An aerial view of a crude oil storage facility is seen on May 4, 2020 in Cushing, Oklahoma.
Johannes Eisele | Afp | Getty Images
U.S. crude prices fell 5% on Thursday as inventories rose while industrial production fell.
The West Texas Intermediate December contract fell $3.84, or 5.01%, to $72.82 a barrel while the Brent January contract tumbled $3.91, or 4.82%, to $77.27 a barrel. U.S. crude and the global benchmark were both trading at their lowest level since early July.
U.S. crude inventories rose by 3.6 million barrels last week while production held steady at a record 13.2 million barrels per day, according to data released by the Energy Information Agency Wednesday.
And U.S. industrial production fell by 0.6% in October as the United Auto Workers strike impacted motor vehicle output, according to data released by the Federal Reserve on Thursday.
Phil Flynn, an oil expert with the Price Futures Group, said slower industrial production combined with increased supply are playing into the slowing demand theory. Prices are now having a hard time finding support because bears are controlling the market, he said.
In China, meanwhile, crude refining throughput slowed 2.8% in October to the equivalent of 15.1 million barrels per day from a record high in September, according to data from the National Bureau of Statistics, suggesting slowing demand in world’s second-largest economy.
The impact that China’s economic reopening after the pandemic had on oil prices is fading, said Jim Burkhard, president of S&P Global Commodity Insights. At the same time, the U.S. is producing more oil than any country has in history not to mention production in Canada, Brazil and Guyana, Burkhard said.
There is also the seasonal impact of demand typically slowing in the winter, he said. “When you have strong wave of non-OPEC+ supply growth and a seasonal decline in demand it leads to a a situation like this,” Burkhard said.
The Organization of Petroleum Exporting Countries, on the other hand, has blamed speculators for the recent drop in prices, dismissing negative sentiment as exaggerated.
OPEC said China’s crude imports remain healthy, rising by 11.4 million barrels per day in October. The organization also pointed to strong U.S. economic growth in the third quarter and noted that the International Monetary Fund expects China’s economy to grow by 5.4% this year.
“Despite the above healthy and supportive market fundamentals, oil prices have trended lower in recent weeks, mainly driven by financial market speculators,” the organization said in its monthly report.
Flynn said hedge funds are heavily short on oil futures right now and are driving the market lower. “The market right now is more of a money game than a fundamentals game,” he said.
How OPEC reacts at its Nov. 26 meeting is key, Flynn said: “OPEC still believes speculators are driving the market so it’ll be interesting to see if they can engineer something to stop the free fall,” he said.
Daimler Truck AG CEO Karin Rådström hopped on LinkedIn today and dropped some absolutely wild pro-hydrogen talking points, using words like “emotional” and “inspiring” while making some pretty heady claims about the viability and economics of hydrogen. The rant is doubly embarrassing for another reason: the company’s hydrogen trucks are more than 100 million miles behind Volvo’s electric semis.
UPDATE 22NOV2025: Daimler just delivered five new hydrogen semis for trials.
While it might be hard to imagine why a company as seemingly smart as Daimler Truck AG continues to invest in hydrogen when study after study has shut down its viability as a transport fuel, it makes sense when you consider that the Kuwait Investment Authority (KIA) holds approximately 5% of Daimler and parent company Mercedes’ shares.
That’s not a trivial stake. Indeed, 5% is enough to make KIA one of the few actors with both the access and the motivation to shape conversations about Daimler’s long-term technology bets, and as a major oil-producing country whose economy would undoubtedly take a hit if oil demand plummeted, any future fuel that’s measured molecules instead of electrons isn’t just a concept for the Kuwaiti economy: it’s a lifeline.
In that context, the push to make hydrogen seem like an attractive decarbonization option makes more sense. So, instead of giving Daimler’s hydrogen propaganda team yet another platform to try and convince people that hydrogen might make for a viable transport fuel eventually by giving five Mercedes-Benz GenH2 semi trucks to its customers at Hornbach, Reber Logistik, Teva Germany with its brand ratiopharm, Rhenus, and DHL Supply Chain, I’m just going to re-post Daimler CEO Karin Rådström’s comments from Hydrogen Week.
