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Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016.

Nick Oxford | Reuters

Crude oil futures fell slightly Wednesday as the market waits for further indication of when the Federal Reserve might cut interest rates.

The West Texas Intermediate contract for April was down 21 cents, or 0.3%, at $76.79 a barrel. April Brent futures dropped 25 cents, or 0.3%, to $82.09 a barrel.

U.S. crude and the global benchmark declined more than 1% on Tuesday as traders took profits after the oil market rallied last week as the Middle East once again appeared on the brink of wider conflict.

Oil Prices, Energy News and Analysis

“Oil prices took yesterday as day of correction which was inspired by a lack of any further conflict news from the world’s clash points as markets had to settle on what was bothering the macro world,” John Evans, an analyst with oil broker PVM, wrote in a note Wednesday.

The Federal Reserve will release minutes from its January meeting at 2 p.m. ET on Wednesday. The minutes could provide further insight on when the central bank plans to cut interest rates.

The market has pushed back its expectations on when the Fed will cut rates as inflation remains stubborn in the U.S., with first cut now generally expected in June rather than in March or May. Lower interest rates typically stimulate economic growth which fuels crude oil demand.

Tensions continued to simmer in the Middle East this week after Israel launched airstrikes against Hezbollah in Lebanon, Houthi militants struck another cargo vessel Monday, and as Iran now blames Israel for explosions that hit a natural gas pipeline in the Islamic Republic on Feb. 14.

White House Middle East envoy Brett McGurk is heading to Cairo Wednesday to continue talks on a temporary Gaza ceasefire in exchange for Hamas releasing hostages. The Biden administration wants a ceasefire in place before the start of Ramadan, which begins March 10 after sunset.

The U.S. has warned Israel against a ground invasion of the southern Gaza city of Rafah without a credible plan in place to protect civilians there. Israeli war cabinet member Benny Gantz vowed Sunday that Israel will push into Rafah if Hamas does not release the remaining hostages by Ramadan.

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Honda deploys Peterbilt 579EV electric semi out of Alabama plant

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Honda deploys Peterbilt 579EV electric semi out of Alabama plant

A new, all electric Peterbilt 579EV is in-service at Honda’s Lincoln, Alabama assembly plant, where it’s busy transporting newly-built Honda cars from the plant to a nearby railhead for shipment to dealers across the country.

Part of a pilot program between Honda, Alabama Power, and Virginia Transportation Corp., the new electric semi truck will help stakeholders gather data about the practicality and performance of the battery-powered Pete and use it to generate case studies for broader electrification initiatives. Other supporters of the pilot project include the Alabama Clean Fuels Coalition and, of course, Peterbilt.

“We remain committed to delivering for our customers and the environment,” offered Leo Doire, owner and CEO of Virginia Transportation Corp. “Our new Peterbilt 579EV model will be tested to determine how well it performs against the high productivity demands of our operations. The partners we have at the table will help us maximize this opportunity and prepare to scale up if we get the results we are hoping for.”

The truck itself has been spec’ed to be perfect for the kind of short haul and drayage applications Honda has in mind. This particular Peterbilt 579EV is fitted with PACCAR’s 400 kWh battery and a 670 hp electric motor good for an impressive 2,050 lb-ft of peak torque at 0 rpm.

The truck offers 150 miles of operating range and can be charged in about 3 hours on a 120 kW charger installed specifically for that purpose. A charger, it should be noted, that was partially paid for by Alabama Power.

“Alabama Power’s ‘Make Ready’ program provides businesses with valuable rebates to help reduce the upfront costs of installing EV infrastructure,” says Alabama Power Electric Transportation Manager Hasin Gandhakwala. “We are committed to partnering with customers who are exploring state and federal grant opportunities. Alabama Power is dedicated to advancing EV technologies to better serve the needs of our customers.”

The electric semi is a continuation of a decarbonization project Honda initiated in 2011, when the company recruited Virginia Transport Corp. to help find ways to reduce emissions at its Alabama facilities. VTC’s efforts have led to changes that displaced more than 475,000 gallons of diesel in 2023 alone.

Electrek’s Take

Peterbilt 579EV at Alabama Honda plant; via Alabama Power.

