Connect with us

Published

on

A customer refuels at a Safeway gas station in Hercules, California, US, on Tuesday, May 23, 2023.

David Paul Morris | Bloomberg | Getty Images

Oil prices fell Monday as the Federal Reserve moves carefully on interest rates cuts, and the U.S. pushes for an extended pause in the Israel-Hamas War.

The West Texas Intermediate contract for March dropped 77 cents, or 0.96%, to trade at $71.63 a barrel Monday morning. The Brent contract for April was down 51 cents, or 0.66%, to trade at $76.79 a barrel.

Federal Reserve Chairman Jerome Powell said in an interview Sunday the central bank is unlikely to slash rates in March. Powell’s comments came after a much stronger jobs report than expected Friday, with the labor market adding 353,000 jobs compared to 185,000 expected.

“With the economy strong like that, we feel like we can approach the question of when to begin to reduce interest rates carefully,” Powell told CBS’ “60 Minutes.” Lower interest rates typically boost economic growth which would imply stronger crude oil demand.

The dollar rose to its highest level in more than two months Monday as investors reduce their expectations for rate cuts. A stronger greenback makes crude oil, which is priced in dollars, more expensive for holders of other currencies which can weigh on demand.

“Oil prices are falling after a reversal in the odds for rate cuts that overshadowed geopolitical risk factors that seem to be boiling over,” Phil Flynn, an analyst with the Price Futures Group, wrote in a Monday note.  

Oil Prices Today

Oil traders are also closely watching whether the U.S. can successfully secure a truce in Gaza that would promise to ease escalating tensions in the Middle East.

U.S. Secretary of State Antony Blinken is heading to the region to push for an extended humanitarian pause in the fighting in exchange for the release of hostages held by Hamas. Blinken will visit Saudi Arabia, Egypt, Qatar, Israel and the West Bank this week.

The war in Gaza has pushed the U.S. and Iran to the brink of a direct confrontation, one which analysts have warned could impact crude supplies if there is a disruption in the Strait of Hormuz.

The U.S. launched retaliatory airstrikes Friday against Iran’s Islamic Revolutionary Guard Corps and allied militias in Iraq and Syria. The airstrikes, which hit more than 85 targets, came in response to the deaths of three U.S. troops in a drone strike by Iran-allied militants.

The U.S and the U.K. also launched renewed strikes Saturday against Houthi militants in Yemen. The Houthis, who are allied with Iran, have repeatedly targeted commercial shipping in the Red Sea.

Continue Reading

Environment

E-quipment highlight: Bobcat pitches electric telehandler concept

Published

on

By

E-quipment highlight: Bobcat pitches electric telehandler concept

Bobcat unveiled the all-new TL25.60e electric telehandler concept at Intermat last month, with a 2.5 ton rated capacity, three electric motors, and the promise of unmatched energy efficiency and performance that’s objectively superior to diesel.

The Bobcat TL26.60e gets its energy efficient edge from its “actively cooled” li-ion batteries, which are designed to deliver consistent performance in any weather and help fleet operators maintain low running costs while maximizing efficiency and, as a consequence, savings.

Those batteries send power to three separate electric motors, one each to power drive, the rotating superstructure/cab, and the boom/attachments. Bobcat says the arrangement helps its electric telehandler concept consume energy only when it’s needed, and claims that the setup provides immediate responsiveness for all the machine’s movements. That kind of quiet, vibration-free precision control should make the TL26.60e’s operator cab a great place to work from.

Speaking of the cab, it’s the same one found in Bobcat’s larger TLS models, despite the TL26.60e’s smaller footprint. The compact nature of the the machine’s electric components means there’s room for stuff like that – and, as a consequence, more room for operators.

“At Bobcat, we are committed to innovative design that prioritizes both cutting-edge technology and operator wellbeing,” says Vijay Nerva, Innovation Lead, Bobcat EMEA. “Our integration of ergonomics and digitization, exemplified by the transparent T-OLED screen, allows us to introduce customizable, interactive features without compromising the comfort and spacious design of our cabs.”

