U.S. oil prices have climbed to their highest level since late October, as the rally in the key commodity becomes something equity investors cannot afford to look past. West Texas Intermediate crude futures rose modestly Wednesday and at one point breached $86 a barrel, bringing the U.S. oil benchmark’s year-to-date gain to 19%. Brent crude also climbed Wednesday and nearly eclipsed $90 a barrel. The global oil standard is up about 16% in 2024. Meanwhile, shares of Coterra Energy , our lone oil-and-gas holding, are up about 9% over the past month, among the top-performing portfolio stocks in that timeframe. Energy has been by far the best S & P 500 sector during the same stretch, jumping more than 12% compared with a roughly 1.7% gain for the index. The latest news driving Wednesday’s gains for oil: The Organization of Petroleum Exporting Countries and a group of partner producers led by Russia, together known as OPEC+, does not plan to change its output policy . OPEC+ last month agreed to extend its 2.2 million barrels per day output reduction until the end of the second quarter in an effort to support prices. Outside of the cartel’s policy, the multiweek rally for crude has been driven by positive demand updates and concerns about supply amid mounting tensions in the Middle East. The much-better-than-expected ISM Manufacturing PMI reading released Monday — 50.3 versus 48.1 expected — was a significant development for the oil market for multiple reasons. Not only was it stronger than anticipated, but it was on the right side of 50, indicating that U.S. manufacturing activity expanded for the first time since September 2022. Moreover, in a commentary section of the ISM report, many respondents indicated they expected to see activity pick up into the back half of the year. In other words, the latest ISM Manufacturing report serves to support the view that the U.S. economy is doing much better than many believed it would just a few months ago. A separate report this week also painted a positive picture about manufacturing activity and business confidence in China, the world’s second-largest economy and a huge buyer of oil. The supply side of the oil equation is being challenged by more than just OPEC+. The ongoing war between Russia, a major oil producer, and Ukraine remains a risk; on Tuesday, Ukrainian drone strikes hit a Russian oil refinery , though Reuters reported that damage to the facility is not significant, citing an unnamed industry source. There also is added geopolitical risk premium resulting from Israel’s decision to strike part of an Iranian embassy complex in Syria — a move that Iran, a top 10 global oil producer, has vowed to respond to . Oil trading at its highest levels since late October has implications for stock market investors. As Jim Cramer said during Wednesday’s Morning Meeting, we can’t have our head in the sand about the climb in crude. For starters, it means the Federal Reserve is right to keep rates where they are. If energy prices remain around these levels, or go even higher, that’s an elevated input cost for companies that serves to pressure profit margins. If companies can’t mitigate the cost of energy through cost cuts elsewhere, they may look to raise prices on their products. That is exactly what the Fed does not want to see. Indeed, “oil is fighting the Fed, again,” Bank of America commodities strategists wrote in a note to clients Wednesday. We also need to monitor employment trends and wage inflation that much more closely. The Fed’s preferred measure of inflation may be the core personal consumption expenditures price index, which removes the impact of food and energy prices, but consumers still pay for energy. It’s a very material, largely unavoidable cost, especially as the weather warms and we get into the summer driving months. The rise in energy prices — particularly at the gas pump — can result in a decrease of discretionary dollars left for other purchases. Fortunately, in a sign of labor market strength, the ADP’s private payroll report for the month of March came in stronger than expected Wednesday, with wages up 5.1% for workers who stayed in their jobs. The next big watch item on this front will be Friday’s March nonfarm payroll report. For now, the bottom line is the increase in oil prices is not great from a cost perspective for corporations or consumers — but the negative must also be balanced out by the fact that economic strength is one factor driving the rise. U.S. unemployment remains low and wages are now rising faster than inflation. With first-quarter earnings season kicking off in earnest next week with bank reports and ramping up from there, we’ll be listening closely to see how companies are feeling and responding to the increase in energy prices. (Jim Cramer’s Charitable Trust is long CTRA. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Working oil pumpjacks are pictured on the outskirts of Taft, Kern County, California on Sept. 21, 2023.
Frederic J. Brown | Afp | Getty Images
U.S. oil prices have climbed to their highest level since late October, as the rally in the key commodity becomes something equity investors cannot afford to look past.
Best Buy is offering the Super73 RX Electric Motorbike for $1,999.99 shipped. Normally fetching $3,695, we’ve only seen one previous discount since the new year began – a repeat of 2023’s biggest price cut to $3,000 back in February. Today’s deal is a first that we haven’t seen in a while for this particular model – a brand new all-time low. It comes in as a massive 46% markdown that gives you a whopping $1,695 in savings and beats out our Black Friday and Christmas sale mentions. You’ll also find a more affordable option in the standard R model at $1,700, down from $3,295 for another new all-time low. You can learn more about it by heading below or reading through our feature.
