U.S. crude oil on pace to eke out second weekly gain on Middle East war risk
U.S. crude oil on Friday was on pace to eke out its second weekly gain in a row as Israel prepares to retaliate against Iran.
The U.S. benchmark has gained 1% this week, while global benchmark Brent is ahead 0.8%. Oil prices have gained more than 10% through Thursday’s close since Iran hit Israel with ballistic missiles last week.
“Nevertheless, sustaining bullish price momentum in oil has proven to be a high maintenance task: without additional catalysts, the ‘war’ and ‘stimulus’ premiums have shown easy susceptibility to fading,” Natasha Kaneva, head of global commodity strategy at JP Morgan, told clients in a Friday note.
Here are Friday’s energy prices:
- West Texas Intermediate November contract: $75.21 per barrel, down 64 cents, or 0.84%. Year to date, U.S. crude oil has gained nearly 5%.
- Brent December contract: $78.77 per barrel, down 63 cents, or 0.79%. Year to date, the global benchmark has increased about 2%.
- RBOB Gasoline November contract: $2.1414 per gallon, down 0.44%. Year to date, gasoline is ahead 1.7%.
- Natural Gas November contract: $2.685 per gallon, up 0.37%. Year to date, gas has risen about 6%.
Israel’s security cabinet met Thursday to discuss the country’s response to Iran’s attack, according to media reports. President Joe Biden and Prime Minister Benjamin Netanyahu spoke by phone on Wednesday.
Traders have worried that Israel will hit Iran’s oil industry, potentially triggering a cycle of escalation that causes a significant disruption of supplies in the Middle East. Biden has discouraged Israel from targeting Iran’s oilfields. The Arab Gulf states have also reportedly lobbied the White House to pressure Israel to refrain from hitting Iranian energy infrastructure.
“We expect that the White House is potentially encouraging Israel to target refineries instead of oil export facilities, arguing that the economic impact would be more directly felt by Iran,” Helima Croft, head of global commodities strategy at RBC Capital Markets told clients in a Thursday note.
Croft warned, however, that the U.S. influence may have waned since April, when Israel’s response to Iran’s first missile and drone attack was relatively muted.
Slate Auto, a new EV startup backed by Jeff Bezos, has poached a key Tesla manufacturing leader to build its electric pickup truck factory in Indiana.
Napoleon Reyes is a US Marine from Indiana who got a degree in mechanical engineering from Purdue after leaving the force.
He then worked a few years at Subaru and Wabash before joining Tesla’s manufacturing team at the Fremont Factory in 2020.
There, he became part of the Model Y production ramp and was quickly promoted to lead the Model Y General Assembly in Fremont in 2022.
Reyes led Model Y GA, one of the most critical parts of vehicle manufacturing, for more than a year before being promoted again to lead new pilot processes at the factory.
Most recently, he led the launch of the general assembly line for the Model Y refresh.
The new engineering manager announced this week that he is leaving Tesla to join Slate:
A bit late on the post but after nearly 5 years working at Tesla in Fremont, I made the difficult decision to leave the Company and move closer to home with my family. It was an incredible experience being part of multiple line expansions and multiple Model Y program launches. Leading and managing the Model Y Refresh launch for GA in Fremont this year tested me professionally however we ultimately succeeded due to our amazing cross functional team collaboration. It’s been an absolute pleasure working with such great people, and I will forever be proud and thankful for everything we accomplished together.
I will be taking on a new role as Senior Manager, Plant Vehicle Engineering at Slate Auto in Warsaw, In.
Slate emerged from stealth mode earlier this year to unveil a new type of electric pickup truck featuring modular customization and an affordable price.
The company raised over $700 million through two rounds of investments from several different investors, including Jeff Bezos. It is currently raising more, which basically guarantees that it will be able to reach production.
The startup acquired a former printing plant in Warsaw, Indiana. It is currently converting to manufacture its electric pickup with a team from legacy automakers and also several former engineers and leaders from Tesla.
Rich Schmidt, an early Tesla manufacturing director, is the head of manufacturing.
FTC: We use income earning auto affiliate links. More.
Genesis is preparing to shake things up with its most luxurious SUV yet, the GV90. Thanks to a new patent filing, we are getting a detailed look at how its Rolls-Royce-style coach doors will work.
New patent reveals Genesis GV90 coach door system
When Genesis first unveiled the full-size SUV at the NY Auto Show last March, it wasn’t the stunning design or advanced tech that caught everyone’s attention. It was the coach doors.
Although we were worried it wouldn’t make it to the production model, like many concepts, the Genesis GV90 will be offered with coach doors.
The ultra-luxe electric SUV was first caught with coach doors earlier this year on a car carrier in South Korea. Just last month, the GV90 was spotted in California with a hinge at the rear to open the coach doors.
After several new patents were filed with the United States Patent and Trademark Office for new door latching devices, we are getting a sneak peek at how they are expected to work.
The patents, titled “Cinching Device For Door Latches in Vehicle,” and “Door Latch Device for Vehicles,” give a pretty detailed explanation of how the Genesis GV90’s coach doors will operate. The “Door Latch Device” uses a door striker on the lower side of the door, which is opened or closed by a hinge unit.
Unlike traditional doors, which use the B-pillar for support, the device is attached directly to the door itself, allowing for hinge-like movement.
The cinching device works in a similar way. It’s also attached to the door and part of the vehicle. However, unlike most of its kind, Genesis found a way to use a single cinching device to control multiple units. Again, the device is used for B-pillarless doors that swing open.
Genesis already said that B-pillarless coach doors are now feasible in production vehicles. The patent reveals a glimpse into how the luxury automaker could make it a reality.
Although the Genesis GV90 is expected to be offered with coach doors, they will likely not be standard. Other variants, with traditional door handles, have also been spotted testing in the US and South Korea.
Genesis is expected to launch the GV90 in mid-2026. It will be built at Hyundai’s Ulsan plant in South Korea. The flagship Genesis SUV is scheduled to debut on Hyundai’s new eM platform, which the company said will “provide 50% improvement in driving range.” It will also be loaded with the latest technology, software, connectivity, and Level 3 or higher autonomous driving capabilities.
Source: USPTO
FTC: We use income earning auto affiliate links. More.
Environment
Podcast: Tesla Model YL, more Tesla probes and lawsuits, new Nissan Leaf pricing, and more
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 launch of the Tesla Model YL, more Tesla probes and lawsuits, new Nissan Leaf pricing, and more.
The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:
We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.
Here are a few of the articles that we will discuss during the podcast:
Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:
FTC: We use income earning auto affiliate links. More.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Sports2 years agoButton battles heat exhaustion in NASCAR debut
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment3 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike