European gas prices may have dropped to levels not seen in more than four months, but this is far from being the end of the energy crisis, four industry analysts told CNBC.
The Dutch Title Transfer Facility (TTF) is Europe’s main benchmark for natural gas prices. Russia’s invasion of Ukraine and the subsequent pressures on Europe’s energy mix have pushed natural gas prices to trade at historic levels back in August — above 340 euros per megawatt hour. However, these have significantly come down since then, ending Thursday’s session at 108.5 euros per megawatt hour.
In addition, intraday European gas prices even went negative at the start of the week — meaning that holders of natural gas paid buyers to take the cargo off their hands.
“With gas storage near full, LNG inflows in oversupply and favourable mild autumn weather, prices are doing the work to keep the system balanced as commodities trade in the present,” Ehsan Khoman, head of commodities research at MUFG Bank, told CNBC via email.
The latest data compiled by industry group Gas Infrastructure Europe shows that the EU’s overall storage levels are at an average of nearly 94% full. That’s comfortably above the 80% target the bloc had set for countries to reach by the start of November.
Some of the LNG (liquefied natural gas) orders made during the summer are arriving now, when storage is full, representing an oversupply. Temperatures in the region have also been unusually warm, with some nations currently experiencing 20 degree Celsius (68 degrees Fahrenheit) heat.
Nikoline Bromander, analyst at consultancy Rystad Energy, said high output from wind power and political agreement within the EU on cooperative measures to reduce gas prices and consumption have contributed to lowering gas prices.
But Europe’s energy crisis isn’t over, and analysts are warning European policymakers against complacency.
Europe ‘not out of the woods’
“The temptation in Europe will be to take a sigh of relief and acknowledge the hard work and tough decisions on demand and supply that have been taken,” Bromander said in a research note.
“However, a series of factors – from Asian demand for LNG potentially increasing to a lack of sufficient regasification facilities in Europe means that decision makers may feel the pressure sooner rather than later.”
One of the big question marks is what will happen to LNG demand when China fully reopens its economy. Beijing has been the biggest buyer of LNG in the world, but its zero-Covid policy has prevented its economy from operating at full capacity. If this dynamic changes in the coming months, there will be more competition for the commodity and prices could spike.
Even if this winter ends up being mild, next winter also remains a supply concern.
Tom Marzec-Manser
head of gas analytics at ICIS
Henning Gloystein, director for energy at consultancy firm Eurasia Group, told CNBC that “the current glut shouldn’t be seen as a signal though that the upcoming winter might not see energy shortages.”
“Given there’s virtually no Russian gas available in Europe, supply is tight. Once it gets cold, inventories will draw down. If there’s a late winter cold snap when stocks have been reduced, thigs could get pretty tight in early 2023, meaning possible price spikes and potential energy shortages,” Henning said, adding that “it’s therefore still very important for industry and households to try to reduce consumption.”
Tom Marzec-Manser, head of gas analytics at energy consultancy ICIS, reaffirmed the point that that weak gas prices in recent days should not be interpreted as a sign that Europe is now out of the woods when it comes to managing the lost flows from Russia.
Before Russia’s invasion of Ukraine, the EU was obtaining about 40% of all its natural gas from Moscow. That has now fallen below 10%.
“Forward pricing indicates that high prices will soon return: ICIS data shows gas for delivery in January is more than four times the price of spot gas at the TTF,” Marzec-Manser told CNBC via email.
Europe has in recent months endured a sharp drop in gas exports from Russia, traditionally its largest energy supplier.
Anadolu Agency | Anadolu Agency | Getty Images
“Even if this winter ends up being mild, next winter also remains a supply concern as refilling storages through the summer of 2023 will be much harder than summer just gone, with little-to-no Russian gas available,” he added.
Several experts have warned that Europe’s high storage levels were to a large extent achieved with Russian gas. Even Xavier Bettel, the prime minister of Luxembourg, an EU nation, acknowledged earlier this month that storage was full with Russian gas. However, Russia supplies have been severely disrupted and it is Europe’s aim to be completely free from Russian fossil fuels.
Furthermore, there’s also the risk that European demand picks up in the coming months.
“The risk with the sell-off in the European gas market is the potential that demand starts to pick-up,” Khoman from MUFG Bank said, citing reports that fertilizer producers in Europe are easing curtailments.
“If this is part of a broader trend that we see in European demand, it would make it increasingly difficult for Europe to rebuild storage to comfortable levels ahead of next winter,” he added, projecting gas prices to average 200 euros per megawatt hour in the second quarter of 2023 and until the end of next year.
The CEO of EDP, Portugal’s utilities firm, summed it up when speaking to CNBC’s “Squawk Box Europe” Friday. “Certainly we are in a much better place than we were a couple of months ago,” Miguel Stilwell d’Andrade said, but “we should expect a lot of volatility going forward.”
