The sun sets behind a pumpjack during a gusty night in Fort Stockton, Texas, March 24, 2024.
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U.S. crude oil gained more than 1% on Tuesday after booking a loss last week as the market focuses on an upcoming key OPEC+ meeting.
OPEC+ will hold a virtual meeting on Sunday to review its production policy. Several OPEC+ members are voluntarily holding 2.2 million barrels per day off the market to support prices.
Deutsche Bank analyst Michael Hsueh said OPEC+ countries are unlikely to raise production given that the current price of Brent is closer to $80 per barrel than $90 per barrel.
Tamas Varga, analyst with oil broker PVM, said he expects “no changes in production will be forthcoming” because the meeting is virtual.
Here are today’s energy prices:
West Texas Intermediate July contract: $78.84 a barrel, up $1.12, or 1.44%. Year to date, U.S. crude oil has gained 10%.
Brent July contract: $83.19 a barrel, up 9 cents, or 0.11%. Year to date, the global benchmark has gained 8%.
RBOB Gasoline June contract: $2.50 per gallon, up 0.85%. Year to date, gasoline futures are up 19%.
Natural Gas June contract: $2.51 per thousand cubic feet, down 0.16%. Year to date, gas is little changed.
Deutsche Bank has maintained its current Brent forecast of $83 per barrel for the second quarter and $88 in the second half of the year, assuming OPEC+ will maintain its production policy on Sunday.
But pressure will grow on the group after the June meeting to raise output, which could push Brent prices below $80 a barrel, according to Hsueh.
Saudi Arabia understands that maintaining a target price for oil significantly above a breakeven price of $75 per barrel for the broad U.S. oil sector is unsustainable in the long term, Hsueh said. And the stabilization of U.S. production since September has given OPEC some room to maneuver, he said.
In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the new Tesla Model S and Model XX, Robotaxi is sort of coming, Xiaomi breaking the EV record at Nurburgring, and more.
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Chevy is narrowing the gap with Tesla in the US, thanks to its new Equinox and Blazer EVs. After outselling Ford, Chevy is now the fastest-growing EV brand in the US.
Chevy EV registrations triple in April as Tesla slips
GM is outpacing rivals in the US with a full lineup of 13 all-electric vehicles. Its biggest star so far has been Chevy, with new EVs like Equinox and Blazer seeing strong demand.
In the first quarter, Chevy became the fastest-growing domestic EV brand, outpacing Ford. According to the latest registration data from S&P Global Mobility (via Automotive News), Chevy is not slowing down. It’s actually closing in on Tesla.
Although new EV registrations fell for the first time in over a year in April, Chevy more than tripled its share. Tesla remained the top-selling EV brand with 39,913 registrations, 16% fewer than in April 2024.
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Chevy registered 9,160 EVs in April, more than triple (+215%) that of last year. Its share of the EV market rose to 9.4%, up from just 2.8% last April.
2025 Chevy Equinox EV LT (Source: GM)
The Chevy Equinox EV was the third most popular model, behind Tesla’s Model Y and Model 3, with 5,424 registrations. Tesla Model Y registrations fell 42% to 18,978, while Cybertruck registrations slipped 23% to 1,680.
To be fair, Tesla already said earlier this year that the new Model Y changeover would impact production in the first quarter.
Chevy Silverado (left), Equinox (middle), and Blazer (right) EVs at a Tesla Supercharger (Source: GM)
Chevy’s Blazer EV ranked sixth with 2,662 registrations in April. S&P Global Mobility analyst, Tom Libby, explained that “They have the Equinox and the Blazer right in the heart of the market and they’re really benefiting from that.”
US EV Registrations April 2025
% Change from April 2024
Tesla
39,913
-16%
Chevy
9,160
215%
Ford
5,534
-33%
BMW
4,812
8.7%
Hyundai
4,796
-25%
Cadillac
3,829
104%
Nissan
3,316
52%
Rivian
3,109
-30%
Mercedes-Benz
2,392
-19%
Acura
2,315
–
US EV registrations by brand in April 2025 (Source: S&P Global Mobility)
The Chevy Equinox EV, or “America’s most affordable 315+ mile range EV,” starts at just $34,995. No wonder it’s selling like hotcakes.
Through May, Chevrolet has sold over 37,000 electric vehicles in the US, outpacing Ford, which has sold 34,000. We will learn more when GM reports second quarter sales on July 1.
