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A flare stack burns beyond oil storage tanks at the Taneco Oil Refining and Petrochemical complex, operated by Tatneft PJSC, in Nizhnekamsk, Tatarstan, Russia, on Tuesday, March 5, 2019.

Bloomberg | Bloomberg | Getty Images

Oil prices on Tuesday rose to their highest level since October as investors closely monitored fresh supply threats amid an escalating conflict in the Middle East and a Ukrainian drone strike on a major Russian oil refinery.

International benchmark Brent crude futures for June delivery traded at $88.58 per barrel at 1:15 p.m. London time, up $1.2 per barrel from the previous session. U.S. West Texas Intermediate (WTI) futures with May expiry stood at $84.97 per barrel, roughly $1.3 per barrel higher.

Brent prices haven’t closed above $90 per barrel since Oct. 27 last year.

Brent futures have largely been trading in a narrow interval between $75 to $85 per barrel since the start of the year, but heightened geopolitical risk and robust economic data appear to have prompted a move higher.

“The new week, the new month and the new quarter was greeted with escalating tension in the Middle East with indirect Iranian involvement,” Tamas Varga, analyst at oil broker PVM, said in a research note published Tuesday.

OPEC member Iran has blamed Israel for a deadly Monday air strike on its consulate in the Syrian capital of Damascus that reportedly killed seven of its officers.

Tehran on Tuesday pledged to take revenge for the attack, which was seen as a major escalation in the Israel-Hamas war. Israel has not declared responsibility and a government spokesperson said they would not comment on foreign media reports, according to Sky News.

PVM’s Varga warned that the potential for direct Iranian involvement in the Israel-Hamas war could spark a “region-wide conflict with plausible impact on oil supply.”

Ukraine on Tuesday struck one of Russia’s largest oil refineries with a drone attack on the highly industrialized Tatarstan region southeast of Moscow, around 1,300 kilometers (800 miles) from the front lines of the conflict.

Tatarstan’s head Rustam Minnikhanov in a Google-translated post on Telegram that industrial locations had been targeted by drones in the towns of Nizhnekamsk and Yelabuga.

“There is no serious damage, the technological process of the enterprises is not disrupted,” Minnikhanov said.

Russia — an influential member of the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+ — has been hit by a flurry of Ukrainian drone strikes in recent months and has sought to escalate its own attacks on Ukraine’s energy infrastructure.

— CNBC’s Elliot Smith contributed to this report.

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Stig drifts 2,000 hp electric Ford Supervan around Top Gear test track [video]

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Stig drifts 2,000 hp electric Ford Supervan around Top Gear test track [video]

The Top Gear TV show might be over, but its tamed racing driver – a masked, anonymous hot shoe known only as “the Stig” – lives on … and his latest adventure involves pitching the 1,400 hp electric Ford SuperVan demonstration vehicle around the famed Top Gear test track. Sideways.

Whether we’re talking about record lap times at hallowed motorsports grounds like Bathhurst or the Hillclimb at the Goodwood Festival of Speed, we’ve been covering the 1,400 hp SuperVan project for some time – but the big boxy Transit-ish racing van with hypercar-slaying performance never seems to get boring.

In this video from the official Top Gear YouTube channel (is Top Gear just a YouTube show, now?), the boxy Ford racer seems to have sprouted an additional 600 peak horsepower in its latest “4.2” iteration, for a stout 2,000 hp total. For his (?) part, the Stig puts all of those horses to work in what appears to be a serious attempt to take the overall track record.

I won’t spoil the outcome for you, but suffice it to say that even the most die-hard anti-EV hysterics will have to admit that SuperVan is a seriously quick machine.

SuperVan 4.2: How fast can a 2000 hp transit go?

[SPOILERS AHEAD] Even with 2,000 hp, instant torque, and over 4,000 lbs. of aerodynamic downforce, the SuperVan wasn’t able to beat the long-standing 1st and 2nd place spots held by the Renault R24 (a legit Formula 1 race car) and the Lotus T125 Exos (a track-only special that sure looks like a legit Formula 1 race car), but after crossing the line with a time of 1:05.3, the Ford claims third place on the overall leaderboard.

That 3rd place is likely to be a permanent spot on Top Gear‘s leaderboard, as well – as the track itself is likely to be demolished somewhat sooner than later.