Tesla’s Full Self-Driving computer failure leaves customers in bad situations without many important features and depletes battery packs faster for months.
We found examples of the issue arising as far back as July. The problem can start quickly, within a few miles on a brand-new car or after a few hundred to a few thousand miles.
When the computer fails, many vehicle features stop working, like active safety features, cameras, and even GPS, navigation, and range estimations.
Tesla’s fix was to replace the computer completely, but sources also mentioned a temporary software fix to enable some of the features in the meantime.
It’s hard to estimate precisely the affected population. At the time of the article, we had received dozens of customer complaints and had sources inside Tesla estimating that, based on service requests, thousands of new Tesla owners are experiencing this issue.
We reported that this should lead to a recall since features like backup cameras are now considered a safety feature and required on new vehicles by NHTSA, but Tesla hasn’t released a service bulletin nor has a notice been posted with NHTSA.
Electrek contacted NHTSA to ask if they were aware of this issue. We will update if we get an answer.
Since publishing our original report on this issue last month, dozens of other customers reached out about the problem. They are reporting long wait times to get a new computer as Tesla tells them that it needs more parts, presumably the new computers.
Some showed documents to Electrek that showed they didn’t have an appointment to replace their computers until into February. For some customers, that would mean more than two months with severely handicapped vehicles.
On top of the previously mentioned disabled features, customers have voiced other problems living with their brand-new vehicles without a working computer. The computer appears to get stuck in an “auto-update loop”, which drains the battery faster.
A customer with this issue estimated that his Model 3 is consuming about 5 kWh per day when parked, doing nothing with this computer issue.
Some owners expressed concerns about faster battery degradation and wear on other components because of this issue. It’s also a major issue for people who don’t have home charging yet, and their vehicles are stuck discharging faster with this issue.
Electrek has seen documents showing that Tesla acknowledges that the computer issue is an “internal short.”
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Just over a year after unveiling its flagship solar-electric travel trailer called the Flow, recreational mobility startup Pebble has revealed its updated production-intent design. We got a chance to do a walkthrough of the optimized trailer design, which features several upgrades and some truly intuitive features. Today’s unveiling also marks Pebble’s continuance of Flow pre-orders, but we now have a timeline for when initial deliveries will begin.
Pebble is a California-based startup and one of a few new tech companies attempting to reinvigorate a stale RV segment. The company was founded by Bingrui Yang, who previously led iPhone development at Apple for nine years before leading hardware development for major players in the autonomous robotaxi space, including Cruise and Zoox. Yang described the company in detail in June of 2023:
Pebble was developed to create a hassle-free way to live, work and explore. Consumers have been stuck with the same RV experience for decades. A lot of people want to get into such a lifestyle of freedom but are turned off by the pain points in today’s products. At Pebble, we are automating the hardest parts of the RV experience with the same technologies that power the most advanced automotive innovations, making the whole experience simply effortless and magical. If you know how to use an iPhone, you’ll be comfortable using our product.
That strategy to bring more advanced technologies to the world of RVs and travel trailers culminated in Pebble’s flagship product, Flow. In the summer of 2023, the startup emerged out of stealth mode with $13.6 million in seed funding to help get the Flow into production, teasing brief glimpses of the luxury travel trailer along the way.
The following October, Pebble officially unveiled the Flow to the public, opening pre-orders for an iteration of the travel trailer that started at $109,000. We learned then that the Flow trailer is 300% more aerodynamic than a conventional travel trailer, reducing drag and extending range.
Furthermore, the Flow comes equipped with its own dual-motor active propulsion assist system, which helps it bear the brunt of its load while helping it maximize range and efficiency regardless of whether an ICE or electric vehicle is towing it.
Today, just over 14 months after initially unveiling the pre-production version of the Flow, Pebble has emerged with a production-intent design featuring some welcomed upgrades in its space utilization and some genuinely remarkable functions – all controllable from a single tablet.
Pebble Flow to begin deliveries in first half of 2025
Pebble unveiled its production-intent version of the Flow this morning. According to the company, it was updated with features and optimized design elements based on feedback from its community to improve the overall experience for future owners.
Pebble shared that the community that worked closely with its design and engineering teams to identify key opportunities for improvement consisted of over 3,000 members, including “digital nomads,” young families, retirees, and tech enthusiasts (bummed I didn’t get an invite).
Last month, we took a virtual tour of a production-intent Flow travel trailer and explored several upgrades that make an already unique and innovative electric mobility vehicle even better. For example, Pebble optimized the interior of the production-intent Flow, increasing storage and moving some of the walls to utilize more of the interior. The startup also redesigned the interior cabinets to flip upward rather than down for easier access, especially for vertically challenged people.
