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China has been the biggest driver of demand growth in oil: JBC Vienna

U.S. crude oil futures on Tuesday fell more than 1%, shedding gains from the previous session as OPEC lowered its demand forecast for the second time in two months.

OPEC now expects demand to grow by about 2 million barrels per day in 2024, some 80,000 bpd slower than its previous forecast. The group of oil producers sees demand growth of 1.7 million bpd next year, some 40,000 bpd lower than originally anticipated.

OPEC had cut its demand outlook in August due to softening consumption in China, the world’s largest crude importer.

Here are Tuesday’s energy prices:

  • West Texas Intermediate October contract: $67.88 per barrel, down 83 cents, or 1.2%. Year to date, U.S. crude oil has declined 5.3%.
  • Brent November contract: $70.98 per barrel, down 86 cents, or 1.2%. Year to date, the global benchmark has pulled back 7.8%.
  • RBOB Gasoline October contract: $1.91 per gallon, little changed. Year to date, gasoline has fallen 9%.
  • Natural Gas October contract: $2.23 per thousand cubic feet, up 6 cents, or 2.95%. Year to date, gas has shed 11%.

Worries about softening demand in China as electric vehicle sales surge has loomed over the oil market for months now. OPEC+ is also expected to increase production in December, with Morgan Stanley and other market analysts forecasting a surplus for 2025.

Oil prices sold off last week as bearish sentiment takes hold, with U.S. crude and global benchmark Brent posting their worst weeks since October 2023.

Futures briefly recovered some lost ground on Monday as Tropical Storm Francine threatens oil and gas production as well as refining operations on the Gulf Coast.

Don’t miss these energy insights from CNBC PRO:

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Tesla spotted with design and feature update for Model S and Model X

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Tesla spotted with design and feature update for Model S and Model X

Tesla has been spotted working on what appears to be a mild design update for the Model S and Model X, two vehicle programs that have been in decline.

Model S and Model X have been Tesla’s flagship vehicles for years.

Not so long ago, Tesla aimed to sell 100,000 Model S/X per year. Now, Tesla is not even reporting Model S/X sales anymore, and they were estimated to be below 50,000 units globally in 2024.

In Q1 2025, Tesla reported 12,881 vehicle deliveries in its “other models” category, which includes Model S, Model X, Cybertruck, and Tesla Semi.

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In February, Tesla confirmed that it plans to release a refresh of Model S and Model X later this year.

A few months later, prototypes are starting to be spotted.

The Killowats, who often spot Tesla prototypes in the Bay Area, has shared pictures on X of a few new Model S and Model X prototypes:

The updates are relatively mild, to say the least. The biggest change is the addition of a camera in the front bumper.

Many industry watchers have been highlighting the need for a front bumper camera as a much-needed update to Tesla’s camera array. There are a few blind spots in Tesla’s current camera array, and some are particularly concerned about the ability to detect potholes and other smaller obstacles on the road.

A front bumper camera will help with that.

The blue tape in The Killowatts’ pictures also suggests that Tesla is adding light strips inside the Model S and Model X, similar to what it did with the Model 3 and Model Y over the past year.

There are also slight updates to the front-end and rear diffuser. A Model S Plaid prototype was also spotted on the Nurburgring race track last week with slight camouflage on the front and back bumpers, which would also point to slight updates to the front and rear ends.

Model S and Model X were last updated starting in 2021.

Electrek’s Take

Design-wise, this is as mild as an update gets. Tesla is adding RGB lighting strips to the interior of its vehicles and calling it an update.

The hope here is that there’s more to it under the hood.

Tesla may be working on a powertrain update for the Model S and Model X. I hope they are; otherwise, this is a non-event.

It would mean Tesla is basically giving up on these vehicle programs. They have gone down in sales and production quite a bit and instead of putting the effort of revitalizing the programs, Tesla might be making the decision not to significantly update them in order not to invest too much into what are now low volume programs.

What do you think? Let us know in the comment section below.