With the big Pete’s 82,000 lb. GVWR and 150 miles of range between charging sessions, it seems like these guys will be making a lot of back-and-forth runs between the Honda plant and the CSX terminal to me. Here’s hoping they see the benefits of electrifying the rest of their vehicle transport fleets somewhat sooner than later.

SOURCE | IMAGES: Alabama Power.

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Solar and storage projects make headlines, but will they survive? (Interview)

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Solar and storage projects make headlines, but will they survive? (Interview)

On today’s episode of Quick Charge, we’ve got big solar breaking ground all over, despite the incoming administration’s supposed lack of love for home-grown clean energy. Our guests today walk us through home solar, energy storage, and more.

Today’s episode is sponsored by BLUETTI, a leading provider of portable power stations, solar generators, and energy storage systems. For a limited time, save up to 52% during BLUETTI’s exclusive Black Friday sale, now through November 28, and be sure to use promo code BLUETTI5OFF for 5% off all power stations sitewide. Learn more by clicking here.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news!

Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show!

Read more: Saldivar’s Trucking: first owner-operator to deploy Volvo VNR Electric semi.

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Tesla turns to its ‘Tesla Electric’ utility service to help sell cars

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Tesla turns to its 'Tesla Electric' utility service to help sell cars

Tesla is now using ‘Tesla Electric’, its electric utility service in Texas, to help sell cars with a new incentive.

After gaining experience through its virtual power plants (VPPs), Tesla took things a step further with the launch of “Tesla Electric” back in 2022.

Instead of reacting to specific “events” and providing services to your local electric utilities, as Tesla Powerwall owners have done in VPPs in California, Australia, and a few other markets, Tesla Electric is actively and automatically buying and selling electricity for Tesla Powerwall owners – providing a buffer against peak prices.

The company is essentially becoming an energy retailer.

Tesla Electric is currently only available to Powerwall owners in Texas and the UK, but the company has plans to expand its products through this new division.

The company has been growing its Tesla Electric userbase in Texas and now it plans to use it to help sell cars.

Tesla has two different plans under the program:

Feature Tesla Electric Fixed Plan Tesla Electric Dynamic Plan
Pricing Structure Competitive fixed rate for electricity, with a discounted rate during low-cost hours. Competitive variable rate, with higher rates during peak demand periods.
Contract Term 12-month commitment. Month-to-month flexibility.
Unlimited Vehicle Charging Available for an additional $15/month per vehicle, allowing unlimited charging. Available for an additional $25/month per vehicle, allowing unlimited charging.
Powerwall Credits Earn $400 credit per year per Powerwall by participating in the Tesla Virtual Power Plant, with Tesla managing the Powerwall to share energy with the grid when needed. Earn $120 credit per year per Powerwall by participating in the Tesla Virtual Power Plant, with the customer managing the Powerwall to optimize earnings.
Energy Sharing with Grid Sell energy back to the grid at a fixed rate per kWh. Sell energy back to the grid at 90% of the real-time market price per kWh.

The first one enable you to charge your electric car for just $15 a month.

With this new incentive, Tesla is brining that down to $5 a month for a year for people who take delivery by the end of the year:

Get $5/mo Unlimited Overnight Charging With Tesla

To get unlimited overnight charging for $5 per month per vehicle for a full year, you must complete the following steps by December 31, 2024:

  1. Order and take delivery of a new Tesla vehicle
  2. Sign up for the Tesla Electric Fixed Plan

To be eligible, you need to live in an area of Texas that allows you to choose your electricity provider, be a new Tesla Electric member and take delivery of a new Tesla vehicle. Promotion is subject to change at any time.

This appear to be part of Tesla’s effort to deliver a record number of more than 515,000 vehicles in Q4 in order for its annual deliveries not to be down for the full year.

ver the last few weeks, we have been reporting on a series of sale incentives that Tesla has put in place to make sure it has the demand to achieve this record quarter.

In Europe, it includes a year of free Supercharging and heavy discounts.

In the US, there are also good inventory discounts, 3 months of free Supercharger and FSD, FSD transfer, and more.

And everywhere, Tesla is heavily subsidizing loans with lower interest rates.

But it’s the first time that Tesla is using such a targeted incentive, at the state level, and using its Tesla Electric program.

It’s interesting.

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