Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia.
Andrey Rudakov | Bloomberg | Getty Images
Goldman Sachs expects record demand in oil markets to drive crude prices higher in the near term.
“We expect pretty sizable deficits in the second half with deficits of almost 2 million barrels per day in the third quarter as demand reaches an all-time high,” Goldman’s head of oil research Daan Struyven told CNBC’s “Squawk Box Asia” on Monday.
He added that the bank forecasts Brent crude to rise from just above $80 per barrel now to $86 per barrel by year-end.
While Struyven acknowledged that U.S. crude oil production has risen significantly over the past year to 12.7 million barrels per day, he said that pace of growth will slow throughout the rest of 2023.
“We expect U.S. crude supply growth to slow down pretty significantly to a sequential pace of just 200 barrels per day from here,” he said, pointing to the decline in rig counts. That metric, which tallies the number of active oil rigs, is used as an indicator of drilling activity and future output.
The U.S. oil rig count recently hit its lowest level in 16 months, down 15% from its late 2022 peak, a recent Goldman report observed, citing data from Baker Hughes and Haver.
Last week, Baker Hughes reported U.S. oil rigs fell by 7 to 530 the lowest since March 2022.
Struyven suggested that the lack of an agreement following the G20 energy ministers’ meeting indicates “very substantial” uncertainty about long-run oil demand.
The Group of 20 energy ministers met in India over the weekend, but left without reaching a consensus on the phasing down of fossil fuels, complicating the transition toward clean energy.
“Key point here for investors is, with the uncertainty about oil demand being so elevated, investors may require a premium to compensate for the for the elevated risk from such elevated demand uncertainty,” Struyven said.
The International Energy Agency in June had predicted that global oil demand is on track to rise by 2.4 million barrels per day in 2023, outpacing the previous year’s 2.3 million barrel per day increase.
Over the weekend, secretary general of the International Energy Forum Joseph McMonigle had forecast that both India and China will make up 2 million barrels a day of demand pick-up in the second half of 2023.
Following approval from Transport Canada, EV startup Workhorse will be bringing the W56 and W750 model electric delivery vans to commercial truck dealers in Canada as early as this spring.
“This is a major step forward for Workhorse,” says Josh Anderson, Workhorse’s chief technology officer in a press statement. “Pre-clearance from Transport Canada opens up a large new market for our products throughout Canada, including with fleets that operate across borders in North America.”
Despite that uncertainty, Workhorse execs remain upbeat. “We’re excited that our electric step vans can now reach Canadian roads and highways, providing reliable, zero-emission solutions that customers can depend on,” added Anderson.
Canadian pricing has yet to be announced.
Electrek’s Take
FedEx electric delivery vehicle; via Workhorse.
There’s no other way to say it: the Trump/Musk co-presidency is disrupting a lot of companies’ plans – and that’s especially true across North American borders. But in all this chaos and turmoil there undoubtedly lies opportunity, and it will be interesting to see who ends up on top.
The new Liebherr S1 Vision 140-ton hauler is unlike any heavy haul truck currently on the market – primarily because the giant, self-propelled, single-axle autonomous bucket doesn’t look anything like any truck you’ve ever seen.
Liebherr says its latest heavy equipment concept was born from a desire to rethink truck design with a focus only on core functions. The resulting S1 Vision is primarily just a single axle with two powerful electric motors sending power to a pair of massive airless tires designed carry loads up to 131 tonnes (just over 140 tons).
The design enables rapid maintenance, as important components easily accessible for quick servicing. Wear parts can be replaced efficiently, and the electric drive significantly reduces maintenance work. This helps to minimise downtimes and increases operational efficiency.
LIEBHERR
Because of its versatility, durability, and ability to perform zero-turn maneuvers that other equipment simply can’t, the Liebherr S1 Vision can be adapted for various applications, including earthmoving, mining, and even agriculture. There’s also a nonzero chance of this technology finding applications supporting other on-site equipment through charging or fuel delivery.
The S1 accomplishes that trick safely with the help of an automatic load leveling system that ensures maximum stability, even on bumpy or rough terrain. The company says this technology significantly reduces the risk of tipping while providing smooth and secure operation across various environments.
The HD arm of Hyundai has just released the first official images of the new, battery-electric HX19e mini excavator – the first ever production electric excavator from the global South Korean manufacturer.
The HX19e will be the first all-electric asset to enter series production at Hyundai Construction Equipment, with manufacturing set to begin this April.
The new HX19e will be offered with either a 32 kWh or 40 kWh li-ion battery pack – which, according to Hyundai, is nearly double the capacity offered by its nearest competitor (pretty sure that’s not correct –Ed.). The 40kWh battery allows for up to 6 hours and 40 minutes of continuous operation between charges, with a break time top-up on delivering full shift usability.
Those batteries send power to a 13 kW (17.5 hp) electric motor that drives an open-center hydraulic system. Hyundai claims the system delivers job site performance that is at least equal to, if not better than, that of its diesel-powered HX19A mini excavator.
Advertisement – scroll for more content
To that end, the Hyundai XH19e offers the same 16 kN bucket breakout force and a slightly higher 9.4 kN (just over 2100 lb-ft) dipper arm breakout force. The maximum digging depth is 7.6 feet, and the maximum digging reach is 12.9 feet. Hyundai will offer the new electric excavator with just four selectable options:
enclosed cab vs. open canopy
32 or 40 kWh battery capacity
All HX19es will ship with a high standard specification that includes safety valves on the main boom, dipper arm, and dozer blade hydraulic cylinders, as well as two-way auxiliary hydraulic piping allows the machine to be used with a range of commercially available implements. The hydraulics needed to operate a quick coupler, LED booms lights, rotating beacons, an MP3 radio with USB connectivity, and an operator’s seat with mechanical suspension are also standard.
HX19e electric mini excavator; via Hyundai Construction Equipment.
The ability to operate indoors, underground, or in environments like zoos and hospitals were keeping noise levels down is of critical importance to the success of an operation makes electric equipment assets like these coming from Hyundai a must-have for fleet operators and construction crews that hope to remain competitive in the face of ever-increasing noise regulations. The fact that these are cleaner, safer, and cheaper to operate is just icing on that cake.