An oil pumpjack operates in Los Angeles on July 31, 2023.
Mario Tama | Getty Images
Crude oil futures posted a weekly loss as lackluster demand out of China collided with a market that the International Energy Agency views as well supplied.
The West Texas Intermediate contract for April fell 92 cents, 1.17%, to settle at $78.01 a barrel on Friday. The Brent contract for May dropped 88 cents, or 1.06%, to settle at $82.08 a barrel.
U.S. crude and the global benchmark lost 2.45% and 1.76%, respectively, for the week.
Crude oil imports in China fell about 5.7% to 10.8 million barrels per day in the first two months of the year, compared to 11.44 million bpd in December, according to S&P Global Commodity Insights.
“The big burst of China demand recovery continues to just not pan out and without it, it’s going to be hard for these prices to sustain themselves and recover further and get WTI back above 80 bucks,” John Kilduff, founding partner at Again Capital, told CNBC.
A senior official at the International Energy Agency, meanwhile, told Reuters this week that the oil market should be relatively well supplied this year.
Traders were also studying the latest nonfarm payroll data for February together with Federal Reserve Board Chairman Jerome Powell’s testimony before Congress this week to assess where interest rates — and oil demand — may go.
The U.S. added 275,000 jobs in February, compared to 198,000 expected by economists surveyed by Dow Jones. But the unemployment rate rose to 3.9%.
Oil Prices, Energy News and Analysis
Powell told Congress on Thursday that the central bank is “not far” from cutting rates. Powell told the Senate Banking Committee that the Fed wants more confidence that inflation is moving sustainably at 2%.
“When we do get that confidence, and we’re not far from it, it’ll be appropriate to begin to dial back the level of restriction,” Powell said.
Lower interest rates typically stimulate economic growth, which supports crude oil demand.
Kilduff said the petroleum complex’s reaction to the interest rate outlook has been “almost schizophrenic.” While lower rates are supportive of demand, the Fed will also only cut rates due to slack in the economy and signs of weakness, Kilduff said.
LiveWire, the electric motorcycle brand spun out of Harley-Davidson, has just announced its latest electric motorcycle model. The new LiveWire S2 Alpanista is built on the same platform as the brand’s last two models, leveraging the Arrow platform as a versatile foundation for several diverse bikes.
The Arrow platform first received its debut with the LiveWire S2 Del Mar, which was then followed by the S2 Mulholland.
LiveWire announced that a high-performance electric maxi-scooter would be produced on the Arrow platform, but not before the company rolled out the S2 Alpinista. “The Alpinista is LiveWire’s first sport standard,” explained the company, “equipped with 17” wheels and tires, blending the best of street, sport, and hyper-tourer characteristics.”
The recently unveiled S2 Alpinista is mechanically quite similar to the two previous models sharing the platform. The 10.5 kWh battery that serves as the main structure of the bike will offer a maximum range of 120 miles (193 km) per charge under city riding conditions. It can be recharged with a Level 2 charger from 20-80% in just 1 hour and 20 minutes.
The 433 lb (196 kg) bike can achieve a 0-60 mph (0-96 km/h) time of just 3.0 seconds, thanks to its powerful 63 kW (84 hp) motor. The S2 Alpinista can also reach an electronically limited top speed of 99 mph (159 km/h).
Priced at US $15,999 and already available at LiveWire dealerships in North America and Europe, the S2 Alpinista officially becomes the most affordable LiveWire electric motorcycle available to date, undercutting the $16,249 S2 Del Mar electric street tracker and the $16,499 Mulholland electric sport cruiser.
“Alpinista reimagines the S2 by combining the urban agility of a supermoto with the do-it-all nature of a touring bike, creating a practical and thrilling sport standard,” explained the brand.
The smaller 17″ wheels help reduce the seat height of the bike, and combined with the Dunlop Roadsmart IV tires, the street-optimized bike is ideal for “both daily commutes and spirited rides through winding roads.”
The S2 Alpinista comes with 6-axis IMU from Bosch providing cornering-enhanced antilock braking and cornering-enhanced traction control systems, in addition to four preset ride modes and two custom modes.
Now the third model launched on the Arrow platform, the S2 Alpanista underscores the versatility of LiveWire’s workhorse. The approach was intended to allow the e-motorcycle offshoot to quickly innovate with multiple styles of motorcycles all sharing key structural and drivetrain components. The move has largely been seen as an engineering success, with three models hitting the road in under three years. However, sales have yet to reach targets set by LiveWire as the more premium electric motorcycle industry has experienced a rocky few years.
As a LiveWire S2 Del Mar owner myself, I can attest to both the performance and enjoyable experience of bikes built on the platform, though I do find myself in a somewhat smaller community than LiveWire had likely hoped for. With the backing of its powerful older brother H-D, which retains a controlling stake in the company, LiveWire has enjoyed the relative freedom to cruise for its first few years and focus on motorcycle development and rollouts, with profitability hopefully coming over the horizon in due time.
FTC: We use income earning auto affiliate links.More.
British oil and gasoline company BP (British Petroleum) signage is being pictured in Warsaw, Poland, on July 29, 2024.
Nurphoto | Nurphoto | Getty Images
British oil major BP on Thursday said it is planning to cut thousands of jobs as part of a major cost-reduction exercise.
“Today, we have today told staff across bp that the proposed changes that have been announced to date are expected to impact around 4700 bp roles – these account for much of the anticipated reduction this year,” BP said in a statement.
“We are also reducing our contractor numbers by 3000,” the company said.
The measures, which were designed to lower costs, come after BP CEO Murray Auchincloss said last year that the company intends to deliver at least $2 billion of cash savings by the end of 2026.
BP’s workforce currently stands at around 87,800.
Shares of the company traded 1.4% higher on Thursday morning.
Strategy in focus
BP has underperformed its European rivals of late as energy market participants continue to question the firm’s investment case.
In a trading update published Tuesday, BP said weaker refinery margins and turnaround activity will deliver a $100 million to $300 million blow to its fourth-quarter profit, while further declines are expected in oil production.
The energy firm is scheduled to report quarterly and full-year earnings on Feb. 11.
BP said in the same update that it had postponed an event for investors next month so that its chief executive can fully recuperate from a “planned medical procedure.” Auchincloss was said to be “recovering well” from the procedure, which had not been previously disclosed.
The capital markets event, which had previously been scheduled to take place in New York on Feb. 11, will now take place in London on Feb. 26.
— CNBC’s Ruxandra Iordache contributed to this report.
On today’s episode of Quick Charge we explore the uncertainty around the future of EV incentives, the roles different stakeholders will play in shaping that future, and our friend Stacy Noblet from energy consulting firm ICF stops by to share her take on what lies ahead.
We’ve got a couple of different articles and studies referenced in this forward-looking interview, and I’ve done my best to link to all of them below. If I missed one, let me know in the comments.
New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.
Got news? Let us know! Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.
FTC: We use income earning auto affiliate links.More.