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Oil prices were rattled by the collapse of several U.S. and European lenders earlier this spring, which discouraged volatility-adverse investors from historically riskier assets, such as commodities.

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A surprise decision by several OPEC+ producers to voluntarily cut output earlier this month had pushed analyst oil price forecasts near $100 per barrel, but stagnating prices now point to a deepening divide between macroeconomic sentiment and supply-demand fundamentals.

Oil prices have once again lulled near the $80 per barrel threshold, nearly revisiting territory walked in early April, before members of the OPEC+ coalition announced a unilateral cut totaling 1.6 million barrels per day until the end of the year.

The production declines prompted some analysts to warn prices could surge to triple digits, with Goldman Sachs adjusting its Brent forecast up by $5 per barrel to $95 per barrel for December 2023.

Analysts now flag that broader financial turmoil has so far obstructed this bullish outlook, as supply-demand factors are outweighed by recessionary concerns.

“Oil markets have completely faded the boost from the surprise OPEC+ cut earlier this month, and we think this primarily reflects deep pessimism about the macro outlook, with little evidence of incremental weakness in demand so far,” Barclays analysts said in a Wednesday note.

“Weaker refining margins and freight demand have been in focus recently, but we believe markets might be reading too much into the implications of these trends for the demand outlook. We also think that markets might be underestimating OPEC+’s resolve to keep the inventory situation in check.”

“People really bet on a China reopening,” Helima Croft, managing director and global head of commodity strategy at RBC Capital Markets, told CNBC’s “Squawk Box” on Wednesday.

Beijing, the world’s largest importer of crude oil, reined in its purchases last year amid drastic “zero-Covid” restrictions that depressed transport fuel requirements. China has been progressively lifting its pandemic measures since the end of last year, and local crude oil demand is returning — but at a more “muted” pace, Croft noted.

“And the issue of the Fed is real. I think that is something that a lot of us got wrong in terms of the impact of, you know, the rate hikes, recession concerns,” she added.

India's oil demand is going 'gangbusters,' RBC's Helima Croft says

“We have these OPEC cuts in place, we do have, you know, again, strong demand in India, China is reopening — this should be set up for a bullish story. People are still optimistic about the back half of the year, but the question is, can you get through the big macro wall of worry?”

Viktor Katona, lead crude analyst at Kpler, told CNBC by e-mail that oil prices have suffered from a “constant barrage of gloomy macroeconomic news that creates a negative sentiment background,” as well as market distrust in the implementation of the OPEC+ production cuts. Market participants often wait for a visible reflection — such as lower export rates — to factor in production cuts, which can create a disconnect when vessel loadings arise from stock inventories.

But Katona projected price-supportive tightness in the physical markets over the summer season:

“We still see July and August as being the tightest months of 2023, with demand surpassing supply by some 2 million b/d (barrels per day), so the overall direction is still the same,” he said, noting that, globally, consumers will be exiting their annual refinery maintenance periods that curb their intake by that time.

“Net length in crude futures contracts has fully recovered from the banking panic seen in March and net length in WTI is the highest since November 2022, so the belief that prices are to increase is definitely widely shared by the market.”

But China’s long-anticipated reopening may prove too little, too late. One trade source — who could only comment on condition of anonymity because of contractual obligations — said the market is waiting for concrete signs of physical inventory draws. Another pointed to generally poor refining margins in Asia and a “poor demand cycle.” Another said that China’s reopening has been fully factored into the current pricing, and Beijing’s needs are simply being met by Russian oil. Moscow has rerouted 20% of the oil it supplied to Europe to other markets such as Asia, Russian Deputy Prime Minister Alexander Novak said Wednesday, in comments reported by Reuters.

Kpler data indicates that China’s imports of Russian crude oil averaged 1.59 million barrels per day in March, up 68% from the same period in 2022. Croft says that Chinese buyers have been “beneficiaries of sanctions policies,” as Moscow’s slashed prices also pushed other sanctioned sellers, such as Venezuela and Iran, to discount their crude.