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US wind + solar outproduced coal and nuclear in Q1 2025 – EIA

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US wind + solar outproduced coal and nuclear in Q1 2025 – EIA

All renewable energy sources, including wind + solar, produced more than a quarter of US electrical generation in Q1 2025 and provided nearly a third of total US electrical generation in March alone, according to US Energy Information Administration (EIA) data reviewed by the SUN DAY Campaign.

Solar set a new record in Q1 2025

In EIA’s latest monthly “Electric Power Monthly” report (with data through March 31, 2025), the data confirmed that solar continues to be the fastest-growing source of electricity.

Utility-scale (>1 megawatt (MW)) solar thermal and photovoltaic expanded by 43.9% while “estimated” small-scale (rooftop) solar PV increased by 11.1% during Q1 2025 compared to Q1 2024. The combination of utility-scale and small-scale solar increased by 33.7% and was almost 6.8% of total US electrical generation for January to March, up from 5.3% a year earlier. As a consequence, solar-generated electricity surpassed the output of US hydropower plants (5.7%).

In March alone, electrical generation by utility-scale solar increased by 45.6% while that from small-scale systems rose by 13%. Combined, they provided 9.1% of US electrical output during the month.

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Wind had a strong first quarter

Wind turbines across the US produced 9.5% more electricity in Q1 2025 than they did a year before.

That output was nearly one-eighth (12.2%) of total US electrical generation and more than double that produced by US hydropower plants.

In March alone, wind-generated electricity increased by 11.1% and provided 14.8% of the US electricity supply.

Wind + solar outproduced coal + nuclear

In Q1 2025, electrical generation by wind plus utility-scale and small-scale solar provided 19% of the US total, up from 17% year-over-year. In just the month of March, solar + wind accounted for 23.9% of U electrical output.

During Q1 2025, wind + solar provided 6.8% more electricity than coal and 6% more than US nuclear power plants. In March alone, the gap increased significantly when solar + wind outproduced coal and nuclear power by 66.5% and 31%, respectively.

Renewables’ electrical output is closing in on natural gas

The mix of all renewables – wind, solar, hydropower, biomass, geothermal – produced 10.5% more electricity in Q1 2025 than they did a year ago (12.5% more in March alone) and provided 26.1% of total US electricity production compared to 24.8% year-over-year.

Electrical generation by all renewables combined in March alone reached a new record and provided 31.9% of total US electrical generation. For the first time, it nipped at the heels of natural gas (34.8%), which saw a drop in electrical output of 8.9%.  

For perspective, five years ago (May 2020), the mix of renewables provided 21.9% of total electrical generation while natural gas accounted for 41.9%. A decade ago (May 2015), renewables provided 15.1% of total generation while natural gas provided 30.5%; most of the balance was accounted for by coal (33.5%), and nuclear power provided 19.9%.

The renewables mix has strengthened its position as the second largest source of electrical generation, behind only natural gas, with the gap closing rapidly.

EIA forecast strong growth for renewables

The growth of solar, wind, and other renewables is consistent with several forecasts issued by EIA during the past five months.

In its “Preliminary Monthly Electric Generator Inventory” report issued in late December 2024, EIA forecast 32.5 GW of new utility-scale solar capacity to be added to the grid in 2025, along with 7.7 GW of new wind capacity and 18.2 GW of utility-scale battery storage.

Similarly, in early spring, EIA released its “Annual Energy Outlook 2025” report that explores potential longer-term US energy trends. In it, the agency foresees a nearly 50% increase in installed solar capacity during the Trump administration’s term. Moreover, electrical generation by grid-connected PV solar during that time would more than double from 201.1 billion kilowatt-hours (bKWh) to 420.1 bKWh. Onshore wind generation would rise from 153.4 bKWh to 175.4 bKWh while offshore wind could increase from 0.2 bKWh to 18.7 bKWh.

Finally, in its “Short-Term Energy Outlook” report issued in early May, EIA projected 26.3% growth in solar installations in 2025, increasing from 121 GW of installed capacity at the end of 2024 to 153 GW by the end of this year. It expects another 19.5% growth in cumulative capacity next year, reaching 182 GW by the end of 2026. During that period, actual generation would grow from 0.217 trillion kilowatt-hours (tKWh) to 0.343 tKWh. Wind would expand from 0.453 tKWh to 0.494 tKWh.

