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The White House faces a tough choice on Iranian crude oil exports this summer: RBC's Helima Croft

U.S. crude oil moved slightly higher to $82 a barrel on Tuesday on optimism that weak manufacturing data could accelerate interest rate cuts.

U.S. manufacturing activity hit a four month low of 49.9 in March, according to the S&P Global Flash U.S. Composite PMI. A reading below 50 indicates that activity is contracting.

Oil prices turned higher on the data as traders see slowing manufacturing activity as support for the Federal Reserve cutting interest rates this year. Lower borrowing costs typically stimulate the economy and thereby crude demand.

Here are the latest energy prices:

  • West Texas Intermediate June contract: $82.19 a barrel, up 28 cents, or 0.34%. U.S. crude oil is up more than 14% this year.
  • Brent June contract: $87.18 a barrel, up 18 cents, or 0.17%. The global benchmark is up about 13% this year.
  • RBOB Gasoline May contract: $2.68 a gallon, up 0.02%. Gasoline futures are up about 28% this year.
  • Natural Gas May contract: $1.77 per thousand cubic feet, down 0.78%. Natural gas is down 29% this year.

Phil Flynn, senior market analyst at the Price Futures Group, said renewed hopes for rate cuts are “giving oil a new sense of life here, especially after it’s already sold off quite a bit.”

The move higher comes after WTI hit a session low of $80.89 a barrel earlier in the morning, the lowest level since late March. U.S. oil prices also briefly dipped below the 50-day moving average of $81.22 a barrel for the first time since early February.

U.S. oil prices are still more than $5 below this year’s high of $87.62, when traders bid up prices on fears of a war between Iran and Israel. Those concerns have largely dissipated as Iran and Israel have signaled they are not interested in a wider war after trading tit-for-tat strikes earlier this month.

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WTI Vs. Brent

Iran sanctions ‘a farce’

The oil market has also largely brushed off the threat of additional sanctions against Iranian oil.

The House of Representatives passed legislation over the weekend that would broaden sanctions against Iran’s oil exports to include foreign ports, vessels and refineries that knowingly process crude from the Islamic Republic. The Senate could vote on the bill as soon as this week.

Under terms of the legislation, President Joe Biden would implement sanctions within 180 days of the bill’s passage, but has the authority to waive penalties if he determines it is in the national security interests of the U.S.

Oil Prices, Energy News and Analysis

“This bill significantly increases sanctions on Iran, it increases the enforcement mechanisms,” Helima Croft, commodities strategist with RBC Capital Markets, told CNBC’s “Squawk Box” on Monday.

The White House will face a “tough choice” this summer on whether to impose the sanctions or issue waivers due to concerns about a tight oil market, Croft said. The sanctions, if fully implemented, could contribute to higher prices at the pump.

“Biden’s not going to pull the trigger ahead of the election because he can’t afford to have gasoline prices go up before for the election,” Flynn said. “It’s kind of a farce.”

The Biden administration is very concerned about high oil prices ahead of the 2024 election, said Amrita Sen, founder and director of research at Energy Aspects.

“It’s a U.S. election year, and the U.S. is going to do absolutely anything in its power to make sure prices don’t go up,” Sen told CNBC’s “Crude Realities” on Tuesday.

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China’s first large-scale sodium-ion battery charges to 90% in 12 minutes

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China's first large-scale sodium-ion battery charges to 90% in 12 minutes

China’s first major sodium-ion battery energy storage station is now online, according to state-owned utility China Southern Power Grid Energy Storage.

The Fulin Sodium-ion Battery Energy Storage Station entered operation on May 11 in Nanning, the capital of the Guangxi Zhuang autonomous region in southern China. Its initial storage capacity is said to be 10 megawatt hours (MWh). Once fully developed, the Station is expected to reach a total capacity of 100 MWh.

The state utility says the 10 MWh sodium-ion battery energy storage station uses 210 Ah sodium-ion battery cells that charge to 90% in a mindblowing 12 minutes. The system comprises 22,000 cells.

Once the project reaches 100 MWh, it could release 73,000 MWh of clean energy each year. That’s enough to power 35,000 households and reduce carbon dioxide emissions by 50,000 tonnes annually.

In an interview with China Central Television, Gao Like, a manager at the Guangxi branch of China Southern Power Grid, said that the energy conversion efficiency of its sodium-ion battery energy storage system exceeds 92%. It’s comparable to the efficiency of common lithium-ion battery storage systems, at 85-95%.

Chen Man, a senior engineer at China Southern Power Grid, said [via the South China Morning Post] that once sodium-ion battery energy storage enters the stage of large-scale development, its cost can be reduced by 20-30%. He continued:

This can be achieved through further improvements in the sodium-ion battery structure, manufacturing process, material utilization, and cycle life, thus lowering the energy storage cost per kilowatt-hour of electricity.