OPEC+ weight

Oil prices were rattled by the collapse of several U.S. and European lenders earlier this spring, which discouraged volatility-adverse investors from historically riskier assets, such as commodities.

OPEC+ sources told CNBC at the time that these sentiment-driven fears would likely be temporary and pushed aside by supply-demand realities. The group convenes to discuss policy at a ministerial level for one of two annual meetings in June — when Croft flags that Gulf producers will likely set the agenda.

“When you think about Russia, Russia makes involuntary cuts. They basically rebrand the sanctions problem as a production cut. It’s really a question, I think, right now, about Saudi Arabia and the other Gulf producers, what they want to do. Again, Russia’s happy to have anything that raises prices, but they’re not in the driver’s seat.”

Oil is unlikely to hit $100 per barrel well before the end of the year, says Truist

The weight of OPEC+ co-chair Russia within the group has been stifled by Western sanctions against its crude oil and oil product imports, in place since December and February, respectively.

As markets settle near $80 per barrel, Croft questioned what recourses still remain in the OPEC+ arsenal. “The question is right now, do they have more bullets to play, as we go into a June meeting?”

The latest cuts already spell a tight supply-demand balance that could hit households, the International Energy Agency warned in its latest monthly Oil Market Report.  

“Our oil market balances were already set to tighten in the second half of 2023, with the potential for a substantial supply deficit to emerge. The latest cuts risk exacerbating those strains, pushing both crude and product prices higher. Consumers currently under siege from inflation will suffer even more from higher prices, especially in emerging and developing economies,” it said.

Biden’s bid

Historically a defender of curbing prices at the pump, the U.S. has repeatedly called on OPEC+ producers to lift supplies, waging a war of words with group Chair Saudi Arabia when the coalition instead opted for a 2 million barrels per day cut in October. The U.S.’ own shale production, “traditionally the most price-responsive source of more output, is currently limited by supply chain bottlenecks and higher costs,” the IEA warns.

Throughout Biden’s presidency, U.S. energy policy has been defined by a push toward climate awareness. Shortly after taking office, the head of state suspended new oil and natural gas leases on public lands and waters and kicked off a thorough review of existing permits for fossil fuel development. Biden has openly criticized the oil sector for raking in profit at the expense of consumers, in June last year claiming ExxonMobil “made more money than God.”

But crude oil supply shortages and soaring gasoline prices have pushed Biden — who on Tuesday announced his re-election campaign — to reconsider his tactic, Croft holds.

“You have President Biden coming into office, essentially saying, Keep the oil in the ground. And now when he is faced with higher retail gasoline prices, essentially they say to oil companies, no, put the money in the ground. So we have seen a significant pivot on oil policy from the Biden administration,” she said Wednesday.

“That said, the fully robust defense of the American oil and gas is usually on the Republican end of the House.”

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Rad Power RadExpand 5 Plus folding e-bike at $1,699 low, Bluetti and Jackery take up to 50% off power stations + bonus savings, more

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August 8, 2025

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Rad Power RadExpand 5 Plus folding e-bike at ,699 low, Bluetti and Jackery take up to 50% off power stations + bonus savings, more

Closing out this week’s Green Deals, our coverage is headlined by Rad Power’s RadExpand 5 Plus Folding e-bike dropping to its $1,699 low, alongside the ongoing $999 low on the predecessor RadExpand 5 model. From there, we have two power station sales taking up to 50% off units, with the first being Bluetti’s event that has dropped the Elite 100 V2 solar bundle with a 200W panel back to its $799 low. There’s also Jackery’s event with bonus 5% and 7% savings that has returned the new HomePower 3000 station to its $1,614 low. We also have two Greenworks tool deals – either the brand’s 24V 6-inch Mini Cordless Chainsaw or a 2-in-1 60V combo that gives you a 17-inch mower and a 13-inch string trimmer. Lastly, we have a one-day-only discount on Hiboy’s new S2 SE Electric Scooter at a new low price just in time for last-minute back-to-school needs. Plus, all the hangover savings are at the bottom of the page, like yesterday’s launch deals on the new Heybike Ranger 3.0 Pro e-bike and Mars 3.0 e-bike, and more.

