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A Shell gas station on May 03, 2024 in Austin, Texas. 

Brandon Bell | Getty Images

Crude oil futures fell more than 1% on Tuesday in the absence of major market catalysts to support prices.

U.S. crude oil and global benchmark Brent have traded in a $3 range this month since selling off from April highs after traders rolled back geopolitical risk premium as fears of a wider Middle East war eased.

“I just don’t think there’s a lot of conviction right now in the market,” Helima Croft, head of commodity strategy at RBC Capital Markets, told CNBC’s “Squawk Box” Tuesday. “We’ve basically lost all the geopolitical risk premium that have been driving prices higher.”

Here are today’s energy prices:

  • West Texas Intermediate June contract: $78.31 a barrel, down $1.49, or 1.87%. Year to date, U.S. crude oil is up 9.3%.
  • Brent July contract: $82.22, down $1.49, or 1.78%. Year to date, the global benchmark is up 6.76%.
  • RBOB gasoline June contract: $2.49 per gallon, down 1.8%. Year to date, gasoline futures are up 18.69%.
  • Natural gas June contract: $2.68 per thousand cubic feet, down 2.33%. Year to date, gas is up 6.88%.

Investors are now focusing more on fundamentals but the lack of near-term catalysts will likely keep prices rangebound for the time being, Croft told clients in a Tuesday note. RBC forecasts U.S. oil will average $79.50 a barrel and Brent $84 a barrel for the rest of the year

“We are not in a supply deficit situation,” Croft said. “We’re not having the anxiety that we sometimes get going into summer. But that said, we still have summer driving season ahead of us.”

Production cuts by a coalition of OPEC+ members have provided a floor for oil prices after last month’s selloff. The cartel will meet next weekend to review its production policy.

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WTI vs. Brent

John Evans, analyst at oil broker PVM, said the market will increasingly focus on how OPEC+ may react to the current oil price action as the meeting draws closer. The current softness in the market likely does not support bringing OPEC supply back on the market, Evans said.

Croft agrees: “I don’t think anyone is anticipating at this current price level that they’re going to be putting barrels back onto the market,” she told CNBC.

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Lectric eBikes launches updated XPeak 2.0 off-road e-bike for a killer price

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Lectric eBikes launches updated XPeak 2.0 off-road e-bike for a killer price

The Phoenix-based electric bike maker Lectric Ebikes has been on a tear lately, launching updated versions of its wildly popular electric bicycle models. The latest in a string of affordably priced updates is the new Lectric XPeak off-road e-bike, packing a surprising amount of tech and upgrades for a surprisingly low price of just $1,399. And to sweeten the deal even further, the launch promotion includes over $300 in free accessories, too.

It’s all pretty much par for the course at Lectric, which has spent years growing its lineup of affordable, popular e-bikes that offer some of the best bang-for-your-buck in the industry.

The XPeak 2.0 is the latest example, adding significant upgrades to the second generation version, including a new torque sensor for smooth and responsive pedal assist, plus surprisingly high-end components such as the RST Renegade front suspension fork.

“With the RST Renegade fork, excellent componentry, and an industry-leading low price, we knew the XPeak would be a hit,” explained Lectric eBikes co-founder and CEO Levi Conlow. “While the 2.0 version gets even better with a torque sensor and bigger battery options, most importantly, we knew we had to give our riders what they expect from Lectric: the same low price as the first model.”

At just $1,399, Lectric has kept the price of its newest off-road e-bike the same as the first generation while offering impressive specs.

The 750-watt Stealth M24 motor (which actually puts out around 1,300W of peak power) has become a staple of Lectric’s e-bikes, providing more power and torque than most other e-bikes in this class. In fact, with 85 Nm of torque, Lectric’s models often make it to the top of the hill quicker and more reliably than other brands in head-to-head tests.

Like most of the company’s models, the Class 3 XPeak 2.0 can reach a top speed of 28 mph (45 km/h) on pedal assist, as well as 20 mph (32 km/h) on throttle-only riding.

In addition to the standard 15Ah battery offering 60 miles (96 km) of range, there’s a new 20Ah battery for an even longer lasting 80 miles (130 km) of range. Both battery options are easily removable for charging either on or off of the bike.

The XPeak 2.0’s structural changes compared to the first generation include a new hydroformed aluminum frame, lock-on hand grips, a larger 203 mm front disc to give the hydraulic brakes even more stopping power, and a new color LCD display.

The bike also gets new blacked-out fork stanchions for a stealthier look and comes in the Tempest Grey colorway for the high step frame and stratus white for the easy-to-mount step-through frame option.

For safety, the XPeak 2.0 has been certified to ISO 4210-10, a rigorous electric mountain bike standard testing that covers the structure of the bike, as well as UL-compliance to UL 2849, a standard that covers an e-bike’s battery, controller, motor, and other electronic components.

The Lectric XPeak is now available for pre-order, starting at $1,399. The company is also offering $365 in free accessories bundled with pre-orders, including a rear rack, fenders, elite headlight, bottle-shaped bike lock, and suspension seat post.

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Watch Kia’s new EV4 hatch carve up the Nurburgring, nearly on two wheels [Video]

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Watch Kia's new EV4 hatch carve up the Nurburgring, nearly on two wheels [Video]

Kia’s upcoming entry-level EV has finally made its way to the famous Nurburgring for testing. The EV4 hatch was spotted ripping across the track, nearly on two wheels at one point, as Kia preps for its big debut.

According to Kia, the EV4 is “an entirely new type of EV sedan. ” It was first unveiled last October during Kia’s first annual EV Day, alongside the EV3 and EV5 as part of its new low-cost lineup.

The EV5 launched in China last year, while the EV3 is already rolling out in Korea and Europe. Next up, we will finally see the production version of the EV4.

Although its four-door format suggests it’s a sedan, Kia said the EV4’s bold design is a symbol of the company’s innovation. Its low nose, long-tail silhouette, and added roof spoiler give it an almost racecar-like feel.

With its official debut approaching, Kia’s EV4 has been spotted out in the wild several times. Last week, it was caught testing in the US for the first time.

A hatchback model has also been spotted. It was first caught on European roads this summer and in the US earlier this month.

Kia-EV4-Nurburgring
Kia EV4 (back) showcased alongside EV9 (left) EV3 (middle), and EV5 (right) (Source: Kia)

Kia EV4 hatch takes on the Nurburgring as debut looms

After the EV4 was spotted racing across the Nurburgring for the first time, we are getting our best look yet at the upcoming Kia model.

The video from CarSpyMedia shows the EV4 hatch carving up sections of the track. Several times, you can see the EV4 is being pushed to the limits, nearly going up on two wheels.

Kia EV4 hatch testing at Nurburgring (Source: CarSpyMedia)

However, with a low center of gravity and likely added stabilization tech, the EV4 appears to handle it with ease. You can also see the difference between the sedan model and the hatchback, with the bulky backside.

As it takes on the track, it almost looks like the 576 hp EV6 GT, Kia’s fastest and most powerful car. At least for now.

Kia-EV4-hatchback
Kia EV4 sedan concept (Source: Kia)

Kia is expected to officially reveal the EV4 by the end of the year, with deliveries starting in 2025. Prices are expected to be in the $30,000 to $40,000 range. The hatchback model is likely aimed at Europe, but it could also find a market in the US as buyers drift toward more efficient options.

Ahead of the LA Auto Show later this week, Kia is teasing five new vehicles for the US, at least one being an EV. Will it be the EV4? EV3?

Source: CarSpyMedia

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Elon Musk hints at Tesla making bigger electric cars, but don’t hold your breath

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Elon Musk hints at Tesla making bigger electric cars, but don't hold your breath

Elon Musk is hinting at Tesla making bigger electric cars, but you shouldn’t hold your breath as it’s not the first time he said that.

In the last few hours, Musk responded to two fans on X, asking Tesla to build bigger vehicles to support larger families.

Musk often promotes the idea of having bigger families as he is afraid of declining populations due to low birth rates in some countries.

With the first one, the CEO responded with a simple “OK,” and with the other, he elaborated a bit more by referencing the recently unveiled Tesla Robovan and “some other things”:

Musk appears to be hinting at Tesla’s work on a bigger electric vehicle that has yet to be unveiled.

While interesting, it’s hard to give too much weight to the comment, considering Musk claimed that Tesla has been working on a higher passenger capacity vehicle for years.

A “high passenger-density urban transport” vehicle has been in Tesla’s official product roadmap since 2016 and has yet to be unveiled, unless you count the Robovan unveiled last month, but that’s completely attached to Tesla’s self-driving effort as the vehicle has no steering wheel or pedals.

As part of Tesla’s shift toward autonomous driving, the automaker has pulled back plans for several new electric vehicle programs in favor of those without any driver inputs, like Cybercab and Robotvan.

Musk has also discussed the possibility of Tesla making an electric van on several occasions in the last few years.

Tesla is expected to soon unveil two new vehicles to be launch next year, but those are based on the Model 3 and Model Y and therefore, they aren’t likely to be bigger vehicles.

Electrek’s Take

Like most things Elon says lately, it goes in my “I’ll believe it when I see it” folder.

That said, I think an electric van that can be configured for cargo, camper, or passenger, would make a ton of sense in Tesla’s vehicle lineup.

Of course, it’s harder to get the greenlight for a vehicle program like that if your CEO is perpetually convinced that the company is on the verge of achieving self-driving and making steering wheels obsolete.

I’m more of the opinion that Tesla should have played it more careful and continue working on growing its human-driveable EV lineup while working on self-driving.

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