Crude oil futures were little changed Tuesday as OPEC stuck to its demand forecasts, counting on steady economic growth this year.
Oil prices rallied more than 2% Monday and have now recovered most of the losses from last week. The market had sold-off to four month lows after OPEC+ decided to increase crude production in October.
Here are today’s energy prices:
West Texas Intermediate July contract: $77.63, down 11 cents or 0.14%. Year to date, U.S. oil has gained 8.4%.
Brent August contract: $81.54 a barrel, down 9 cents, or 0.11%. Year to date, the global benchmark is ahead 5.9%.
RBOB Gasoline July contract: $2.39 per gallon, down 0.57%. Year to date, gasoline is up 14%.
Natural Gas July contract: $3.07 per thousand cubic feet, up 5.78%. Year to date, gas has advanced 22%.
OPEC is projecting oil demand growth of 2.2 million barrels per day for 2024 and 1.8 million bpd in 2025, according to the group’s monthly report. The oil producers see global economic growth of 2.8% this year and 2.9% in 2025.
OPEC expects the services sector to maintain stable momentum and drive economic growth in the second half of the year, “particularly supported by travel and tourism, with a consequent positive impact on oil demand.”
John Evans, analyst with oil broker PVM, said traders appeared to be “buying the dip” after many investors abandoned their long positions in the wake of the OPEC+ production decision.
“After oil prices experienced a bearish confluence of events, shook out much length and toyed with being oversold, there is almost an inevitability in the rally back to current levels,” Evans said in a note.
Oil Prices, Energy News and Analysis
Money managers cut their net long position in Brent by 69% week over week to the lowest level since 2014 in the wake of the OPEC+ decision, according to JPMorgan.
Despite the bearish sentiment last week, Goldman Sachs forecast the market will enter into a deficit on summer fuel demand that will push Brent back up to $86 per barrel in the third quarter.
Traders are looking ahead to the conclusion of the Federal Reserve meeting and U.S. inflation data for May on Wednesday. The International Energy Agency will release its monthly oil market report the same day.
Isuzu is giving Red Bull electrified wings – the iconic drinks company is officially the first to put the production version of its new-for-2025 Isuzu NRR-EV medium duty electric box truck to work in North America.
Deployed by Red Bull North America, these first-ever customer Isuzu NRR-EV medium duty trucks are busy delivering cans of Red Bull products throughout Southern California with zero tailpipe emissions, marking the first time the best-selling low-cab/cabover box truck brand in the US can make such a claim.
“Today marks a major milestone for the industry and for us. Watching the NRR-EV evolve from a concept to a viable operating product is a big deal,” explains Shaun Skinner, President of Isuzu Commercial Truck of America. “Our teams and our clients have put so much time and effort into making this happen, and it speaks to our teamwork and dedication to more sustainable transportation solutions. It is no longer just a plan, we have zero-emission trucks serving our customers’ needs!”
The NRR-EV is available with a number of different battery configurations, ranging from three 20 kWh battery packs (60 kWh total) up to nine 20 kWh battery packs, with five and seven pack options in between. The nine-pack version is good for up to 235 miles of range with a 19,500 lb. GVWR. The batteries, regardless of configuration, send power to a 150 kW (200 hp) electric motor with 380 lb-ft. of torque available at 0 rpm.
For “Red Bull” duty, the Isuzu trucks ship with a 100 kWh total battery capacity, and are fitted a lightweight, all-aluminum 6-bay beverage body, the vehicle’s design maintains its cargo capacity. The NRR-EV’s 19,500 lb. GVWR (Class 5) chassis, combined with the lightweight body and “big enough” battery spec provides Red Bull’s delivery drivers a hefty, 9,000 lb. payload.
Isuzu’s N-series trucks are everywhere – and for good reason. They’re dependable, they’re affordable, and they have a nationwide network of GM dealers supporting them. I am a huge fan of these trucks, and can’t wait to sample the electric version from behind the wheel.
