U.S. crude oil prices fall ahead of pivotal Fed decision on interest rates
U.S. crude oil edged lower Wednesday with the Federal Reserve’s pivotal decision on interest rates later this afternoon unlikely to provide much in the way of support.
“In theory a rate cut is supportive for oil prices but we’ve seen prices rallying in recent days, likely pricing this in already, hence the response may be muted,” said Matt Smith, lead oil analyst for the Americas at Kpler.
The oil market has been rattled this month by worries about a growing imbalance between supply and demand. The U.S. benchmark is down about 13% in the third quarter, while global benchmark Brent has fallen about 15%.
Here are Wednesday’s energy prices:
- West Texas Intermediate October contract: $71.07 per barrel, down 12 cents, or 0.17%. Year to date, U.S. crude oil is down about 1%.
- Brent November contract: $73.45 per barrel, down 25 cents, or 0.34%. Year to date, the global benchmark has fallen more than 4%.
- RBOB Gasoline October contract: $1.9972 per gallon, down 0.23%. Year to date, gasoline has dropped about 5%.
- Natural Gas October contract: $2.297 per thousand cubic feet, down 1.16%. Year to date, gas has pulled back more than 8%.
Consumption in China is slowing as electric vehicle sales surge in the world’s largest crude importer. At the same time, OPEC+ is expected to increase production in December as output in the U.S., Canada, Brazil and Guyana remains strong.
“We are not expecting fireworks in the sky following Fed rate cuts,” said Manish Raj, managing director of Velandera Energy Partners.
“The Fed action is unlikely to suddenly spur demand, which has otherwise been soft,” Raj said. “Nobody is hitting the gas stations just because the Fed decides to cut the rates today.”
Andy Lipow, president of Lipow Oil Associates, said a quarter-point cut is probably already priced into the oil market. “A 50 basis point cut is slightly supportive of the oil market since it translates into a weaker dollar and stronger prices for dollar denominated commodities,” Lipow said.
U.S. commercial crude stockpiles fell by 1.6 million barrels for the week ended Sept. 13, according to the Energy Information Administration. Meanwhile, gasoline inventories rose by 100,000 barrels, according to the data.
Geopolitical tensions are also escalating in the Middle East again as fears grow that a major conflict between Israel and the Iran-backed militia Hezbollah is on the horizon. Hundreds of pagers exploded in Lebanon Tuesday in an attack targeting Hezbollah militia members.
Environment
Trump approves U.S. Steel merger with Japan’s Nippon after companies sign national security agreement
European EV charging provider Allego has launched what is says is Europe’s first rollout of the “world’s safest and most secure” Plug & Charge technology.
The new tech is based on the open industry standard OCPP 2.0.1 and promises to make EV charging as easy as, well, plugging in your car. Forget apps, cards, and complicated sign-ins. If your EV is compatible, all you have to do is pull up and plug in.
Jean Gadrat, Allego’s CMO, said, “By removing digital friction points, apps, and cards, we give drivers the confidence to travel further and charge more conveniently. Whether in the city, on the highway, or abroad, Plug & Charge delivers the same secure, one-step charging experience.”
Here’s how Allego’s Plug & Charge works
Plug & Charge is an ISO 15118-based authentication and payment method built by Allego on OCPP 2.0.1, standardizing communication between OCPP-compliant chargers and networks.
Once your car is enabled for Plug & Charge, the process is completely hands-off. You plug in, and your EV and the charger swap secure digital certificates to authenticate your account. There’s no need to tap an RFID card, open an app, or even press a button.
Allego’s system supports Mutual TLS encryption and certificate-based authentication, so only authorized vehicles can charge. That means no billing mistakes or fraudulent access, which has been a big concern with some older public charging setups.
Available across Europe now
Allego’s Plug & Charge functionality is at more than 5,000 fast and ultra-fast chargers across Europe, and it also works across partner networks, deploying a truly cross-network Plug & Charge experience.