Large-scale sodium-ion batteries are gaining momentum due to their lower cost and abundance of raw materials compared to lithium-ion batteries. The challenges with sodium-ion batteries have been lower energy density and shorter lifespans that can limit efficiency and long-term performance in large-scale applications.

Read more: A new sodium-ion battery breakthrough means they may one day power EVs


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You can now lease a Rivian R1T for cheaper than the Nissan Titan, starting at $559/month

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You can now lease a Rivian R1T for cheaper than the Nissan Titan, starting at 9/month

If you’ve been eyeing a new Rivian R1T, now may be the time to start shopping. Rivian is offering R1T lease rates as low as $559 per month, which is even cheaper than the Nissan Titan.

After introducing leasing for the R1T last November, Rivian is already offering some massive savings opportunities.

Rivian is offering R1T lease configurations for as low as $559 per month. That’s for a new 2024 Rivian R1T Standard Adventure Package and includes $7,500 in lease cash.

The offer is for a 36-month lease with 30,000 total miles with $7,454 due at signing. That amounts to $766 per month. Total vehicle pricing totals $71,700, including Dual Motor AWD, 21″ Wheels, LA Silver Paint, Black Mountain interior, and a $1,800 destination fee.

Although the Nissan Titan’s MSRP is about $24,000 cheaper, the Rivian R1T is still the better lease deal.

Nissan has the 2024 Titan listed at $659 for 36 months. That’s with $5,949 due at signing, according to online research firm CarsDirect. The offer is based on an MSRP of $52,380 for the SV 4×2 Crew Cab model and 10,000 miles a year, which amounts to $824 a month.

Rivian-R1T-lease-cheaper
Rivian R1T (left) and R1S (right) (Source: Rivian)

Rivian R1T is not the only EV lease getting cheaper

The difference maker is the incentives. We’ve seen it with other models like the Hyundai IONIQ6/5 and Kona Electric.

Kia is also offering up to $12,000 off 2024 EV6 and EV9 models with massive stackable incentives.

GM cut prices on its Blazer EV, while deliveries of the new Equinox EV are now underway. The Equinox EV (2LT) currently starts at $43,295, but the $34,995 (1LT) version will be available later this year. With the $7,500 credit, the Equinox EV can be bought for as little as $35,795.

Rival Ford also slashed prices on the Mach-E by 17% earlier this year, driving triple-digit volume growth. Meanwhile, Ford has introduced several incentives for the F-150 Lightning as it looks to keep its title of top-selling EV pickup in the US.

With up to 410 miles range, an 83.9″ long extendable tailgate, up to 11,000 lbs towing, and a 0 to 60 mph sprint in 3 seconds, the R1T is built to upgrade your next adventure.

Rivian-R1T-lease-cheaper
Rivian R1T (left) and R1S (right) (Source: Rivian)

Rivian added R1S leasing options in January. The Rivian R1S can be leased for as little as $639 per month. That’s also for 36 months (30,000 miles total), with $8,534 due at signing.

Rivian’s R1S electric SUV was the seventh best-selling EV in the US last year, topping the Ford F-150 Lightning and Tesla Model X, as demand for large electric SUVs continues to grow.

If you’re ready to see what Rivian has to offer at some of the lowest prices so far, we can help you get started. You can use our links below to view deals on the Rivian R1S and R1T in your area.

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Save up to $400 on Jackery’s new Explorer 1000 v2 power station starting from $679, Greenworks tools 50% off, and more deals

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Save up to 0 on Jackery's new Explorer 1000 v2 power station starting from 9, Greenworks tools 50% off, and more deals

Today’s Green Deals are ones of maximum savings on old and new devices alike, headlined by the launch of the pre-order discount on Jackery’s new Explorer 1000 v2 Portable Power Station for $679. It is joined by an early Memorial Day sale that is taking up to 50% off Greenworks tools, including chainsaws, mowers, blowers, trimmers, pressure washers, and more – starting from $97. There’s also a double one-day sale on the NIU KQi3 Pro Electric Kick Scooter for $600 and the GoTrax FLEX VOYAGER Electric Scooter at $370. Plus, all the other hangover Green Deals that are still alive and well.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Jackery’s new Explorer 1000 v2 Portable Power Station now available for pre-order at $679

Jackery has launched an early bird pre-order deal on its new Explorer 1000 v2 Portable Power Station for $679 shippedafter using the on-page code E1000V2 at checkout for $120 off. This is the very first opportunity to save on this newly upgraded power station before it begins shipping out next month, giving you until May 31 to lock down your very own ahead of summer. Its predecessor, the standard Explorer 1000, has regularly been discounted between $640 and $650 during most major sales we’ve seen since the new year began, meaning for the same general price you’ll be able to get this updated model instead of settling for its older version.

