A pumpjack is shown outside Midland-Odessa area in the Permian basin in Texas, U.S., July 17, 2018. Image taken July 17, 2018.
Liz Hampton | Reuters
U.S. crude oil fell back below $83 a barrel on Wednesday after rallying nearly 2% in the prior session.
Traders are waiting for the latest U.S. petroleum inventory data with the market’s focus shifting back to supply and demand fundamentals as the threat of war between Israel and Iran has faded.
Here are the latest energy prices:
West Texas Intermediate June contract: $82.99 a barrel, down 37 cents, or 0.44%. Year to date, U.S. crude oil is up more than 15%.
Brent June contract: $87.14 a barrel, down 28 cents, or 0.32%. Year to date, the global benchmark is up about 14%.
RBOB Gasoline May contract: $2.72 a gallon, down 0.1%. Year to date, gasoline futures are up more than 29%.
Natural Gas May contract: $1.78 per thousand cubic feet, down 1.6%. Year to date, natural gas is down about 29%.
The U.S. Senate passed a foreign aid package that would expand sanctions against Iranian oil and target ports, vessels and refineries that knowingly accept the Islamic Republic’s crude exports.
WTI Vs. Brent
Under the legislation, President Joe Biden can waive the sanctions for national security reasons, likely limiting their impact on the oil market.
“We maintain our view that the Biden administration has no intention of strictly enforcing sanctions that could drive up global crude prices (and, as a result, US retail gasoline prices) in an election year,” the geopolitical risk service Rapidan Energy told clients in a note before the legislation passed.
Oil Prices, Energy News and Analysis
A prolonged rally above $95 a barrel for global benchmark Brent is unlikely at the current moment, said Tamas Varga, analyst at oil broker PVM.
The flow of oil from the Middle East has not been interrupted by conflict, production is growing in the U.S., inflation remains stubborn, and OPEC has ample spare capacity to roll back on the market in the event of a supply emergency, Varga said.
“It is fair to conclude that the last two on the list played the most prominent roles in bringing the price of Brent down from $92/bbl less than two weeks ago to below $86/bbl on Monday,” the analyst told clients in a note Wednesday.
We are finally getting a look at Kia’s sporty new electric SUV. With starting prices under $30,000, the 2025 Kia EV5 GT Line looks ready to compete with the best in China.
Kia unveils the new 2025 EV5 GT Line electric SUV
Kia unveiled the new 2025 EV5 GT Line at the 2024 Guangzhou Auto Show, giving the already impressive electric SUV a stylish upgrade.
After introducing the EV5 last summer, Kia claimed it “brings a new era of electric mobility to the compact SUV sector.” The smaller electric SUV includes much of the advanced new tech and software in Kia’s flagship EV9 but in a more affordable package.
At 4,615 mm long, 1,875 mm wide, and 1,715 mm tall, the EV5 is a direct rival to Tesla’s Model Y (4,760 mm long x 1,921 mm wide x 1,624 mm tall).
Kia launched the EV5 in China last November, starting at just $21,000 (149,800 yuan), undercutting top-selling rivals like the Tesla Model Y.
Powered by a BYD Blade battery, the base EV5 is rated with 329 miles (530 km) CLTC range. The longer-range model, with an 88.1 kWh battery, gets up to 447 miles (720 km) CLTC range.
Now, we are finally getting a look at the upgraded 2025 EV5 GT Line model. As you can see, the GT Line treatment includes a sleek blacked-out exterior design with 20″ aluminum alloy wheels.
The AWD powertrain boasts up to 316 hp (233) kW for a 0 to 62 mph (0 to 100 km/hr) sprint in about six seconds. Kia’s new GT Line model gets up to 360 miles (580 km) CLTC driving range with fast charging (30% to 80%) in 27 minutes.
Kia upgraded the interior with a leather-wrapped two-tone steering wheel and other blacked-out elements. It also includes Kia’s next-gen ccNC infotainment system with dual 12.3″ center and driver display screens.