For some reason – posts about hydrogen always stir up emotions. I think hydrogen (not “instead of” but “in parallel to” electric) plays a role in the decarbonization of heavy duty transport in Europe for three reasons:
If we would go “electric only” we need to get the electric grid to a level where we can build enough charging stations for the 6 million trucks in Europe. It will take many years and be incredibly expensive. A hydrogen infrastructure in parallel will be less expensive and you don’t need a grid connection to build it, putting 2000 H2 stations in Europe is relatively easy.
Europe will rely on import of energy, and it could be transported into Europe from North Africa and Middle East as liquid hydrogen. Better to use that directly as fuel than to make electricity out of it.
Some use cases of our customers are better suited for fuel cells than electric trucks – the fuel cell truck will allow higher payload and longer ranges.
At European Hydrogen Week, I saw firsthand the energy and ambition behind Europe’s net-zero goals. It’s inspiring—but also a wake-up call. We’re not moving fast enough.
What we need:
Large-scale hydrogen production and transport to Europe
A robust refueling network that goes beyond AFIR
And real political support to make it happen – we need smart, efficient regulation that clears the path instead of adding hurdles.
To show what’s possible, we brought our Mercedes-Benz GenH2 to Brussels. From the end of 2026, we’ll deploy a small series of 100 fuel cell trucks to customers.
Let’s build the infrastructure, the momentum, and the partnerships to make zero-emission transport a reality. 🚛 and let’s try to avoid some of the mistakes that we see now while scaling up electric. And let’s stop the debate about “either or”. We need both.
Daimler CEO at European Hydrogen Week; via LinkedIn.
At the risk of sounding “emotional,” Rådström’s claims that building a hydrogen infrastructure in parallel will be less expensive than building an electrical infrastructure, and that “you don’t need a grid connection to build it,” are objectively false.
Next, the claim that, “Europe will rely on import of energy, and it could be transported into Europe from North Africa and Middle East as liquid hydrogen” (emphasis mine), is similarly dubious – especially when faced with the fact that, in 2023, wind and solar already supplied about 27–30% of EU electricity.
Unless, of course, Mercedes’ solid-state batteries don’t work (and she would know more about that than I would, as a mere blogger).
Electrek’s Take
Via Mahle.
As you can imagine, the Karin Rådström post generated quite a few comments at the Electrek watercooler. “Insane to claim that building hydrogen stations would be cheaper than building chargers,” said one fellow writer. “I’m fine with hydrogen for long haul heavy duty, but lying to get us there is idiotic.”
Another comment I liked said, “(Rådström) says that chargers need to be on the grid – you already have a grid, and it’s everywhere!”
At the end of the day, I have to echo the words of one of Mercedes’ storied engineering partners and OEM suppliers, Mahle, whose Chairman, Arnd Franz, who that building out a hydrogen infrastructure won’t be possible without “blue” H made from fossil fuels as recently as last April, and maybe that’s what this is all about: fossil fuel vehicles are where Daimler makes its biggest profits (for now), and muddying the waters and playing up this idea that we’re in some sort of “messy middle” transition makes it just easy enough for a reluctant fleet manager to say, “maybe next time” when it comes to EVs.
We, and the planet, will suffer for such cowardice – but maybe that’s too much malicious intent to ascribe to Ms. Rådström. Maybe this is just a simple “Hanlon’s razor” scenario and there’s nothing much else to read into it.
Let us know what you think of Rådström’s pro-hydrogen comments, and whether or not Daimler’s shareholders should be concerned about the quality of the research behind their CEO’s public posts, in the comments section at the bottom of the page.
SOURCE | IMAGES: Karin Rådström, via LinkedIn.
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Audi embraced its future in China with the launch of a new Chinese market electric sub-brand called AUDI that ditched the iconic “four rings” logo in favor of four capital letters – but one thing this latest concept hasn’t ditched is the brand’s traditionally teutonic long-roof design language.
Co-developed with Audi’s Chinese production partner, SAIC, the all-new AUDI E SUV concept is based on the PPE (Premium Platform Electric) skateboard, and is only the second model introduced by the company’s domestic sub-brand — which was all-new itself just one year ago.