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.

Hop on Rad Power’s RadExpand 5 Plus or RadExpand 5 folding e-bikes at their lowest prices starting from $999

Rad Power’s Back to School Sale may be over, but that doesn’t mean you can’t still pick up two of the brand’s space-saving folding e-bikes at their lowest prices. Now through August 20, alongside the ongoing RadExpand 5 e-bike’s $999 low, you can grab the RadExpand 5 Plus Folding e-bike at $1,699 shipped. This model released last year but has been keeping posted at its full $1,899 rate for most of the time since, with only a free accessory package and one discount to this same rate on the books in 2025. The low price we first saw during Memorial Day sales is coming back around to save you $200 on this newer model that will also save you on storage space at home, in your dorm, or anywhere else.

The Rad Power RadExpand 5 Plus comes as the latest iteration of the space-saving series, able to condense down to 29 inches high by 25 inches wide by 41 inches long to fit inside closets, car trunks, on RVs, and more. The 750W rear hub motor is paired with a 720Wh battery to carry you for up to 60+ miles with its five PAS levels activated at up to 20 MPH top speeds (supported by a torque sensor). Among its updated features, you’ll be getting a hydraulic suspension fork alongside hydraulic disc brakes for smoother rides and greater stopping power. There’s also the puncture-resistant tires, fenders to go over top of them, a rear cargo rack for added versatility, an LED headlight, a brake-activated taillight, a Shimano 7-speed derailleur, a color display with a USB-C port, and more.

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If you’re looking to still save space while paying less, the brand’s predecessor RadExpand 5 Folding e-bike is remaining at its $999 low for as long as supplies last. It has a similar combination of a 750W motor with a smaller 672Wh battery that provides up to 45+ miles of pedal-assisted travel at up to 20 MPH top speeds, and also comes with a foldable design for more convenient storage options. It’s a tried-and-true legacy model that offers a nice array of features, including a rear cargo rack, an auto-on LED headlight, an auto-on taillight with brake lighting, a 7-speed MicroShift derailleur, an LED display, and more.

man unloading Bluetti power station and solar panel from jeep with mountains in background

Bluetti’s August solar generator sale drops Elite 100 V2 bundle with 200W panel to $799 low, more from $169

Bluetti is having a solar generator sale that is taking up to 50% off bundled units alongside the exclusive $3,150 savings on the brand’s new Apex 300 Versatile Power Station and the parallel Elite 30 V2 Power Station launch deals. Standing out amongst the new products is the Elite 100 V2 Solar Generator bundle that comes with a 200W panel for $799 shipped, beating out Amazon’s pricing by $150. This package normally goes for $1,299 directly from the brand since its release a month ago, with a $1,399 price tag from Amazon, with the brand’s Prime Day sale having seen costs taken the lowest to $799 for the first time. That low rate is coming back around, saving you $500 off the going rate for a second chance at the best price we have tracked. Head below for more on this bundle and the others seeing discounts in this sale.

If you want to learn more about this solar generator bundle or browse the entire lineup of deals, be sure to check out our original coverage of this sale here.

woman opening refrigerator door that is being powered by Jackery's HomePower 3000 portable power station

Jackery cuts power station and accessory prices by up to 50% alongside bonus 5% and 7% savings starting from $89

Jackery is having an August home backup sale running through August 13, which is taking up to 50% off its power station lineup, complete with member-only pricing on top of an extra 5% and 7% savings on orders over $1,300. Among the lineup, we’re seeing continued Prime Day pricing on the brand’s new HomePower 3000 Portable Power Station for members (free to sign up) starting from $1,614.05 shipped, after using the code BACKUP5 at checkout for an additional 5% off, matching the price on Amazon. This new unit hit the scene back in May at $2,499, and is now matching the Prime Day low. You’re getting a third-ever drop to this all-time low price here, cutting $885 off the tag.