Having basically originated the current moped-style/e-minibike craze that is becoming more and more popular throughout the US for the last handful of years, Super73’s RX motorbike combines the iconic stylings of the ’70s and ’80s with nice plump fat tires and a fully-electric heartbeat. Coming in a Carmine Red colorway, it is equipped with a 750W rear-hub motor paired alongside a 48V battery in order to reach 28 MPH top speeds for up to 40 miles when only using the throttle and up to 75 miles when using its pedal assistance. It fully recharges in just five to seven hours via a standard outlet, depending on conditions, and comes with a few exclusive features like fenders for both tires, and an LED headlight as well as an LED taillight. The big difference between it and its predecessor, the standard R model, is the lack of these extra features/add-ons.
Best Buy Mother’s Day sale takes up to $400 off EVs
Best Buy is having a 3-day Mother’s Day sale through the weekend, with several varying EVs benefitting from the discounts as well – up to $400 off, in fact. A standout amongst the bunch is the Segway Max G2 Electric Kick Scooter for $899.99 shipped. Normally fetching $1,300, it launched just last year at $800, which has remained the lowest price we’ve seen since, with very few minor discounts dropping up until today. This is a solid $400 off the going rate that lands it at the second-lowest price we have tracked, making this the best deal since its pre-order discount.
The Max G2 is the successor to the original Max scooter, with some notable upgrades that make it stand out from its predecessor – especially at this price. Equipped with a 450W motor (with 1,000W peak power that can handle up to 22% inclines) and a 551Wh battery, its speed has been increased to 22 MPH (over the Max’s 18 MPH speed), plus it has an extended mileage of 43 miles on a single charge – nearly twice the distance of the previous model. It sports Segway’s standard folding design for easier storage and transport, as well as four riding modes to choose from through the onboard LED display, with some saving power to extend travel ranges and others shrinking that range for the sake of speed and power. It’s also been given some notable features – including smart features – like self-sealing tires and Apple Find My for added peace of mind. Head below for more.
More Best Buy Mother’s Day EV discounts:
Segway F30 Electric Scooter, 15.5 MPH for up to 18.6 miles: $410 (Reg. $650)
NIU KQi3 Pro Foldable Electric Scooter, 20 MPH for up to 31 miles: $549 (Reg. $799)
NIU KQi3 Max Foldable Electric Scooter, 23.6 MPH for up to 40 miles: $700 (Reg. $1,000)
Segway G30Max Foldable Electric Scooter, 18.6 MPH for up to 40.4 miles: $700 (Reg. $1,000)
Heybike Mars Foldable e-bike, 20 MPH for up to 48 miles: $799 (Reg. $1,200)
Heybike Brawn All-Terrain e-bike, 28 MPH for up to 65 miles: $1,449 (Reg. $1,800)
Broil King Crown Pellet 500 Pellet Grill hits lowest price of last 2 years at $632
Amazon is offering the Broil King Crown Pellet 500 Pellet Grill for $631.91 shipped. Regularly $1,199, but having spent the last three months keeping between $1,100 and $900, we’ve seen it go for much less in the past, though the $522 all-time low was last seen in 2022, with 2023 never seeing any price drop below $759. Today’s deal comes in as the lowest price we have tracked in the last two years, giving you a solid $567 markdown off the list price that beats our previous mention by $85 just in time for BBQ season. It even beats out Broil King’s website where it is discounted at a higher $1,099 rate.
You won’t need to worry about hooking up a gas line or running down to the nearest store to refill on your propane with this grill, which utilizes wood pellets that produce lower emissions than even charcoal. To start, you’ll have a temperature range of 200 degrees to 600 degrees Fahrenheit, which can be customized as you like through the LED digital control board or use its three quick-set temperature keys that let you smoke (225 degrees), roast (350 degrees), or grill (600 degrees). You’ll even get remote control settings through the companion app via your smartphone using Wi-Fi or Bluetooth, and it comes with temperature probes to make hitting your food’s ideal internal temperature far less stressful than just eyeing it. You’ll have plenty of room to work with too, as its 560 square-inches of cooking space can hold approximately 30 burgers at once – enough for everyone on your block and more than enough for family gatherings. Head below to learn more.
The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.
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In a milestone, supermaterials trailblazer Lyten has shipped lithium-sulfur (Li-S) batteries to Stellantis and other US and EU OEMs for testing.
