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Saudi oil minister Prince Abdulaziz bin Salman on Tuesday told market speculators to “watch out,” reiterating his warning that they could face pain ahead.

“Speculators, like in any market, they are there to stay. I keep advising that they will be ouching. They did ouch in April. I don’t have to show my cards, I’m not [a] poker player (…) but I would just tell them, watch out,” he said during an energy-focused panel of the Qatar Economic Forum in Doha.

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The Saudi oil minister has previously struck out against oil price speculators looking to profit off predicting the output decisions of OPEC+, which next meets on June 4.

Most recently, several members of the OPEC+ alliance voluntarily — and independently from the group’s broader strategy — announced they would cut their crude oil production by a combined 1.6 million barrels per day. The move briefly boosted prices, which have since surrendered gains. Ice Brent futures with July expiry were up 50 cents per barrel from the May 22 settlement at $76.49 per barrel by 12:05 p.m. London time.  

OPEC+, a group of 23 oil-producing nations chaired by Saudi Arabia, in October decided to lower output by 2 million barrels per day in an effort to bolster prices, given concerns over global consumption. The move was met with immediate backlash from the U.S. over the strain on fuel-consuming households.

“We were, as OPEC+, blamed in October, blamed in April. Who has the right numbers? Who gauged the situation in a much more, I would say, responsible way, but attentive way?” Abdulaziz said on Tuesday.

“I think over the last six-seven months we have proven to be a responsible regulatory institution,” he added, remarking that the market is experiencing ongoing volatility and requires OPEC+ to stay proactive and pre-emptive.

In the weeks since April’s voluntary cuts were announced, crude prices have been depressed on the back of banking turmoil, recessionary signals and a slower-than-expected Beijing reopening and subsequent uptick in demand from China, the world’s largest importer of crude oil.

Market watchers are now questioning whether OPEC+ will in June move toward another production decline to crutch prices, even as Paris-based watchdog the IEA now sees a deep supply squeeze on the horizon.

“The current market pessimism … stands in stark contrast to the tighter market balances we anticipate in the second half of the year, when demand is expected to eclipse supply by almost 2 mb/d,” the IEA said in its latest Oil Market Report of May.

The organization’s Executive Director Fatih Birol nevertheless on Sunday told CNBC that a potential — if unlikely — U.S. debt default could trigger a drop in oil demand and prices.

In a May 17 note, analysts at Swiss bank UBS trimmed their Brent price forecasts by $10 per barrel to $95 per barrel by year-end, given higher-than-expected crude oil volumes and recession fears. They anticipate the market will be undersupplied by nearly 1.5 million barrels per day in June.

“With several OPEC+ member countries voluntarily removing barrels from the market, and amid rising demand during the Northern Hemisphere’s summer, we expect larger inventory draws to materialize and bring investors back to the oil market,” they said.

Saudi Arabia’s oil minister on Tuesday also emphasized the risks of market uncertainty, along with the progressive depletion of spare capacity in producing countries — an argument he has previously deployed to advocate for higher investment in fossil fuels, in addition to spending on renewable projects.

“Look at where we are now: energy security is being shackled, running out of capacities because countries are not investing both in oil and gas,” he said.

“We have a very funny trajectory of where demand will be. So if you are a hedger, as we are, we’ll have to take action to pre-empt any possibility of further volatility (… ) but we are forthrightly accepting the challenge, and we will continue attending to the challenge.”

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BP celebrates the opening of its first TA DC fast charging hub in Florida

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BP celebrates the opening of its first TA DC fast charging hub in Florida

Executives from TravelCenters America (TA) and BP were joined by local elected officials at a ribbon cutting for the two companies’ first DC fast charging hub on I-95 in Jacksonville, Florida – the first of several such EV charging stations to come online.

Frequent road-trippers are no doubt familiar with TA’s red, white, and blue logo and probably think of the sites as safe, convenient stops in otherwise unfamiliar surroundings. The company hopes those positive associations will carry over as its customers continue to switch from gas to electric at a record pace in 2025 and beyond.

“Today marks a significant milestone in our journey to bring new forms of energy to our customers as we support their changing mobility needs, while leveraging the best of bp and TA,” explains Debi Boffa, CEO of TravelCenters of America. Boffa, however, was quick to – but TA is quick to point out that TA isn’ no’t leaving its ICE customers behind. “While this is significant, to our loyal customers and guests, rest assured TA will continue to provide the same safe and reliable fueling options it has offered for over 50 years, regardless of the type of fuel.”

The charging hub along the I-95 offers 12 DC fast charging ports offering up to 400kW of power for lickety-quick charging. While they’re at the TA, EV drivers can visit restrooms, shop at TA’s convenience store, or eat at fast food chains like Popeyes and Subway. Other TA centers offer wifi and pet-friendly amenities as well – making them ideal partners for BP as the two companies builds out their charging networks.

As we expand our EV charging network in the US, I am thrilled to unveil our first of many hubs at TA locations,” offers Sujay Sharma, CEO of BP Pulse Americas. “These sites are strategically located across key highway corridors that provide our customers with en route charging when and where they need it most, while offering convenient amenities, like restaurants and restrooms.”

Electrek’s Take

TA/BP charging center concept for HDEVs; via BP.

As I type this, BP has more than 37,000 EV charging ports operational globally, and plans to have more than 100,000 in service by 2030. The company made headlines in 2022 when it announced that its EV chargers were “on the cusp” of being more profitable than its gas pumps. Three years on, it seems like that’s a done deal.

As ever, money talks.

SOURCE | IMAGES: BP.

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E-quipment highlight: Toro e2500 THL and TS Electric Ultra Buggies

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E-quipment highlight: Toro e2500 THL and TS Electric Ultra Buggies

The new e2500-THL and TS electric Ultra Buggies from Toro offer construction and demo crews a carrying capacity of 2500 lbs. (on the TS model), six-and-a-half foot dump height (on the THL), nearly 13 cubic ft. of capacity, and hours of quiet, fume-free operation.

Despite the second Trump administration’s loosening grip on emissions regulations, the fact remains that a growing number of municipalities in both red and blue regions of the US are continuing to clamp down on noise regulations, which means that construction crews with quiet running electric equipment will be able to get jobs that crews stubbornly holding on to diesel and gas won’t. Toro absolutely gets it, which is why its e2500-THL and TS Ultra Buggy line will be welcomed by smart crews with open arms.

For their open-mindedness, those crews will be rewarded with machines powered by 7 kWh’s worth of Toro HyperCell lithium-ion battery. That’s good enough for up to eight hours of continuous operation, according to Toro – enough for two typical working shifts.

And, thanks to the Toro Ultra Buggies’ narrow, 31.5″ width, they can easily navigate man doors on inside jobs, as well, making them ideal for indoor demolition and construction jobs. A zero-turn radius and auto-return dump mechanism that ensures the tub automatically returns to the proper resting position make things easy for the operator, too.

Toro says that each of its small (for Toro) e2500 Ultra Buggy units can replace as many as five wheelbarrows on a given job site. Pricing is expected to start at about $32,000.

Electrek’s Take

Electric equipment makes job sites cleaner, quieter, and safer than they are under diesel or gas power – and as more municipal and private sector RFPs begin to enforce ZEV requirements and quiet hours, more and more viable electric alternatives to ICE power will start to show up on more and more job sites (regardless of who is in the White House).

SOURCE | IMAGES: Toro, via Construction Equipment.

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GM is using California wildfires to pilot mobile DC fast chargers

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GM is using California wildfires to pilot mobile DC fast chargers

GM has deployed three of its HYDROTEC hydrogen gensets to the Los Angeles area as a way to help generate power for EV drivers and emergency vehicles recovering from the devastating effects of the recent wildfires.

GM is providing a number of mobile charging solutions to Californians recovering from the recent wildfires – including a trio of Yoshi Mobility propane chargers capable of DC fast charging two EVs at once, a single biofuel powered mobile charging station from InCharge capable of DC fast charging five EVs, and three more of its in-house HYDROTEC hydrogen powered gensets.

“GM is extending targeted local support to our customers and employees who have been impacted by the California wildfires,” said Duncan Aldred, vice president global commercial growth strategies and operations. “We’re finding ways to help get people back on the road and using our resources to make a difference in the recovery in the weeks and months to come.”

The mobile charging station rollout is part of a broader response to the fires from GM that includes “planned” philanthropic contributions to nonprofits serving affected communities, employee giving campaigns to benefit the American Red Cross Los Angeles region and the California Fire Foundation, and a complimentary subscription to Crisis Assist Services, which enables customers with OnStar-equipped vehicles to get information about the fires, receive routing guidance, and access immediate emergency assistance from an OnStar advisor.

GM also says it’s providing customers with damaged or destroyed GM vehicles assistance toward the purchase or lease of a new GM vehicle, subject to certain terms and conditions, which may include certain qualifications and restrictions. The company will also help cover collision repair deductible costs for damage to GM vehicles incurred from the wildfires – again, subject to certain qualifications and restrictions.

Electrek’s Take

GM Readies Test Fleet Of Heavy Pickups Powered By Green Hydrogen
Medium-duty hydrogen utility truck; via GM.

While it’s certainly commendable for GM to take steps in an effort to support wildfire victims, it feels like a company that made more than $19 billion in gross profits in 2023 (and over $20 billion in 2022; 2024 numbers aren’t out yet – but the company did well enough to spend more than $6 billion buying back its own stock) could have done better than announcing “planned” donations and asking its employees to pony up. By my math, GM shareholders could have given each of the 163,000 global employees the company had in 2023 a $36,000 one-time bonus in lieu of those stock buybacks.

That said, how many companies are doing nothing at all? Good on GM for trying, then – here’s hoping others step up, too.

SOURCE | IMAGES: General Motors.

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