What do you think of the new EV5 GT Line? Should Kia launch it in the US? Let us know what you think in the comments below.
As part of Zero Motorcycles’ new approach to affordability, the California electric motorcycle maker is increasingly relying on strategic partnerships in the industry to help lower costs and leverage production experience. Now we’re getting word that one of the company’s key partners, Hero MotoCorp, is closing in on its first Zero-enabled electric motorcycle model.
It’s giving a whole new meaning to “from Zero to Hero.”
Last year, Zero joined forces with India’s largest motorcycle maker, Hero MotoCorp, to develop a new electric motorcycle model. Zero obviously eyed Hero’s massive manufacturing footprint and decades of production experience, and it looks like that partnership is closer than ever to revealing the fruits of its labor.
“As far as EV motorcycles, as we have talked about, that we are developing in partnership with Zero Motorcycles. And that’s something that while we have not given out the timeline, but the work is in progress. And it will be coming in the middle-weight segment. I would say it’s in the advanced stage. We haven’t announced the timeline as yet, but we would be looking at something which would not be too far off,” explained Hero MotoCorp CEO Niranjan Gupta during the company’s Q2 earnings call with analysts.
While targeting the more sought-after middleweight market, Hero confirmed that the company would also produce a version for the more performance end of the motorcycling market.
Hero has massive production chops to its name, but the company is relatively inexperienced with electric two-wheelers. Hero has just two models of electric scooters currently available under its Vida brand, and no fully-fledged electric motorcycles of the style for which Zero is known.
Zero and Hero have yet to provide specifics about where such a motorcycle might land in the international market, but recent moves by the company could provide a few clues.
Last month, Zero announced that it had partnered with Chinese motorcycle maker Zongshen to produce its new Zero XE and XB electric motorcycles. The move comes as part of Zero’s recently announced “All Access” initiative, which is built around adding more affordable models to the Zero lineup. Priced at just US $6,494 and $4,195, the Zero XE and XB are the most affordable Zero bikes we’ve seen yet.
There’s more where those came from, too. Zero claims that it will have six unique models, all priced at under US $10,000, in the next two years.
Based on the advanced state of the Hero partnership bike, it’s likely that such a model could be revealed as part of Zero’s All Access program.
California has proposed offering $7,500 state EV tax rebates to residents if Trump kills the federal EV tax credit, Governor Gavin Newsom (D-CA) announced today.
Trump has repeatedly said that he would eliminate the $7,500 EV tax credit for new vehicles and $4,000 for used vehicles created by the Biden administration’s Inflation Reduction Act if he won the election.
In response, Newsom today proposed creating a new version of the state’s Clean Vehicle Rebate Program, which launched in 2010 and was phased out in 2023. California started with a $5,000 rebate for EVs and increased to $7,500. During its lifetime, the Clean Vehicle Rebate Program funded more than 594,000 vehicles and saved more than 456 million gallons of fuel.
Newsom’s announcement says that funding for the state EV tax rebates could come from the “Greenhouse Gas Reduction Fund, which is funded by polluters under the state’s cap-and-trade program.”
Newsom said in a statement:
We will intervene if the Trump administration eliminates the federal tax credit, doubling down on our commitment to clean air and green jobs in California.
We’re not turning back on a clean transportation future – we’re going to make it more affordable for people to drive vehicles that don’t pollute.
Newsom’s announcement didn’t say how the rebates would work, but he’s expected to share more details during an appearance today. The governor would need the backing of the state legislature to revive the rebate program.
California continues to lead the US in zero emissions vehicle adoption, surpassing 2 million electric, plug-in hybrid, and hydrogen-powered vehicles sold across the state. By 2035, all new cars and light trucks sold in California must be zero-emissions vehicles, along with 50% of all new heavy trucks.
To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
FTC: We use income earning auto affiliate links.More.