The TL26.60e features a top speed of 25 km/h, a 6 meter lifting height, and a 2.5 ton lifting capacity. The liquid-cooled battery has a 30 kWh capacity, which should be good for a full shift at most low-speed job sites.

Electrek’s Take

Bobcat’s electric telehandler concept is still just that, but as more and more construction companies come up agains no-drip job sites, low emissions zones, tightening noise regulations, and the ESG goals of both corporate and government clients, it seems like only a matter of time before machines like this become more the rule than the exception.

SOURCES | IMAGES: Bobcat, via Heavy Equipment Guide, Canada.

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

Continue Reading

Environment

Chevy cuts Equinox EV lease prices by nearly $140 per month

Published

on

By

Chevy cuts Equinox EV lease prices by nearly 0 per month

If you were looking to lease Chevy’s new all-electric Equinox, it just got a lot cheaper. Chevy cut Equinox EV lease prices by nearly $140 per month. With new offers, the Chevy Equinox EV can be leased for as little as $379 per month.

After kicking off Equinox EV deliveries last month, Chevy is already introducing significant savings opportunities.

On Chevy’s website, 2024 Equinox EV lease prices start at just $379 per month. The deal is for 36 months, with $3,198 due at signing. It includes 10,000 miles a year and is based on an MSRP of $43,295. GM included $500 off for qualified lessees.

With an effective rate of $468, the 2024 Chevy Equinox EV is nearly $100 cheaper per month to lease than the Tesla Model Y.

According to online research firm CarsDirect, Tesla Model Y lease rates went up $50 this month. The Long Range model now starts at $449 with $4,143 due at signing, or $564 per month.

Meanwhile, the RS trim is significantly discounted. The Chevy Equinox RS can be leased for $429 for 36 months. With $3,109 due at signing, that amounts to $515 per month.

Chevy-Equinox-EV-lease-prices
2024 Chevy Equinox EV 3RS (Source: GM)

Chevy Equinox EV lease prices drop to just $379/mo

Previously, the RS trim had an effective cost of $651 per month ($569 for 39 months and $3,209 due at signing), meaning it’s $136 cheaper per month to lease.

Based on CarsDirect data, GM raised the 36-month residual values on the RS model to 75% from 68%, while the lease rate dropped from 7.3% to 5.5%.

Chevy Equinox EV trim

Starting Price
1LT FWD $34,995
2LT FWD $43,295
2RS FWD $44,795
3LT FWD $45,295
3RS FWD $46,795
Chevy Equinox EV prices (including $1,395 destination fee)

Chevy’s current 2LT FWD is the cheapest model hitting dealerships, starting at $43,295. The lower-priced $34,995 will be available to order later this year. All trims are eligible for the $7,500 federal tax credit.

Although this is a significant deal, Chevy Blazer EV lease prices are even more appealing. The 2024 Chevy Blazer EV is listed at $369 per month for 24 months. With $1,679 due upfront, the effective lease rate is $439 per month, only $10 more than the gas-powered model.

Chevy-Equinox-EV-lease-prices
Chevy Equinox EV 1LT interior (Source: GM)

Chevy isn’t the only one cutting EV lease prices. Honda slashed lease prices on its first electric SUV, the Prologue. The 2024 Honda Prologue now starts at $399 per month for 36 months (with $3,999 due at signing).

If you’re in the market for a new EV, you can take advantage of significant savings opportunities. Use our links below to find deals on popular models at a dealer near you.

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

Continue Reading

Environment

Podcast: Tesla shareholders meeting, more lawsuits, ultra-fast charging, and more

Published

on

By

Podcast: Tesla shareholders meeting, more lawsuits, ultra-fast charging, and more

On the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the Tesla shareholders meeting, more lawsuits coming for Tesla, ultra-fast charging by Lotus, and more.

Today’s Podcast is sponsored by the Electrek American Solar Challenge 2024.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET):

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

Continue Reading

Trending