If you want to learn more about this new unit, as well as browse the full lineup of deals, be sure to check out our original coverage of this sale here.

man using greenworks 24V 6-inch mini chainsaw to cut tree branch

You can cut in tighter quarters with Greenworks’ 24V 6-inch cordless mini chainsaw at $95

Amazon is offering the Greenworks 24V 6-inch Cordless Mini Chainsaw with a 2.0Ah battery for $94.99 shipped, which is matching in price directly from the brand’s website. This model normally fetches $130 at full price, which we saw spending the first four months of 2025 keeping to $100, before rising back in price and dropping to the $90 low in June and during July’s Prime Day event. If you missed out on those all-time lows, you can pick it up now at the second-best price we have tracked, cutting $35 off the tag and landing it just $5 above the low.

If you want to learn more about this handy mini tool, be sure to check out our original coverage of this deal here.

split image of greenworks 60V 17-inch lawn mower and 13-inch string trimmer combo

This 60V Greenworks bundle gives you a 17-inch mower, 13-inch string trimmer, 4.0Ah battery and 3A charger for $375

Amazon is offering the Greenworks 60V 17-inch Cordless Push Mower and 60V 13-inch String Trimmer Combo Kit at $374.99 shipped, with the price being matched directly from the brand’s website. This package would normally run you $500 at full price, though we’ve seen the costs taken down to $400, $375, and a $350 low over 2025, with that low rate last appearing mid-June. You’re looking at a solid 25% markdown while the savings last, cutting $125 off the tag for the second-lowest price we have tracked.

If you want to learn more about this two-tool bundle, be sure to check out our original coverage of this deal here.

man and woman having picnic in park next to two Hiboy S2 SE electric scooters

Get 17 miles of budget-friendly campus commuting on Hiboy’s S2 SE e-scooter at a new $270 low (Today only)

As part of its Deals of the Day, Best Buy is offering the best pricing yet on the newer Hiboy S2 SE Electric Scooter for $269.99 shipped just ahead of students going back to classes. This model hit the market back at the top of 2025 carrying a $550 price tag, with Best Buy instead regularly offering it these days at $330 without discounts. Among the previous discounts this year, the lowest we’ve seen the price go before today was $294 during Prime Day last month, with the deal here cutting $60 off the going rate ($280 off the MSRP) at the best price we have tracked. It’s even beating out Amazon’s pricing by $60 and Hiboy’s direct pricing by $27.

If you want to learn more about this commuting solution, be sure to check out our original coverage of this one-day-only deal here.

Best Summer EV deals!

Best 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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Hyundai’s most affordable electric SUV is a hit

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August 8, 2025

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Hyundai's most affordable electric SUV is a hit

Hyundai's-most-affordable-electric-SUV

The Inster EV is currently Hyundai’s most affordable electric SUV. With starting prices under $30,000, the compact EV is already making inroads in overseas markets.

Hyundai’s most affordable electric SUV invades Germany

After launching earlier this year, the Inster EV quickly became one of the top-selling electric cars in the heart of Europe.

In the first half of the year, Hyundai’s electric SUV was the best-selling electric small car in Germany. The Inster has now ranked among the top 10 best-selling EVs in the region for the third straight month with over 1,000 registrations.

With another 1,130 registrations in July, Hyundai’s most affordable electric SUV has now secured 6,300 registrations through the first seven months of 2025.

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“We’re delighted that Germany’s best-selling electric small car is a Hyundai,” said Ulrich Mechau, President & CEO of Hyundai Motor Germany.

Hyundai’s regional boss added that “With the Hyundai INSTER, we’re hitting the right note – because even in electric mobility, there must be affordable cars with an excellent price-performance ratio.”