The new Explorer 1000 v2 arrives upgraded from its standard NMC lithium battery to a LiFePO4 battery for greater efficiency and better operations at lower levels of charge. It’s been given a slight bump up from a 1,002Wh capacity to a 1,070Wh of capacity, with its power output being raised as well from 1,000W to 1,500W. Charging times are also more significantly improved, with what used to take 7.5 hours through a 180W max solar input now only taking 3 hours with a 600W solar input or 1.6 hours via a wall outlet (as well as 12-hour charging through a car port). It features the next generation of Chargeshield 2.0 that provides a whopping 62 forms of all-round protection, so don’t worry about accidental surges from storms, sudden outages, etc. It also has seven output ports for your charging needs: three ACs, two USB-Cs, one USB-A, and one car port.

And if you were just thinking to yourself, “I wish there was a way to grab this model with a solar panel,” you’re in luck – cause Jackery also is giving you the first chance to save on the Explorer 1000 v2 Solar Generator bundle for $899 shipped, down from $1,299, after using the on-page code SG1000V2 at checkout for $400 off. The regular Explorer 1000’s bundle gives you two 100W solar panels (whereas the new Explorer 1000 v2 bundle simplifies it into one 200W panel) and is currently marked down to $1,099, meaning this pre-order deal gives you far more for even less – but keep in mind it also only lasts until May 31, so don’t dawdle too long on making a decision.

As part of its early Memorial Day sales, Amazon is taking up to 50% off a large collection of Greenworks mowers, blowers, trimmers, pressure washers, chainsaws, pole saws, bundles, and more. A standout amongst the bunch is the 24V 6-inch Cordless Electric Mini Chainsaw for $99.97 shipped. Regularly fetching $160, this tool has only seen three discounts since the start of the new year, with the first two keeping at $136, while last month we saw it fall to the $100 low. Today’s deal is a slightly bigger 38% markdown off the going rate that lands it at a new all-time low with only a few cents of difference. We’ve also curated a list of our other top picks in this sale below.

This 6-inch mini chainsaw is an ideal addition for travelers and homeowners alike, equipped with a brushless motor and 2.0Ah battery that is able to make up to 100 cuts on a single charge and fully recharges in up to an hour. Plus, as is common with the brand, the battery can be interchanged with over 125 other devices and tools within the Greenworks ecosystem for more convenient power needs. Its compact design allows it to better fit in tight spaces than any standard chainsaw and it lessens arm fatigue at just 3 pounds. And with its multiple, built-in safety features, like the anti-splash baffle or the safety lock, you’re ensured a much more controlled experience whether it’s for garden or tree pruning, home DIY projects, cutting up firewood, or more.

Other notable Greenworks Memorial Day discounts:

Notable Greenworks Memorial Day bundle discounts:

NIU KQi3 Pro Foldable Electric Kick Scooter hits $600 for today only

As part of its Deals of the Day, Best Buy is offering the NIU KQi3 Pro Foldable Electric Kick Scooter for $599.99 shipped. Usually fetching $799, this model has seen very few discounts since the new year began, with its successor, the KQi3 Max often receiving discounts over it. We’ve seen it go for as low as $599 in the past, meaning today’s deal gives you the second-lowest price we have tracked at just $1 above the all-time low from Black Friday sales. Regardless, it’s still a great opportunity to snag this commuting option at its lowest prices – but don’t forget, the deal only lasts until the end of the day.

The NIU KQi3 Pro offers an affordable, longer-than-normal-commuting solution of 31 miles on a single charge at 20 MPH top speeds, matching or coming near many popular e-bike models that go for more. It sports a 350W rear drive motor and a 48V battery that can handle 20% inclines together, as well as wider 21-inch handlebars and 9.5-inch rubber pneumatic tires. Its triple braking system gives you superior stopping power, with braking lights on its backside and a bright Halo headlight for evening or night time cruises, ensuring a safer journey. You’ll also get complete smart controls through the NIU app, letting you monitor or adjust settings, but more importantly it allows for the scooter to be locked for added security. You can also find the upgraded KQi3 Max model on sale as well for $750, down from $1,000.

As a cheaper option for those with a shorter travel distance or perhaps for your teens to start off with, Best Buy is also offering a one-day discount on the GoTrax FLEX VOYAGER Electric Scooter for $370, down from $600. You’re looking at a much more simplified sit-down option here, with a 15.5 MPH top speed for up to 19 miles on a single charge with its 350W motor and 36V battery. Its cushioned seat, working alongside the 14-inch shock-absorbing pneumatic tires and its rear suspension, will ensure a much smoother ride as opposed to other basic standing models. You’ll also get an integrated storage basket for errand running – or perhaps for your kids to ride to school or to a friend’s house.

Spring e-bike deals!

Hover-1 multi-color Instinct Electric Bike parked with kickstand with NYC skyline in background within post for Jackery Explorer 1000 v2 Portable Power Station

Other new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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