Connect with us

Published

on

An oil tanker anchored in the Red Sea off the coast of Yemen’s contested western province of Hodeida on July 15, 2023.

Mohammed Huwais | Afp | Getty Images

Oil prices traded mixed Tuesday as tankers shun the Red Sea on the back of heightened attacks by Iran-backed Houthi militants which have disrupted international shipping routes.

Global benchmark Brent traded 0.14% higher at $78.06 a barrel while the U.S. West Texas Intermediate futures slipped 0.17% to $72.35 per barrel.

In recent weeks, Yemen’s Houthi rebels have launched a series of drone attacks against commercial ships crossing the Red Sea. Major shipping lines and oil transporters suspended travel through the Red Sea on Friday, after more than a dozen vessels came under attack since the start of the Israel-Hamas war in early October.

Shipping giants Maersk, Hapag Lloyd, Mediterranean Shipping Company (MSC), CMA CGM and Evergreen announced they were diverting all scheduled journeys with immediate effect. Oil giant BP on Monday joined the transportation giants and paused shipping through the Suez Canal on the back of “deteriorating security” in the Red Sea.

“The energy markets are beginning to price in disruption of global daily oil demand of which 9% flows through the Suez Canal,” NewEdge Wealth’s Senior Portfolio Manager Ben Emons wrote in a daily note, adding that Brent is “particularly sensitive” to these disruptions.

Stock Chart IconStock chart icon

hide content

Oil prices year-to-date

He noted this will also have spillover effects on other commodities like coffee, soybeans, nickel and palm oil, given how an estimated 12% of non-oil commodities’ trade flows go through the Suez Canal.

Goldman Sachs expects the overall impact to be limited.

“The disruption is unlikely to have large effects on crude oil and LNG prices because vessel redirection opportunities imply that production should not be directly affected,” analysts at the investment bank said in a report.

In a statement released Sunday, Chairman and Managing Director of the Suez Canal Authority Ossama Rabiee, said that since Nov. 19, 55 vessels had rerouted through the Cape of Good Hope — the longer journey around the south of Africa, while 2,128 vessels had passed through the Suez Canal.

The U.S. has pledged an international effort to combat the situation, expanding a multinational maritime force in the Red Sea to safeguard against the attacks.

The new security initiative, named Operation Prosperity Guardian, aims to deter further Houthi attacks as the U.S. eyes potential flare-ups of regional conflict amid the Israel-Hamas war. Identified participating nations in the defense pact include Bahrain, Britain, Canada, France, Italy, Netherlands, Norway, Seychelles and Spain.

— CNBC’s Lori Ann LaRocco contributed to this report.

Continue Reading

Environment

Video: Exploring the outdoors and testing off-road capabilities with NIU’s XQi3

Published

on

By

Video: Exploring the outdoors and testing off-road capabilities with NIU's XQi3

With the winter in full swing, it’s easy to spend most of the time indoors, but if you’re still looking to scratch that itch to get out and spend more time outside exploring, the XQi3 by NIU is the perfect solution to explore both trails and urban spots. On top of NIU designing the XQi3 with some great handling for off-road riding, it’s also fully street-legal.

It’s always a blast to be out in the trails enjoying nature but for urban areas, there’s usually a lot to explore and luckily the XQi3 is able to be registered as a moped. NIU has an EKHO Dealer collab that enables NIU to sell licensed and registered vehicles to customers directly, making it easy to ride off with a fully compliant street-legal bike. 

Before we get into how it handles off-road let’s go through some of the quick specs.

The XQi3 has a top speed of 45 km/h for street-legal use and up to 80 km/h for off-road. Powering the bike is a removable 72v 32ah LG lithium-ion battery, which gives you a max range of 90km on a single charge, of course, that will vary depending on if you are in eco or sports mode, but it’s certainly plenty of range to explore new trails or new sites without having range anxiety, and since it is removable, you’ll be able to charge it anywhere, anytime.

Okay, now that we got some of those specs out of the way, it’s time to dive into one of the most exciting aspects about this bike which is just how great the handling feels while riding off road. This probably won’t be listed on a spec sheet but the wide grippy seat and overall design of this bike makes it very functional as an offroad bike. 

NIU made this bike for riders to actually use offroad and one of the obvious signs of that is the stock skidplate that they added for more protection. 

While the lightweight feel and torquey motor give a ton of confidence while riding, knowing that the bike is robust enough for this kind of riding is encouraging for trying out new sections that would normally feel intimidating. 

And with that extra level of protection dropping the bike is not as worrying as you might think making it easy to pick up the bike, and continue riding just as you would on any other powersports bike. 

As for the suspension the XQi3 uses adjustable front and rear KKE suspension that lets you fine-tune the compression, rebound, and preload depending on your size and what kind of riding you intend to do. 

While riding through roots and loose dirt the 19-inch off-road tires hold up surprisingly well and with the tread patterns not being too aggressive it’s a great balance between traction and durability since very aggressive tread patterns typically wear out fairly quickly when using them on the tarmac. 

And to brake the XQi3 features 203 mm rear disc brakes and 220 mm front disc brakes giving some great braking action for both on and off-road action. 

NIU also added some great tech onto the XQi3 which includes seamless app connectivity via Bluetooth letting you unlock a world of features from monitoring your battery and vehicle status to tracking your route history. 