Lyten’s shipment of A samples of its 6.5 Ah Li-S pouch cells is the first major step in the commercial evaluation of lithium-sulfur batteries by leading US and European automakers. Stellantis announced that it had invested in Lyten’s lithium-sulfur battery development in May 2023.
“This milestone is the result of years of dedicated work and innovation from the Lyten team, and we are just at the start of further expanding the capabilities of our lithium-sulfur battery cells,” said Lyten CEO and cofounder Dan Cook.
Operating from its automated pilot production line in San Jose, California, which came online in May 2023, Lyten produces lithium-sulfur batteries using standard lithium-ion manufacturing equipment and practices. The company plans to ship cylindrical A samples later this year, and its first giga-scale factory is currently being designed.
Lithium-sulfur batteries face issues related to cycle life and stability under real-world operating conditions, but Lyten says it’s addressed those challenges in its lithium-sulfur EV batteries.
Lyten has integrated its proprietary 3D graphene structure within the Li-S battery’s cathode. This structure enhances the battery’s overall stability and conductivity, addressing common issues such as the polysulfide shuttle effect, which typically leads to rapid capacity loss in Li-S batteries.
By using a lithium metal composite for the anode instead of the traditional graphite, Lyten has improved the anode’s stability and efficiency. This modification also helps to increase the battery’s overall energy density while potentially reducing degradation over time.
The need for critical minerals like nickel, cobalt, and manganese in the cathode is also eliminated, and that means a projected 65% lower carbon footprint than lithium-ion batteries and a supply chain that can be fully sourced in the US or EU at scale.
In February 2024, Chrysler announced the inclusion of Lyten’s Li-S batteries in its Halcyon concept EV, and the US Department of Energy has granted Lyten $4 million to accelerate development. Lyten has raised more than $410 million in equity capital to date.
What do you think of the commercial potential Li-S EV batteries? Let us know in the comments below.
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Vietnamese EV automaker VinFast has announced it will be the world’s first automaker to offer its drivers access to Sony’s new RIDEVU in-car streaming service. VF 8 customers in the US will gain access to Sony’s library of over 2,000 movies with the opportunity to rent and purchase premium content.
The VF 8 is young automaker VinFast’s ($VFS) flagship EV, hitting the US market two years ago as a 2023 model. Following some early software hiccups, VinFast has pushed forward to get more of its SUVs on US roads, pulling demand levers while expanding its stateside dealer network.
We drove the VF 8 early on, and it was fine, but there were some clear bugs that needed to be sorted out. 2024 remains a pivotal year for the Vietnamese automaker as it looks to continue riding rising revenues and make up for missed delivery targets last year.
One feature VinFast is utilizing to entice would-be US customers is entertainment. Today, VinFast announced the VF 8 will offer Sony’s new streaming service, RIDEVU – a world debut in an EV.
VinFast offers VF 8 customers one year of Sony RIDEVU
Per a VinFast release this morning, new and existing customers can now access Sony’s RIDEVU service as part of the automaker’s VF Connect Prime package. VF 8 customers in the US with the package can add RIDEVU via over-the-air (OTA) update.
RIDEVU is a new streaming platform developed by Sony Pictures Entertainment that offers access to a library of over 2,000 movie titles that are updated regularly, offering unlimited replays… of up to 100 movies (so, not unlimited, got it). Sony states that VF 8 drivers will also gain access to premium titles directly through the app by redeeming credits, renting, or buying a movie flat out.
VinFast US’ vice president of sales and marketing David Duncan spoke to the addition of Sony’s new service:
We are thrilled to be the world’s first automobile manufacturer to officially launch RIDEVU, offering an engaging entertainment experience for our U.S. customers. I believe that as a smart and green mobility solution, the VinFast VF 8 will deliver a convenient and enjoyable experience to customers wherever their journey takes them.
The release shared that Sony RIDEVU can synchronize and stream content across multiple screens, including in-car displays in the VinFast VF 8 and handheld devices. A Screen Manager feature gives owners complete control over playback on all connected displays from the EV’s center screen in the dashboard.
To ensure safety, VinFast drivers and passengers can only view Sony RIDEVU content on the center display while the EV is parked. However, passengers can watch movies on their mobile devices using the RIDEVU Companion app while the vehicle is in motion. Sony states that RIDEVU is compatible with Android, iOS, Android TV, Apple TV, and Linux.
The VinFast VF 8, now including Sony RIDEVU is available for sale in the US (mainly California) at a starting MSRP of $47,200.
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