“The AUDI E SUV concept celebrates the new AUDI brand’s first anniversary following the E concept’s debut in Guangzhou (2024),” said Fermín Soneira, CEO of the Audi and SAIC cooperation, at the E SUV’s unveiling. “It showcases an unmistakable AUDI design language that gives the SUV a prestigious, progressive stance — with no compromise between sporty aesthetics and interior roominess or versatility. This concept embodies our vision for premium electric mobility by fusing Audi’s engineering heritage with digital innovation to fulfill our commitment in China.”
As a vehicle, the AUDI E SUV concept promises to handle “like an Audi,” and is powered by a pair of electric motors good for a combined 500 kW (~670 hp), good enough to get the big crossover from 0-100 km/h (62 mph) in about five seconds. Those efficient motors are fed electrons by a 109 kWh battery riding on AUDI’s 800V Advanced Digital Platform system architecture, and can allegedly add 320 km (~200 miles) of range in under 10 minutes at a high-powered DC fast charging station.
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If you’re a fan of self-driving tech, the AUDI 360 Driving Assist System is the AUDI E SUV concept is for you, with features that, “enable a relaxed and safe driving experience – on highways, in dense city traffic, and during assisted parking.”
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Unless they have vivid memories of guys like Nigel Mansell, Fernando Alonso, and Sebastian Vettel driving the wheels off a screaming, Renault-powered Formula 1 car, it’s tough to get an American to care about a new Renault — but Nissan’s renewed willingness to work with its old partners means we may yet get the new Trafic E-Tech here. (!)
And, in case you’re thinking Renault just got lucky with the styling, you can stop thinking that. The official press release rambles on and on (and on) about the Trafic E-Tech’s styling, going in depth into such apparently mundane topics as the quality of the grain on the new Trafic E-Tech van’s black plastic bumpers:
The front bumper comprises a large section with a black grained finish. Each constituent part was the focus of extensive design work, in order to showcase the overall appearance while avoiding a bulky look. The black grained plastic of the lower bumper section features a laser pattern, similar to Scenic E-Tech electric. This attention to finish is a signature of the new Renault design language.
RENAULT
Nearly every paragraph of the release is like this. Here’s a section about the shape of the van’s windshield that reads, “the futuristic style of Trafic can also be seen in its visor-like windscreen, made up of the windscreen itself and the two side windows.”
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The van’s designers care, in other words — they care so freakin’ much about this niche product that they probably doodle it, idly, in the margins of their notebooks when they’re supposed to be listening in whatever staff meeting they just got dragged into. And that level of caring made me think of a once-and-future Renault partner who could use that level of caring in its North American product line.
Nissan used to care so much about its product, in fact, that it once did something that seems unthinkable in today’s modular-construction, Ultium electric-skateboard-platform EV age. And what made that “something” all the more astonishing was that they didn’t do this for the six-figure GT-R or some 370Z halo car – they did it for the Cube.
That decision speaks to an absolutely massive commitment. A commitment to build two sets of stampings, two sets of expensive window shapes, two sets of stuff I probably haven’t even considered, and it was all done for what? To eliminate a blind spot?
Can you imagine the amount of sheer, epic, truckloads of f*cks you would have to give in order to sit in a boardroom and argue that your company should spend millions of dollars in tooling and certification and assembly line re-jiggering because someone, somewhere else, might have a bit of a blind spot when they look over their right shoulder? (!)
Heck, they wouldn’t have to do much more than change the logo on the front and make the infotainment graphics red and white instead of gray and yellow and they’d be there.
And that new-age Nissan Quest based on the Renault Trafic? It would offer up to 280 miles of European cycle range and motivate itself around US roads with a ~200 hp (150 kW) electric motor pushing out 345 Nm (~255 lb-ft) of off-the line grunt — which isn’t too far off Nissan’s last V8-powered van offering!
Great styling, plenty of room, peppy performance, and zero emissions? I’d take a look at it, for sure — and, since there aren’t any other electric van options in the US*, I think a lot of other people would, too.
NOTE: I know the Tesla Model X is basically an electric minivan, but a) the bros hate it when you call their Model X a minivan, and b) the doors are stupid.
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