Oil pumping jacks, also known as “nodding donkeys”in a Rosneft Oil Co. oilfield near Sokolovka village, in the Udmurt Republic, Russia, on Friday, Nov. 20, 2020.
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Oil prices fell to a six-week low on Friday as new Covid lockdowns sparked demand concerns just as industry players signal a return of supply.
West Texas Intermediate crude futures for December delivery sank more than 4% to a session low of $75.37, a price not seen since Oct. 7. That contract expires today, with the more actively traded contract for January delivery dipping 3.8% to $75.44 per barrel.
Brent crude futures, the international benchmark, traded as low as $78.15 for the first time since Oct. 1.
Both WTI and Brent are on track for a fourth straight week of losses, which is the longest weekly losing streak since March 2020.
WTI traded in the green earlier in the day, but fell into negative territory following news of Austria’s lockdowns. The demand rebound has been a key driver of oil’s recovery this year, and any indication that it might thaw will spook market participants.
“The market still remains fundamentally in a good position but lockdowns are now an obvious risk to this if other countries follow Austria’s lead,” said Craig Erlam, senior market analyst at Oanda. “A move below $80 could deepen the correction, perhaps pulling the price back towards the mid-$70 region,” he added.
While Friday’s decline is the largest for oil since July, the commodity’s been trending lower over the last few weeks. The Biden Administration has repeatedly said it’s exploring ways to ease the burden that higher oil is putting on consumers in the form of gas prices, which are hovering around a seven-year high. One option would be for the administration to tap the Strategic Petroleum Reserve.
“If the US presidential administration wants the oil market’s attention, it now has it, as all eyes are on Washington to see whether it will up the ante on China’s SPR release with a follow-up coordinated effort to put further downward pressure on oil prices,” said Louise Dickson, senior oil markets analyst at Rystad Energy. “The US has been publicly probing the oil market, OPEC+ in particular, to ease supply and provide price relief, since the summer, and other importing countries like China, India, and Japan [are] joining the chorus.”
That said, analysts have noted that releasing oil from the SPR likely wouldn’t have much of a long-term impact.
“While such a decision would result in price setbacks, the SPR can only fill the gap during temporary production disruptions, not fix structural issues of underinvestment and rising demand,” UBS said in a Nov. 5 note to clients.
In addition to political headwinds, oil is also facing pressure from an uptick in supply as producers, including in the U.S., bring production online.
Oil’s steadily climbed higher throughout 2021 with WTI hitting a seven-year high of $85.41 on Oct. 25. Since then, it’s down 11.5%. Despite the recent weakness, U.S. oil is still up 55% for 2021.
Cadillac wants to live up to its “standard of the world” tag line so bad they can taste is – but adding $60K to the CELESTIQ’s MSRP might not be the flex the marketing team might think. To teach them a lesson, we’re going to ignore the CELESTIQ and list every new EV you can buy for less than that $60K price hike, instead. Enjoy!
If you’re curious about what those vehicles are actually selling for, what rebates and special rates are out there, or even just want to take one for a test drive, click on one of the links and you’ll be directed to a local dealer who can walk you through it all (trusted affiliate link).
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Zhengzhou Nissan has launched a new, plug-in pickup in the Chinese market called the Z9. It’s the same size as the Nissan Frontier Pro, offers over 35 miles of all-electric range, and pricing starts at just $16,600.
UPDATE 04NOV2025: more details and more markets for 2026.
The rebuilding of Nissan started to pick up earlier this year with the launch of the brand’s first plug-in pickup truck in China this past summer. The plug-in hybrid (PHEV) model offers 410 hp and an 84 mile electric-only range – more than enough for it to meet the everyday needs of most drivers with easy access to liquid fuel when needed.
It seems like a neat truck, but since it was designed and developed specifically for the Chinese market, its great specs and nearly impossible $24,800 starting price (on the entry-level Frontier Pro model) meant it would have limited impact – and limited interest – in other markets.
You can read the original post, first published back in June, below, then let us know what you think of Nissan’s plans to export its plug-in pickup to other markets in the comments.
