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The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019.

Angus Mordant | Reuters

Crude oil futures inched higher Wednesday as U.S. crude inventories rose while OPEC+ is considering extending its production cuts into the second quarter.

The West Texas Intermediate contract for April rose 28 cents, or 0.36% to $79.15 a barrel. April Brent futures rose 30 cents, or 0.36% to $83.97 a barrel.

U.S. crude stocks rose by 8.4 million barrels last week, according to the American Petroleum Institute. Inventories have been rising in the U.S. as the rate at which refineries process crude into finished products has declined in recent weeks.

The market is waiting for the U.S. Energy Information Administration to publish official government data on crude inventories later this morning.

U.S. crude and the global benchmark are poised for a gain of 6.8% and 5%, respectively, for the month. First month futures contracts are trading at premium to later months. A premium for immediate over later delivery is typically a sign of a tightening crude market.

Oil Prices, Energy News and Analysis

OPEC+ is considering extending its voluntary production cuts into the second quarter, sources told Reuters. The cartel and its allies agreed last November to slash 2.2 million barrels per day in the first quarter.

OPEC’s cuts are expected to limit downside risk to crude prices while the spare capacity the cartel is holding back will limit upside risk, effectively keeping Brent in a $70 to $90 range, according to a research note from Goldman Sachs published this week.

Crude prices have also found support this month from the ongoing conflict in the Middle East with tensions rising on the Israel-Lebanon border and Houthi militants continuing their attacks on commercial shipping in the Red Sea.

Goldman, however, views the geopolitical risk premium in oil prices as modest with crude production unaffected by the current conflict.

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First Bosch-powered electric bikes enter Taiwan thanks to Tern

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First Bosch-powered electric bikes enter Taiwan thanks to Tern

It feels like e-bikes powered by Bosch’s popular mid-drive electric motors have been around in just about every market for as long as many of us can remember. But there are still major markets getting their first taste of the highly-engineered drivetrains. Bosch’s mid-drive motors are now entering Taiwan, rolling in on Tern’s Vektron and Quick Haul e-bikes.

While Tern’s mastery of the Western e-bike markets has led many to assume they are a North American or European brand, the company is actually based in Taiwan.

Their Bosch-powered e-bikes carry an esteemed international reputation for quality and longevity, but so far the company’s domestic market has only had access to its folding and non-electric bikes (I’ve often drooled over the Tern BYB, which offers a design that looks like if Brompton ratched up the style knob several clicks).

Now Tern is launching the Vektron and Quick Haul e-bikes in Taiwan, and in doing so, is bringing the first Bosch-powered electric bikes to the island.

“Taiwan is the global epicenter for quality bicycles and the country has come so far in promoting bikes for recreation and transport,” stated Josh Hon, Tern Team Captain. “With a large portion of Tern Team Members calling Taiwan home, it was easy for us to raise our hands when Bosch suggested entering the Taiwan market. Our bikes also make the most sense for dense cities like Taipei where a compact e-bike is easier to ride and store.”

Tern Vektron electric bike

The Tern Vektron is an ideal urban city e-bike thanks to its tight-folding frame design, which is more compact than most folding e-bikes in its class. These types of folding e-bikes are a common sight in major European capitals where portability is key.

The Vektron is a convenient option for commuters who need to ride to the train station and then fold their e-bike to carry onboard with them into the city.

For those riders who use e-bikes more as a family vehicle than an individual commuter, the Tern Quick Haul offers more cargo and kid-hauling opportunities. Having tested the Quick Haul myself, I can confirm that it’s definitely a car-replacing electric bike thanks to its go-anywhere and carry-anything vibe.

The Quick Haul’s form factor is key, with the company describing it as “brawny enough to safely ferry a passenger or handle 150 kg (330 lb) of load, the Quick Haul is still smaller than a standard city bike.”

Both bikes also feature Bosch powertrains, meaning they sport the complete motor, battery, console, and drive system package.

Electrek’s Take

When I first heard this news, I was surprised to find out that Taiwan didn’t have any Bosch-powered e-bikes yet. After all, Josh Hon is exactly right – it’s the epicenter of the higher-quality e-bike industry. But on second thought (and after a recent trip to Taiwan), I remembered that I didn’t actually see as many e-bikes on the road as I expected, since most two-wheeled commuters seem to love scooters there. Those great bike parts originating in Taiwan are mostly being exported.

Sure, there were certainly many of the types of e-bikes we think of here in the West, and I was impressed with the number of bike lanes around Taipei, but there weren’t the droves of e-bikers like you’d see in Berlin or Amsterdam. Instead, scooters dominate the streets.

But perhaps that’s because they haven’t yet had access to the type of Bosch-powered e-bikes that Berliners treat as their daily drivers. I’m sure I saw just a snapshot in time, and it’s great to hear that the trend is moving upwards towards higher rates of cycling. I guess we’ll have to check back again this time next year to see if Bosch-powered Tern bikes become a common sight on the streets of Taipei!

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Daily EV Recap: Tesla’s AI training tile

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Daily EV Recap: Tesla’s AI training tile

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Daily EV Recap: Tesla’s AI training tile

Listen to a recap of the top stories of the day from Electrek. Quick Charge is now available on Apple PodcastsSpotifyTuneIn and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded Monday through Thursday and again on Saturday. Subscribe to our podcast in Apple Podcast or your favorite podcast player to guarantee new episodes are delivered as soon as they’re available.

Stories we discuss in this episode (with links)

Why gas bikes just can’t compete with electric motorcycles in the summer

Tesla’s next-gen Dojo AI training tile is in production

The US just proposed 18 GW of new offshore wind sales

There’s a new trend making electric bike batteries safer

Toyota goes large on hydrogen with new US headquarters

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Drop us a line at tips@electrek.co. You can also rate us in Apple Podcasts or recommend us in Overcast to help more people discover the show!

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Daily EV Recap: Tesla’s AI training tile

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You’re reading Electrek— experts who break news about Tesla, electric vehicles, and green energy, day after day. Be sure to check out our homepage for all the latest news, and follow Electrek on Twitter, Facebook, and LinkedIn to stay in the loop. Don’t know where to start? Check out our YouTube channel for the latest reviews.

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Coterra’s smart pivot to oil from natural gas leads to an excellent first quarter and sweeter outlook

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Coterra's smart pivot to oil from natural gas leads to an excellent first quarter and sweeter outlook

Permian Basin rigs in 2020, when U.S. crude oil production dropped by 3 million a day as Wall Street pressure forced cuts.

Paul Ratje | Afp | Getty Images

Coterra Energy topped Wall Street expectations Thursday with first-quarter results that further proved the Club holding’s nimble production strategy is the right one for shareholders.

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