Hyundai's-most-affordable-electric-SUV
Hyundai Inster EV (Source: Hyundai UK)

Led by strong demand for EVs, Hyundai placed third among importers in Germany. Through July, electric vehicles account for 28% of Hyundai’s registrations in Europe’s largest auto market, a 10% increase compared to the same period last year.

Hyundai pointed out that it’s significantly outpacing the German electric vehicle market, which accounts for about 17.5% of registrations.

Hyundai's-most-affordable-electric-SUV
Hyundai Inster EV (Source: Hyundai UK)

The Inster EV is Hyundai’s most affordable electric SUV in Germany, starting at 23,900 euros ($28,000). It features a driving range of up to 370 km (230 miles) on the WLTP cycle, fast charging (10% to 80% in 30 minutes), and advanced features such as vehicle-to-load (V2L).

Hyundai’s EV lineup in Germany includes the Inster EV, Kona Electric, IONIQ 5, and soon the refreshed IONIQ 6 and new IONIQ 9 will be launched.

Hyundai's-most-affordable-electric-SUV
Hyundai Inster EV (Source: Hyundai Germany)

In the overall European market, the Inster EV was the 19th best-selling EV in June. With 3,322 registrations, it outsold the Dacia Spring (3,264) and the Toyota bZ4X (2,848).

Hyundai sells the Inster EV under the name Casper Electric in its home market of South Korea. Unfortunately, the low-cost electric SUV is not set to launch in the US.

For those of you in the US, the Hyundai IONIQ 5 remains one of the most affordable EVs on the market. With leases starting at just $179 per month, it may just be the best EV deal available. The IONIQ 5 is coming off its best sales month in the US yet, with 5,818 units sold in July.

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Tesla used car prices keep plumetting, dips below average used car

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August 8, 2025

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Tesla used car prices keep plumetting, dips below average used car

EPA EV sales

Tesla used car prices continue to plummet, while the average used car price is increasing. Despite being considered a premium brand, used Tesla vehicles are now cheaper than the used car sale price.

Isn’t this nuts?

Last year, Tesla’s used car prices started to drop along with the rest of the used car market in the US.

However, when the market started to recover in March 2025, Tesla’s used car prices didn’t. It continued to drop.

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In fact, it has now dropped so much that the average used Tesla vehicle costs less than the average used car on Car Gurus:

This is unprecedented. Although the brand has taken a significant hit over the last year, Tesla is still regarded as a premium brand in the industry. The fact that its average used car sale price would dip below the industry average, which includes inexpensive mass-market vehicles, is quite exceptional.

Used Tesla car prices are now down 4.59% year-over-year, compared to the market average being up 1.22%:

Make/Model Avg Price Last 30 days Last 90 days Year over Year
CarGurus Index $28,039 +0.19% +1.22% +1.22%
Tesla $27,814 -1.75% -4.59% -4.59%

All Tesla vehicles are down year-over-year, with the Cybertruck unsurprisingly leading the charge.

However, Cybertruck has started to recover in the last few months, along with Model 3.

The Model Y, which is by far Tesla’s most popular model by volume, is dragging the average down as it continues to fall:

Make/Model Avg Price Last 30 days Last 90 days Year over Year
Cybertruck $83,963 +0.88% +0.3% -30.44%
Model 3 $23,318 +0.2% +0.75% -8.04%
Model S $26,534 -5.48% -9.53% -22.61%
Model X $37,747 -2.33% -9.24% -16.8%
Model Y $29,216 -0.49% -0.68% -11.97%

Electrek’s Take

Many Tesla owners have been selling their used vehicles and switching to new brands, increasing the supply and putting pressure on prices.

I expected this, but I didn’t expect the pressure to be so great that prices would dip below the average used prices.

This is significant.

It’s proof that the Tesla brand has taken a massive reputational hit and there’s no clear recovery in sight.

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