Connect with us

Published

on

Picture taken on May 3, 2022 shows a general view of Slovakia’s largest mineral oil refinery Slovnaft in Bratislava, Slovakia. (Photo by JOE KLAMAR / AFP)

Joe Klamar | Afp | Getty Images

The Group of 7 nations are in talks to cap Russian oil at $65 and $70 a barrel — but analysts say it likely won’t have a significant impact on Moscow’s oil revenues even if it’s approved.

Prices at those levels are close to what Asian markets are currently paying Russia, which are at a “big discount,” said Wood Mackenzie’s vice president of gas and LNG research, Massimo Di Odoardo.

“Those levels of discounts are certainly in line with what the discounts already are in the market … It’s something that doesn’t seem, as it is placed, like it’s going to have any effect [on Moscow] whatsoever if the price is so high.”

Russia has threatened to it will not supply oil to countries setting and endorsing the price cap.

“Given Russian oil (Urals) is trading at $60‑65/bbl, the proposed price cap is already compliant under prevailing market conditions,” said Vivek Dhar, Director of Mining and Energy Commodities research from Commonwealth Bank of Australia.

In a note on Thursday, he said that current Russian oil shipments face minimal disruption from the European Union denying shipping and insurance services.

He agreed that the discussed price cap won’t make much of a dent or deter Moscow in its war against Ukraine.

“Russia’s seaborne oil exports have increased to China, India and Turkey at the expense of advanced economies following the Ukraine war,” he added.

The oil embargo should not have a huge impact, says Wood Mackenzie

In fact, he said the price cap discussed was higher than markets were expecting.

“Oil prices finished lower overnight after the EU discussed a price cap on Russian oil between $US65‑70/bbl, a higher price range than markets expected and at levels that will reduce the risk of disruptions of EU sanctions on Russian oil shipments,” Dhar said.

There was similar skepticism over the EU’s proposed cap on natural gas prices. Several EU member states locked horns over the effectiveness of capping prices at 275 euros per megawatt hour, with some saying it’s not realistic to keep gas prices at such high levels for so long.

The bloc is seeking to stop gas prices from soaring sky-high as consumers are already struggling with rising cost-of-living.

G-7 policymakers have a tough balancing act to tread.

It seems to me like [the G-7] will err on the side of caution — setting it high rather than low to avoid worsening the inflationary spiral.

Pavel Molchanov

Energy analyst at Raymond James

If prices are set too high, they will be meaningless and risk having no impact on Russia — but if the price cap is too low, it could lead to a physical reduction in the supply of Russian oil onto the global market, said Raymond James’ energy analyst Pavel Molchanov.

A lower price cap “means more inflation, more consumer unhappiness, and more monetary tightening,” Molchanov pointed out.

“It seems to me like [the G-7] will err on the side of caution — setting it high rather than low to avoid worsening the inflationary spiral.”

Last week, official data showed U.K. inflation jumped to a 41-year high of 11.1% in October, higher than expected, as energy prices, among other factors, continued to squeeze households and businesses.

Downside risks to current forecasts

If EU members agree to the proposed cap, Dhar expects the price of oil to fall below $95 per barrel for the last quarter of 2022.

Oil prices were fractionally higher on Friday afternoon Asia time. Brent crude futures inched higher by 0.35% to stand at $85.64 per barrel, while U.S. West Texas Intermediate futures climbed 0.55% to $78.37 per barrel.

“Our price forecast assumes EU sanctions accompanied by a price cap on Russian oil will result in enough supply disruption to offset ongoing global growth concerns.”

Read more about energy from CNBC Pro

The European bloc has imposed multiple rounds of sanctions against Russia since since Moscow began its unprovoked war on neighboring Ukraine in late February.

Earlier this week, Goldman Sachs lowered its oil price forecast by $10 to $100 per barrel for the fourth quarter of 2022, citing rising Covid concerns in China and lack of clarity over the Group of Seven nations’ plan to cap Russian oil prices.

Continue Reading

Environment

US Gov’t set to spend $46 million to electrify container ports

Published

on

By

US Gov't set to spend  million to electrify container ports

Multi-million-dollar grants adding up to more than $46 million from the US Federal Highway Administration (FHWA) will help support electrification efforts at several American ports.

The Long Beach Container Terminal (LBCT) in Long Beach, California has received a $34.9 million grant from the FHWA to replace 155 on-site commercial trucks and buses with zero-emission vehicles (ZEV). The grant will fund both the purchase of new electric trucks and the necessary charging infrastructure to support them.

LBCT said the grant dollars will allow it to continue its multi-billion dollar investments in more sustainable logistical operations. “Our vehicle electrification project, coupled with previous investments, enables LBCT to achieve a unique status that is reframing the way the world views sustainable goods movement, enhancing community quality of life and climate change,” said Anthony Otto, CEO of LBCT.

Real progress at Port of Long Beach

Long Beach Container Terminal, photo by LBCT.

Back in 2018, Power Progress reported that the Port of Long Beach had plans to install zero-emissions cranes and cargo handling equipment at its terminals. True to its word, the port has invested more than $2.5 billion to convert its cranes and terminal tractors vehicles to electric equipment. It’s a project that LBCT says has led to an 86 percent (!) reduction in harmful carbon emissions.

“This investment is a huge win for clean air, electrification and the region,” said US House Rep. Robert Garcia. “These federal dollars will make our port cleaner, safer and help us meet our climate goals.”

In a separate announcement, charging infrastructure operator Voltera said that its sites in California and Georgia would receive $11.4 million of the FHWA funding.

Electrek’s Take

No matter what you call it… …yard dog, yard truck, terminal truck, hostler, spotter, shunt truck, yard horse, goat, mule … …Orange EV pure electric trucks deliver.
e-Triever terminal tractor; via Orange EV.

Container ports used to be some of the dirtiest, most heavily polluted areas in the world. That was bad for everyone – but it was especially bad for the people who lived and worked near them. That’s why any positive change is good. Beyond just “positive change,” however, ports today seem to be leading the way when it comes to electric vehicle and hydrogen adoption.

How things change!

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Kramer shows off electric wheel loader and telehandler at Intermat

Published

on

By

Kramer shows off electric wheel loader and telehandler at Intermat

German equipment manufacturer Kramer showed off a pair of zero-emission equipment options at the Paris Intermat show last week – the 5065e electric wheel loader and 1445e electric telehandler.

Kramer says the quiet operation of its new electric wheel loader and telehandler are ideal for noise-sensitive areas such as city centers, cemeteries and golf courses, hotels, and suburban parks and recreation areas, where it can operate without emitting harmful diesel particulate matter and other forms of air pollution.

Kramer-Werke GmbH is serious about promoting its new EVs in the French market. “That’s why Intermat is an important platform for us,” explains Christian Stryffeler, Kramer’s Managing Director. “We are also looking forward to showcasing our new generation of (electric) wheel loaders and telescopic wheel loaders here.”

Kramer 5065e wheel loader

The 5065e loader is powered a 37.5 kWh, 96V lithium-ion battery that’s good for up to four hours of continuous operation – which is a lot more than it sounds, considering idle time in an EV doesn’t drain batteries the way idling a diesel drains fuel. A 23 kW (30 hp) electric motor drives the electric wheel loader around the job site, while a 25 kW (approx. 35 hp) motor powers the machine’s 40 liters hydraulic system.

Kramer says the battery on its electric loader can be fully charged in just 5.1 hours using a “Type 2 Wallbox” (that’s an L2 charger to you and me). Max payload is 1750 kg, with a 2800 kg tipping load. Top speed is 20 km/h (approx. 12.5 mph).

Kramer 1445e telehandler

The 1445e telehandler uses a 96V battery architecture that’s similar to the one in the wheel loader, but in a smaller 18 kWh or 28 kWh pack. This enables a fleet manager to right-size their equipment’s batteries to provide four hours of run time in different types of work environments. And, also like the wheel loader, a 23 kW (30 hp) electric motor provides the drive while a 25 kW (approx. 35 hp) powers the hydraulics.

Level 2 charging comes standard on Kramer’s electric telehandler, enabling a full charge of the larger, 28 kWh battery in about five hours. Max payload is 1450 kg.

Electrek’s Take

Kramer 5056e electric wheel loader; image via Kramer.

It’s always good to see more manufacturers pushing out electric equipment options. It’s still the “wild west” out there, even more so than in automotive, and Kramer’s offerings seem to be a step behind in some ways (no DCFC capability) and ahead in others (96V where others are 48V), so it’s hard to know where they stand.

More than anything, the lesson seems to be that fleet managers need to choose wisely when they choose to electrify – and work closely with the dealers and OEMs to ensure that they’re buying the right tool for the right job.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Watch this autonomous excavator build a 215 foot retaining wall [video]

Published

on

By

Watch this autonomous excavator build a 215 foot retaining wall [video]

The robotics experts at ETH Zurich have developed an autonomous excavator that uses advanced AI to help it complete high-skill tasks without a human operator.

Dry stone wall construction typically involves huge amounts of operator labor. Doing it right requires not just hours of labor, but hours of skilled, experienced labor. At least, it used to. If the crew at ETH is successful, building stone retaining walls will soon become a “set it and forget it” task for robots to complete. Robots like their HEAP excavator.

HEAP (Hydraulic Excavator for an Autonomous Purpose) is a customized Menzi Muck M545 developed for autonomous operation that uses electrically-driven hydraulics to operate an advanced boom arm equipped with draw wire encoders, LiDAR, Leica iCON site-mapping, and a Rototilt “wrist” on the end that makes it look more like a high-precision robotic arm than a traditional heavy equipment asset.

ETH HEAP tech stack

Image via ETH Zürich.

Which makes sense. After all: the ETH guys are roboticists, not skilled heavy equipment operators. So, how does their robot do against skilled operators?

“We are currently outperformed by human excavator operators in placement speed,” ETH researchers wrote in Science Robotics. “Such operators, however, typically require string and paint references with which to register their construction and often a second or third person outside the machine to provide guidance and to insert small supporting stones, gravel, and soil by hand and shovel. In contrast, our process can build complex nonplanar global surface geometries without physical reference markers, does not require a skilled driver or small supporting stones, and provides a full digital twin of the built structure for better accountability and future reuse.”

Translation: the robot is slower, but it gets the job done.

You can watch the ETH HEAP put all its onboard tech to work building a 215 foot long, 20 foot high retaining wall all on its own in the video, below.

Autonomous excavator constructs dry stone wall

The completed project can be seen at Circularity Park in Oberglatt, Switzerland, and illustrates the potential for autonomous equipment to build with irregularly-shaped materials. And with skilled operators in short supply everywhere, the potential to free up operators so they can go where they’re really needed.

Electrek’s Take

ETH Zürich’s robot excavator has been in development for years, with numerous white papers exploring its potential uses in construction and agriculture published on the company’s site. It’s quite a rabbit hole, as internet deep-dives go, and I highly recommend it.

That said, the electrically driven hydraulics and high-precision Rototilt wrist on the end of the boom arm’s “claw” alone make this futuristic excavator worth some attention. As more and more manufacturers switch to full electric or even “just” electric drive, research into better solutions for existing hydraulic equipment and expertise could lead to big market wins.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending