning & RL team for Tesla AI.” He listed the responsibilities of his team on LinkedIn:

  • Build the Foundation Models for autonomy that can scale to vehicle as well as humanoid platforms
  • Leverage millions of miles of driving data and interventions to build a robust and scalable end-to-end learning based self-driving system.
  • Research on cutting-edge techniques in generative models, reward models and reinforcement learning to improve the safety and comfort of our driving models.
  • Experiment with synthetic data generation and network driven data collection approaches to enhance the diversity and quality of training data
  • Ship production quality, safety-critical software to the entirety of Tesla’s vehicle fleet

Today, he announced that he is leaving Tesla to co-found ‘The Bot Company’, a startup to build robots founded by Kyle Vogt, co-founder of Twitch and Cruise.

Super pumped for the next phase of building. We have spent the last decade building robots that give people some of their time back, and it’s time to take it to the next level with The Bot Company.

Jain has good words for the Tesla team:

As for Tesla – it has been an incredible 7 years building the best self driving product on the market. You’ll love the upcoming versions of V12 and Actually Smart Summon. The team is on an amazing trajectory to continue pushing forward more improvements on the road to being driverless

Nonetheless, Tesla’s autonomous driving team appears to have lost another engineering leader.

Electrek’s Take

As I have been saying for a while, Tesla’s biggest strength has always been its capacity to attract and retain talent. The company always scored in the top places engineering students want to work.

I think the way Elon handled the latest round of layoffs, and the talent exodus that is happening now, shows that this capacity is eroding.

I hope that they can turn this around.

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