It’s a future-ready platform, too. Thanks to OCPP 2.0.1, the protocol supports remote firmware updates, advanced security, and new features as they become available. So your charger can grow along with your EV.
“As new vehicle models and charging technologies emerge, OCPP 2.0.1 ensures your car always ‘speaks the same language’ as the charger,” said Manuel Trotta, Allego’s head of mobility solutions.
Allego partnered with Alpitronic, Hubject, and Ford to bring its cross-network Plug & Charge to life.
Read more: Waffle House is getting DC fast chargers – and it’s a genius move
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Environment
The Kia PV5 is a real-life Transformer: Here’s our first look at it as an electric truck
Kia is looking to shake things up with its new custom-tailored Platform Beyond Vehicles (PBVs). The PV5, Kia’s first electric van based on the platform, is already showing how versatile it is. After the PV5 was spotted for the first time with an open bed, Kia looks about ready to drop an electric truck variant.
Is Kia launching an electric truck PV5 variant?
At the 2024 Consumer Electronics Show (CES), Kia revealed its PBV strategy for the first time. The vehicles are designed as “total mobility solutions” that combine fit-for-purpose EVs with Hyundai’s latest software and tech.
Kia’s PBVs are based on Hyundai’s new ultra-flexible E-GMP.S EV platform, which can be custom-tailored for different uses. The first EV based on the platform, the PV5, launched earlier this year in the UK in two variations, Cargo and Passenger.
The Passenger model is fairly self-explanatory as a personal, everyday van, while the Cargo version is designed for commercial use.
Kia said more variants were on the way, including a refrigerated truck, chassis cab, open-bed, luxury “Prime” passenger, and sliding truck models.
The open-bed variant was recently captured driving in Korea, giving us our first look at the Kia PV5 as an electric truck.
Although brief, the video from HealerTV, taken as the vehicle was driving by, reveals a few new details. It’s our closest look at the open-bed variant so far.
Like other PV5 variants, it appears to be the same up front. In fact, it’s almost identical to the first teaser Kia showed.
It’s hard to tell from a video, but the reporter mentioned the electric truck “seemed like it was just the right size.” Since the PV5 Passenger is 4,695 mm in length, 1,895 mm in width, and 1,899 mm in height, we can expect it to be about the same size. To give you a better idea, it’s slightly smaller than the Volkswagen ID.Buzz SWB.
More variants on the way
The electric truck, or open-bed variant, comes after we saw the PV5 “Conversion,” which will feature new models, including a light camper and a camper van.
We got a preview of the camper van after Kia revealed two new “Spielraum” PV5 concepts, including one with a refrigerator, microwave oven, and even a wine cellar. And then we got a look at the PV5 “WKNDR,” an “adventure-ready” electric van concept. Kia’s electric van even has a wheelchair-friendly version, the PV5 WAV.
What’s next? Kia plans to launch a full range of electric vans. Next up will be the larger PV7 in 2027, followed by the PV9 in 2029. There’s also a smaller PV1, expected to arrive in late 2026 or early 2027.
In the future, Kia plans ot launch a Robotaxi model through a collaboration with Motional. All PBV models will be built at Kia’s Hwaseong EVO plant in South Korea. The facility can build up to 150,000 vehicles annually.
Kia said its goal is to “design PBVs that are simple and intuitive to operate and engage with, regardless of where, when or how they are used.” In other words, Kia wants to make your life easier, “Whether the purpose of the vehicle is to transport people, move goods, or meet logistics or personal mobility needs.”
In the UK, the PV5 Passenger and Cargo models start at £32,995 ($44,000) and £27,645 ($37,000), respectively.
It’s available with two battery pack options: 51.5 kWh or 71.2 kWh, offering WLTP ranges of 179 miles and 249 miles, respectively. The Cargo version gets slightly more range with 181 miles or 247 miles, respectively.
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