What’s more, if you feel like spending a bit more, you can get a Zhengzhou Nissan Z9 equipped with a 32.85 kWh battery that’s good for almost 85 miles (135 km) of all-electric range. And even that extended-range model, at ¥168,900 (about $23,400) is still price-competitive with the Jeff Bezos-backed Slate EV.
In short, it’s bound to be a winner.
It’ll sell, but it won’t sell here
US-market Nissan Frontier.
With excitement surrounding the Kia Tasman, Slate, and other, similarly affordable light-duty pickups building on the success of the Ford Maverick hybrid, it should come as no surprise that Nissan has international ambitions for its newest electrified pickup.
“In alignment with our ‘In China, For China, Toward the World’ strategy for electrification and smart transformation, Nissan will fully support ZNA’s ‘off-road strategy,’” explained Stephen Ma, Chairman of Nissan (China) Management Committee and President of Dongfeng Motor Co., Ltd. “We are working to strengthen our research and manufacturing capabilities, further advancing our presence in the core markets of pickups and off-road vehicles, with the ultimate goal of achieving global expansion.”
It’s exciting stuff, but with all the recent troubles it’s been experiencing, it’s doubtful that Nissan will bring either of its new, Chinese-built mid-size pickups to the US (electrified or otherwise).
“The mission of the new generation of Chinese automotive professionals is clear – to ensure that made-in-China cars are driven across the world. ZNA will utilize its dual-brand and dual-channel advantages to expand its global footprint,” Mr. Mao Limin, Executive Vice President of ZNA, at the Z9’s launch. “We aim to be one of the top exporters of pickups within three years and to reach a sales milestone of 100,000 units.”
I’ve already written out my own comeback plans for Nissan, and this new Chinese-market pickup truck doesn’t really fit into them. Like many of you, I’m of the belief that a PHEV isn’t an EV – but I do see their value as “lilypad” cars, and the two Lightning owners I know? Their previous Ford F-150s were hybrids.
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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.
Finnish energy giant Wärtsilä has announced the latest addition to its massive network utility-scale battery energy storage system (BESS) projects in Australia: a record-breaking 1.5 GWh deployment that brings the company’s total energy storage capacity in the nation to 5.5 GWh.
The future of large-scale energy projects in Australia is looking increasingly DC-coupled thanks to Wärtsilä, which just announced plans to build the largest BESS of its kind in the National Electricity Market (NEM). The massive hybrid battery project that marks the company’s ninth site down under, and pushes its total capacity to a formidable 5.5 GWh.
The company says its latest, “record-breaking” energy storage plant is a blueprint for how to efficiently combine solar generation and storage to create a more resilient and decarbonized grid.
“This project is significantly larger than our earlier DC-coupled project, underscoring the need for this type of technology in expanding at scale,” said David Hebert, vice president of Global Sales Management at Wärtsilä. Hebert called the DC-coupled technology, “a breakthrough for hybrid renewable plants and a critical step towards establishing a financially viable renewable energy future.”
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Hebert believes projects like this one play a hugely important role in stabilizing Australia’s grid while, at the same time, advancing the country’s ambitious net-zero emissions targets from the energy sector by 2045.
With a 20-year service agreement already in place and the order set to be booked this quarter, this project is a working prototype for the next generation of global renewable assets. As nations worldwide grapple with the challenge of moving beyond fossil fuels, the success of this massive DC-coupled system will provide a real-world model for how to build a grid that is cleaner, smarter, and more resilient than ever before.
Electrek’s Take Explainer
If you’re not familiar with DC-coupling, it’s an efficiency game-changer. Unlike traditional AC-coupled electrical systems that require converting solar-generated direct current (DC) to alternating current (AC) for use by the grid, and then back to DC to use in a battery, a DC-coupled system connects the solar array and battery directly. This architecture cuts energy losses that occur during conversion, capturing more solar power and significantly improving project economics and overall system efficiency.
In other words: it saves money, and shores up the grid. Wins all ’round!
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