With leases starting at just $289 per month, the 2025 Chevy Equinox EV is a pretty good deal right now. Chevy is also offering 0% APR for 60 months on all 2025 EV models. Ready to try one out for yourself? You can use our links below to find Chevy EV models in your area.
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Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Markets: Wall Street moved lower Friday afternoon as tensions in the Middle East escalate following Israel’s attack on Iranian nuclear infrastructure. Iranian state TV said that it has suspended nuclear weapons negotiations with the U.S. — the two sides had been set to talk on Sunday. Not long afterward, as headlines around Iranian missile attacks in Israel surfaced, losses in the stock market picked up steam. The Dow Jones Industrial Average dropped nearly 2%, leading to the downside, while both the S & P 500 and Nasdaq fell more than 1%. Meanwhile, oil prices spiked on the news, though the gains have moderated compared with where they were in overnight trading. Brent crude, the international benchmark, surged 7% to above $74 a barrel. U.S. oil benchmark West Texas Intermediate crude also popped 7%, trading close to $73 a barrel. As Investing Club Portfolio Analyst Zev Fima wrote earlier this afternoon , our approach right now is to sit on our hands and not make any dramatic moves to the portfolio. “So as we approach what could be a weekend packed full of fear-inducing geopolitical headlines, we have to do that most difficult of things: nothing,” he wrote. Medical shuffle: Club name Amazon is reorganizing its health-care business into six new units “with the goal of creating a simpler structure,” our CNBC colleagues Annie Palmer and Ashley Capoot reported Friday. Here are a few excerpts from their story, though we recommend reading it in full : “Our leadership team has been focused on simplifying our structure to move faster and continue to innovate effectively,” [Neil Lindsay, senior vice president of Amazon Health Services] said in a video chat. “One of the problems we’re trying to solve is the fragmented experience for patients and customers that’s common in healthcare.” …. Amazon declined to share financial figures for its health business, but Lindsay said it is seeing “very strong growth” across the offerings. As long-term investors in Amazon, we remain intrigued by its ambitions in the massive health-care industry, particularly using its logistics prowess on the prescription drug delivery side. The acquisition of One Medical, a primary care provider, also was a big deal — and at the company’s annual shareholder meeting in late May, CEO Andy Jassy said he was “very excited” about how its One Medical subscription is “continuing to grow.” But in general, health care does seem to have been a tougher nut to crack than perhaps some expected. That’s why Friday’s report caught our eye because it shows Amazon is looking for ways to make progress and not being complacent with its organizational structures. Still, as of now, it’s not a major needle-mover compared with the e-commerce, advertising and cloud-computing divisions. Meta’s move: The founder of Scale AI, Alexandr Wang, confirmed that he’s departing the startup to join Club name Meta Platforms , part of the Instagram parent’s bold move to stay on the leading edge of artificial intelligence. When we wrote Wednesday about Meta investing nearly $15 billion to take a 49% stake in Scale AI, we were under the impression that Wang would join Meta’s new “superintelligence” unit on top of his duties at the data-labeling startup. That is not the case. The new revelation underscores the aggressiveness of Meta CEO Mark Zuckerberg amid concerns that some of its AI technology was lagging in performance. Wang is well-known within the tech industry as a bright mind on AI — he founded Scale AI before he was 20 years old — and talent along with computing resources is very important in the AI race. Apple shipments: Rounding out these updates on Big Tech names, Reuters reported that 97% of the iPhones exported from India by manufacturer Foxconn went to the U.S. during the March-to-May period. That is a dramatic increase from the roughly 50% export rate in 2024, Reuters said, citing customs data. The reporting is a clear indication of Apple’s strategy to navigate President Donald Trump’s tariffs by relying less on China, which faces a much-higher duty rate than India. Up next: It’s a quite week of earnings within the portfolio, though Lennar and Darden Restaurants are set to report on Monday and Friday, carrying implications for Club names Home Depot and Texas Roadhouse , respectively. Jabil, La-Z-Boy, GMS, Smith and Wesson Brands, Kroger, Accenture, and CarMax also report. The Federal Reserve’s decision on interest rates and latest economic projections arrive on Wednesday. On the economic calendar, the latest numbers on retail sales and import/export prices are due out Tuesday morning, followed by initial jobless claims on Wednesday morning. Next Friday and into the weekend, the American Diabetes Associations’ Scientific Sessions takes place, and Club name Eli Lilly will be there with updates. (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.) 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.