The interior also feels much roomier thanks to new side and rear windows that flip open for better airflow and a vast new skylight moved to the front of the trailer above the dinette area. Per Pebble, the revamped Flow exterior now features integrated tail lamps, enhanced aerodynamics, and a more streamlined appearance, including several color variations for early adopters:
During our virtual tour, a few exterior upgrades truly stood out. First, the Flow’s pass-through storage tunnel has been made larger, and Pebble has added a hitch receiver to accommodate accessories like bike racks. However, the new technologies introduced were the most impressive.
For example, Pebble added optional all-terrain levelers through an “InstaCamp” feature that can balance and level out the trailer, no matter where it is parked. The images above show Pebble Flow’s new motorized awning, which can be deployed using the app. Other features include four exterior cameras for better visibility and safety on the road and when parking.
Pebble has also introduced a re-engineered dual-motor drivetrain and a new caster wheel, making the Flow’s Remote Control and Magic Hitch capabilities (arguably the two most remarkable features in the entire trailer) possible and easy to use. What’s perhaps most impressive is how virtually all of the Flow’s features are controllable from a single tablet, as seen here:
From our experience, the most exciting features include the 1.1 kW solar array on the roof, the Magic Hitch capabilities, InstaCamp, and the Remote Control option using the Pebble App. We highly recommend checking out all those core features in action in Pebble’s video below.
The Pebble Flow starts at $109,500, with an option to upgrade to the Magic Pack. This adds the re-vamped dual-motor drivetrain, enabling features like Active Tow Assist, Magic Hitch, and enhanced Remote Control. The Flow configuration with the Magic Pack starts at $135,500.
According to Pebble, Flow production is expected to begin in early 2025, with initial deliveries beginning this spring. These early delivery customers will receive an exclusive Founders Edition of the Pebble Flow, fully loaded with all options and upgrades, plus the opportunity to select a limited-edition color (seen above), all for $175,000.
If you’re interested in a Pebble Flow, you can reserve one with a fully-refundable $500 deposit at pebblelife.com/preorder, and customize it to your liking.
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Genesis is giving its first all-electric vehicle a stylish new design, even more tech, and more in the updated model. The new Genesis GV60 EV is finally here. Check out the first look below.
Genesis reveals the updated new GV60 EV
The GV60 is the first dedicated EV to wear the Genesis badge. Launched in October 2021, the electric SUV helped establish Genesis as a true luxury brand in the EV space.
Four years later, Genesis is revamping it with its first major refresh. The new Genesis GV60 EV gains even more style, tech, and features.
Genesis unveiled the updated GV60 on Monday, showcasing its improved exterior and interior design for the first time. After the refreshed EV was spotted several times last year leading up to its official debut, we had a good idea of what design updates would be included.
One of the most noticeable features is the new front bumper. You can see Genesis fine-tuned the front end with a new bumper and headlamps.
The new GV60 features Genesis’ signature Two Line headlamps with Micro Lens Array (MLA) tech shown on other updated models like the Electrified GV70. The new Electrified GV70 was caught in public last month for the first time, revealing similar design updates.
Genesis infused its new “Athletic Elegance” design theme on the outside, while the luxurious interior features its “Beauty of the White Space” in-cabin experience.
The tech-loaded interior includes a new 27″ connected car Integrated Cockpit (ccIC) infotainment system. Genesis says the new design “eliminates the bezel between the cluster and audio, visual and navigation (AVN) screen.”
In other words, it makes the interior feel more spacious. The sporty new three-spoke steering wheel also enhances the interior. Other signature elements, like the Crystal Sphere, included in the outgoing model remain.
Genesis will reveal prices and additional specs closer to launch. However, like the updated Hyundai IONIQ 5 and Kia EV6, the new Genesis GV60 is expected to feature a bigger battery for more range.
The 2025 Hyundai IONIQ 5 has an 84 kWh battery that provides an EPA-estimated range of up to 318 miles, compared to the 2024 model, which has a 77.4 kWh battery that offers a range of up to 303 miles.
2025 Genesis GV60 trim
Range (EPA-est)
Starting Price*
Standard RWD
294 miles
$52,350
Standard AWD
264 miles
$55,850
Advanced AWD
248 miles
$60,900
Performance AWD
235 miles
$69,900
2025 Genesis GV60 prices and range by trim (*excluding $1,350 destination fee)
The 2025 Genesis GV60 starts at $52,350. A new AWD trim costs $55,850, $5,000 less than the Advanced AWD model. With up to 294 miles range on the current model, the new Genesis GV60 could get upwards of 300 miles.
Check back for more info soon. Genesis will launch the new model in Korea in Q1 2025, followed by other markets.
What do you think of the new Genesis GV60 design? Would you buy one for just over $50,000? Let us know in the comments below.
Are you ready to check out the electric luxury SUV for yourself? With the 2025 models arriving, Genesis is offering closeout prices on the 2024 lineup while they are still in stock. You can use our link to find offers on 2024 and 2025 Genesis GV60 models at a dealer near you today.
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