“Renewable energy sources, led by solar and wind, are clearly outpacing fossil fuels and nuclear power,” said the SUN DAY Campaign’s executive director, Ken Bossong. “It therefore defies logic that the Trump administration and the Republican Congress would be trying to curtail that growth in favor of dirtier and more expensive technologies.”

Read more: FERC: Solar + wind made up 98% of new US power generating capacity in Q1 2025


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Kia’s Niro is getting a fresh new look, but is the EV version about to be axed?

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Kia's Niro is getting a fresh new look, but is the EV version about to be axed?

The affordable crossover SUV is due for a facelift, and it already appears to be an improvement. The Niro will arrive with a fresh new look, featuring elements from new Kia EV models, such as the larger EV9. Meanwhile, rumors suggest that Kia may phase out the Niro EV, as the EV3 is now rolling out.

Kia Niro EV is due for a new look

Although the Niro has evolved over the years with new features, longer driving range, and a revamped style, Kia is preparing what looks like some even bigger upgrades.

Kia launched the second-generation Niro in 2022, offering hybrid, plug-in hybrid (PHEV), and purely electric (EV) powertrains. It also gained more driving range, enhanced features, and a redesigned interior and exterior.

The 2025 Kia Niro EV boasts an EPA-estimated driving range of 253 miles from a 64.8 kWh battery. In Europe, the electric crossover is rated with a WLTP range of 285 miles.

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Compared to Kia’s new electric vehicles, such as the EV9 and EV3, the Niro now appears outdated. Kia is about to change that.

The new Kia Niro facelift was recently spotted in Korea, offering us a glimpse of its new look. For one, you can see that both the front and rear ends appear to be overhauled with Kia’s latest design theme.

Kia Niro refresh spotted in Korea (Source: HealerTV)

The video from HealerTV shows the Kia Niro driving by with new headlights, similar to the new Sorento. Despite the camouflage, it is evident that the new model shares a similar front-end design with the current Niro. Most of the changes are expected to be centered around the head and turn lights.

Kia-Niro-EV-new-look
2025 Kia Niro EV (Source: Kia)

Meanwhile, the rear bumper is getting a complete overhaul. The reverse lights are lower, and the outgoing model features an attached reverse light and turn signal, whereas the new Niro has an attached reflector and turn signal. Like its newer EV models, the Niro refresh will feature vertical rear turn signals.

Although we’ll have to wait to see what the interior looks like, it’s also expected to see a few big upgrades. The new Niro will likely include Kia’s latest ccNC infotainment system. Leaked images hint at a massive 30″ curved display.

Kia-EV9-GT-Korea-interior
Kia EV9 GT interior (Source: Hyundai Motor)

According to TheKoreanCarBlog, rumors are circulating that Kia may phase out the electric Niro (e-Niro) with the EV3 now on sale.

Kia-EV3-best-selling-EV
Kia EV3 Air in Frost Blue (Source: Kia UK)

Kia’s smaller electric SUV is already a hit in Europe and Korea. The EV3 was Kia’s top-selling electric vehicle in Europe during the first quarter, accounting for 64% of electric car sales. It was also the best-selling retail EV in the UK.

Earlier this month, the EV3 was caught testing in the US, hinting that a North American debut could finally be coming soon.

EPA-estimated Range Starting Price
2025 Kia Niro EV Wind 253 miles $39,600
2025 Kia Niro EV Wave 253 miles $44,600
2025 Kia Niro EV prices and range by trim

Prices will be revealed closer to launch, but the EV3 is expected to start at around $35,000 to $40,000. In Europe, prices start around 36,000 euros ($40,000).

The current all-electric 2025 Kia Niro remains one of the most affordable electric vehicles (EVs) with prices starting under $40,000.

With new models arriving, the 2025 Kia Niro EV is on clearance with leases starting as low as $169 per month. Ready to check it out for yourself? You can use our link to find deals on the Kia Niro in your area today.

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