Hyundai is gearing up to launch its first all-electric minivan. Production is set to begin next year, and the EV minivan is expected to play a key role in its global expansion. Here’s what to expect.
Hyundai will launch its first EV minivan in 2025
The Staria is Hyundai’s successor to the Starex, its multi-purpose vehicle (MPV), launched in 2021. Like its replacement, the Staria is offered in a minivan, minibus, van, pickup, and several other configurations like limousines and ambulances.
Although the Staria was launched with only diesel and gas-powered powertrain options, Hyundai added its first hybrid model in February.
Hyundai will introduce the Staria Electric, its first electric minivan, next year. In March, Hyundai unveiled its new ST1 electric business van, which is based on the Staria. However, the minivan will get its own EV model in 2025. The ST1 is Hyundai’s first commercial EV. It’s available in refrigerated van and basic chassis cab options.
Hyundai is already building gas-powered and hybrid Staria models at its Ulsan plant in Korea, but it is preparing to begin producing the EV version.
According to the Korean media outlet Newsis, sources close to the matter on Friday said Hyundai will begin converting a production line (Line 1) at its Ulsan Plant 4 for Staria Electric around January 25, 2024.
The expansion is part of Hyundai’s broader plan to introduce 21 electric vehicles by 2030, accounting for over 2 million in sales.
A report from The Korean Economic Daily in June claimed Hyundai would expand Staria EV production into Europe starting in the first half of 2026. European-made models will be sold domestically and overseas, like in Australia and Thailand. Hyundai aims to sell 15,000 to 20,000 of the EV model annually.
The Staria Electric will be powered by Hyundai’s fourth-generation 84 kWh EV batteries and will have over 10% more capacity than the ST1.
Hyundai sold 37,769 Starias through the first 11 months of 2024. Last year, Hyundai Staria sales reached 39,780, including domestic and export sales. By the end of the year, Staria sales are expected to exceed 40,000 for the first time.
Hyundai’s sister company also has big plans to expand its commercial business with a new lineup of EVs based on its PBV (Platform Beyond Vehicle). Its first electric van, the PV5, was spotted earlier this year as a potential Volkswagen ID.Buzz challenger.
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The company says this latest all-electric milestone means Schneider has cut more than 20 million pounds of harmful carbon emissions. A total it says is equivalent to removing more than 2,100 gas-powered passenger cars from the road.
“Reaching 6 million zero-emission miles is a testament to our steadfast dedication to sustainability and innovation,” said Schneider President and CEO, Mark Rourke. “Leading the way in adopting electric vehicle technology not only benefits the environment but also serves as an example of the broad service capabilities and flexibility we can offer to customers.”
Schneider operates one of the largest fleets of Freightliner eCascadia electric semi trucks in the country, with fully 92 of the BEVs deployed (so far). The trucks have been operating in and around the ports of Southern California, where they have significantly reduced emissions and contributed to cleaner air quality while reliably transporting freight and saving SNDR money.
“Schneider is a great example of the kind of forward-thinking entrepreneurship our industry needs,” says David Carson, Senior Vice President, Sales and Marketing at DTNA. “They’ve achieved over 6 million zero emission miles, which is a reminder for us all to keep working on overcoming challenges together on the path to zero emissions. At DTNA, we’re committed to the shift to zero emissions, alongside pioneers like Schneider, who are showing us what’s possible.”
Fifty of Schneider’ 92 eCascadias were funded by JETSI – a California-wide initiative working to reduce greenhouse gas emissions. Of the remaining 42 five are jointly funded by the EPA’s FY18 Targeted Airshed Grant, seven are funded by the Volkswagen Environmental Mitigation Trust, and 30 are funded by California’s HVIP incentive program.
Electrek’s Take
Schneider is among the many global fleets that are proving the reliability and efficacy of battery-electric semi trucks every day, racking up millions of miles faster than many of the nay-sayers thought would be possible. The only real question facing the world of electric trucking now is whether the legacy brands like Freightliner and Volvo have established an insurmountable lead over Tesla.