You can check out the video (above) and watch the whole segment for yourself, or just skip ahead to the eight-minute mark to watch the tire-shredding sideways action promised in the headline. If you do, let us know what you think of Ford’s fast “van” in the comments.

SOURCE | IMAGES: Top Gear.

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First autonomous electric loaders in North America get to work

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First autonomous electric loaders in North America get to work

Swedish multinational Sandvik says it’s successfully deployed a pair of fully autonomous Toro LH518iB battery-electric underground loaders at the New Gold Inc. ($NGD) New Afton mine in British Columbia, Canada.

The heavy mining equipment experts at Sandvik say that the revolutionary new 18 ton loaders have been in service since mid-November, working in a designated test area of the mine’s “Lift 1” footwall. The mine’s operators are preparing to move the automated machines to the mine’s “C-Zone” any time now, putting them into regular service by the first of the new year.

“This is a significant milestone for Canadian mining, as these are North America’s first fully automated battery-electric loaders,” Sandvik said in a LinkedIn post. “(The Toro LH518iB’s) introduction highlights the potential of automation and electrification in mining.”

The company says the addition of the new heavy loaders will enable New Afton’s operations to “enhance cycle times and reduce heat, noise and greenhouse gas emissions” at the block cave mine – the only such operation (currently) in Canada.

Electrek’s Take

Epiroc announces new approach to underground mining market in North America
Battery-powered Scooptram; image by Epiroc

From drilling and rigging to heavy haul solutions, companies like Sandvik are proving that electric equipment is more than up to the task of moving dirt and pulling stuff out of the ground. At the same time, rising demand for nickel, lithium, and phosphates combined with the natural benefits of electrification are driving the adoption of electric mining machines while a persistent operator shortage is boosting demand for autonomous tech in those machines.

The combined factors listed above are rapidly accelerating the rate at which machines that are already in service are becoming obsolete – and, while some companies are exploring the cost/benefit of converting existing vehicles to electric or, in some cases, hydrogen, the general consensus seems to be that more companies will be be buying more new equipment more often in the years ahead.

What’s more, more of that equipment will be more and more likely to be autonomous as time goes on.

We covered the market outlook for autonomous and electric mining equipment earlier this summer, and I posted an episode exploring the growing demand for electric equipment on an episode of Quick Charge I’ve embedded, below. Check it out, then let us know what you think of the future of electric mining in the comments.

More EVs means more mines, equipment

SOURCE | IMAGES: Sandvik, via LinkedIn.

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Contargo logistics adds 20 Mercedes eActros 600 electric semis to fleet

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Contargo logistics adds 20 Mercedes eActros 600 electric semis to fleet

European logistics firm Contargo is adding twenty of Mercedes’ new, 600 km-capable eActros battery electric semi trucks to its trimodal delivery fleet, bringing zero-emission shipping to Germany’s hinterland.

With over 300 miles of all-electric range, the new Mercedes eActros 600 electric semi truck was designed for (what a European would call) long-haul trucking. Now, after officially entering production at the company’s Wörth plant in Bavaria last month, the eActros 600 is reaching its first customer: Contargo.

With the addition of the twenty new Mercedes, Contargo’s electric truck fleet has grown to 60 BEVs, with plans to increase that total to 90. And, according to Mercedes, Contargo is just the first.

The German truck company says it has plans to deliver fifty (50) of the 600 kWh battery-equipped electric semi trucks to German shipping companies by the close of 2024.

Contargo’s 20 eActros 600 trucks were funded in part by the Federal Ministry for Digital Affairs and Transport as part of a broader plan to replace a total of 86 diesel-engined commercial vehicles with more climate-friendly alternatives. The funding directive is coordinated by NOW GmbH, and the applications were approved by the Federal Office for Logistics and Mobility.

Electrek’s Take

Holcim, a global leader in building materials and solutions, has recently made a significant commitment to sustainability by placing a purchase order for 1,000 Mercedes electric semi trucks.
Mercedes eActros electric semi; via Mercedes.

Electric semi trucks are racking up millions of miles in the US, and abroad. As more and more pilot programs begin to pay off, they’re going to lead to more orders for battery electric trucks and more reductions in both diesel demand and harmful carbon emissions.

We can’t wait to see more.

SOURCE | IMAGES: Contargo, via Electrive.

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