In addition NIU is the only company in the category that has the ability to send out OTA updates.

For security the bike uses an NFC card to unlock  but can also be unlocked via bluetooth.

And through your controls as well as the display you can navigate to eco or sport mode and you can also use the Ultraboost to get you up to 8000W up from the 3500W of rated power. Through the display you’ll also be able to check your battery level, speed, lap times and more. 

For added safety, NIU included an emergency kill switch where if disconnected, the feature will automatically cut off power to the motor just in case of any emergency. 

For those unfamiliar with NIU, the brand is now celebrating their 10 year anniversary and with that they’ve announced that the brand will be starting assembly in the US and is soon entering into the powersports segment .

Overall this is a great feeling offroad bike that is fully street-legal and comes with all the requirements to be fully compliant as a road-legal moped. I had a ton of fun exploring 

With the XQi3, the premium build quality, long range, and flexibility make it a blast to go out even if it’s the middle of winter. 

To check out NIU on socials you can find them @niumobility and for more of their lineup you can check out their website here.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

3,500 unit order gives British telecom UK’s largest commercial EV fleet

Published

on

By

3,500 unit order gives British telecom UK's largest commercial EV fleet

British telecom provider BT Group has committed to adding 3,500 new EVs to its commercial truck and van fleet over the next two years, bringing its total EV count to 8,000 units and giving it the largest electric vehicle fleet in the UK.

With more than 27,000 in its total fleet, BT Group is one of the largest operators of commercial vehicles of any kind – ICE or electric – in the UK. Now, the company says it has plans to become a fully net zero business by 2031, and looks to electrify all (or nearly all) of its vehicles over the next five years.

Company executives believe the addition of the new EVs (which will see a mix of vehicles deployed from Ford, Stellantis, Toyota, and Renault) will give it “the edge” as it aims to upgrade UK residents to full fiber internet.

By integrating yet more electric vehicles into our operations, we are taking another significant step towards reducing our carbon footprint and supporting the UK’s transition to a greener future,” said Simon Lowth, Chief Financial Officer, BT Group. “As we extend our full fiber build from 16 million homes and businesses today to 25 million by the end of 2026, having the most efficient, sustainable electric vehicles will give our engineers the edge as they connect customers at pace to our next generation networks.”

In addition to pushing for its own carbon neutrality, BT Group is fighting the good fight – and is among a small number of large fleet operators in the UK actively supporting the nation’s proposed 2030 ban on ICE vehicles.

As such, political supporters of the ban have been quick to sing BT Group’s praises. “We want to help more businesses decarbonize their operations,” explains Lilian Greenwood, Future of Roads Minister. “(We’ve) extended our plug-in van grant with £120m funding to help roll out more zero emission vans on our roads – part of our £2.3bn to support industry and consumers switch to EVs and make the transition a success.”

Electrek’s Take

Ford E-Transit work van; via Ford Pro.

Despite all the doom, gloom, and wishful thinking from the anti-EV crowd, the numbers paint a narrative of swift expansion in the commercial EV and ZEV (Zero-Emission Vehicle) markets driven by strong incentives, up-front cost parity with ICE, and proven reductions in vehicle downtime and maintenance costs.

Expect continued growth in the commercial EV space in the months and years ahead, with virtually no going back.

SOURCE | IMAGES: BT Group, via Electrive.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Illinois awards $100M for electric truck charging corridor, Tesla to get $40M

Published

on

By

Illinois awards 0M for electric truck charging corridor, Tesla to get M

In a move that’s expected to play a crucial role in supporting the transition to medium- and heavy-duty electric vehicles, $100 million of the Biden Administration’s last-minute $635M payout is headed to Illinois to help build out an electric truck charging corridor.

While Tesla failed to secure funding for its heavy-duty electric truck chargers at the Federal level, Tesla was one of four companies – the others being Prologis, Gage Zero, and Pilot Flying J – that will be splitting the $100 million awarded by the Illinois Environmental Protection Agency’s CFI program.

Tesla is understood to have requested fully 40% of the $100MM award, with Prologis requesting $60 million, Gage Zero requesting $16 million, and Pilot requesting $10 million.

The project will facilitate the construction of 345 electric truck charging ports and pull-through truck charging stalls across 14 sites throughout Illinois, with each of the awarded companies putting up some of its own money to support the infrastructure buildout as well. To that end, Prologis is expected to invest $18 million, Tesla $19 million, Gage Zero $4 million, and Pilot travel stations committing $2.5 million.

“Most of the development has happened on the coasts, and there’s nothing really happening in the Midwest, which is not great for long-haul trucking,” said Megha Lakhchaura, Illinois’ state EV officer. “We think that this hub could be of national importance.”

Lakhchaura isn’t wrong. More than 30,000 commercial trucks travel the state’s I-80 and I-90 corridor each day – and electrifying those trucks would make a huge impact in the public health and quality of life along the heavily populated roadways.

The Illinois EPA’s $100 million awards join Illinois utility ComEd’s $90 million push to build out a commercial EV charging infrastructure and encourage commercial EV adoption along the I-80/90 corridors, as well as the state’s own EV rebates for both private and company-owned battery electric vehicles.

SOURCES: TechCrunch, via Yahoo! Finance; MSN.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending