Energy/Automotive News Dec. 04, 2023| WTI Crude $74.07/bbl, Brent $78.88/bbl, Opec $82.59/bbl
London, 04 December, 2023, (Oilandgaspress): – The commodity sector traded lower, with the Bloomberg Commodity index suffering a 1% loss with 18 out of the 24 major commodity futures tracked in this update trading lower on the week, led by natural gas, crude oil, grains, and livestock. Among the few commodities showing gains we find gold and silver as well as cocoa and coffee. Overall, the net selling from speculators was concentrated in natural gas, corn, soybeans, wheat, sugar and hogs.
Note on gold.
Since the cutoff last Tuesday, when gold closed at $2040, the yellow metal continued higher, supported by the rally in bonds and softer dollar following Waller’s dovish comments. On Friday Fed Chair Powell tried but initially failed to dial back bullish expectations, the result being a record closing high leading to follow-through buying in Asia overnight to a fresh record above $2030. Speculators, such as hedge funds & CTAs, as seen in the table below, remain the key drivers behind the latest run up in gold with ETF investors, such as long-only asset managers, selling into the rally. With five rate cuts fully priced in for 2024, there is little room for error in the short-term, and it raises the risk of disappointment should incoming economic data fail to support the current gold bullish narrative. Speculators are not ‘married’ to their positions and will adjust if the technical and/or fundamental outlook changes.
We maintain a bullish outlook for gold into 2024 in the firm belief that rates have peaked, and that Fed funds and real yields will continue to trend lower. However, with a great deal of easing already priced into the market, the chance of a straight-line rally is unlikely, and both silver and gold will continue to see periods where convictions might be challenged. It is also worth noting the continued lack of demand from ETF investors, not least asset managers who remain sidelined amid the wide gap between gold and US real yields as well as the current high cost of carry which will only come down when the Federal Reserve starts cutting rates.
From a technical perspective spot gold reached a Fibonacci extension target overnight at $2130, and while a golden cross between the 50- and 200-day moving averages support the bullish setup, a pull back towards $2057 (38.8% Fibo) or even $2033 (50% Fibo) cannot be ruled out in the short term. Read full article
Africa Oil Corp. announce that the Toronto Stock Exchange has approved the Company’s proposed normal course issuer bid (referred to as a share buy-back program in Europe) (the “NCIB”). Pursuant to the NCIB, Africa Oil is authorized to repurchase through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems, as and when considered advisable by Africa Oil, up to 38,654,702 common shares of Africa Oil (the “Common Shares”), which represents 10% of the Company’s “public float” of 386,547,028 Common Shares as at November 27, 2023. As of the same date, Africa Oil had 462,945,871 Common Shares issued and outstanding. Purchases of Common Shares will occur over a period of twelve months commencing December 6, 2023 and ending on the earlier of December 5, 2024, the date on which the Company has purchased the maximum number of Common Shares permitted under the NCIB, and the date on which the NCIB is terminated by Africa Oil.
The NCIB is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (“MAR”) and Commission Delegated Regulation (EU) No 2016/1052 (the “Safe Harbor Regulation”) and the applicable rules and policies of the TSX and Nasdaq Stockholm and applicable Canadian and Swedish securities laws. Read full article
FIAT 500e wins Best Small EV award at the Fully Charged Awards. The fully electric FIAT 500e has won the Best Small EV category at the first ever Fully Charged Awards ceremony, coming as a welcome addition to the model’s growing list of accolades.
“We are delighted that the Fiat 500e was the worthy winner of our Best Small EV award at our inaugural Fully Charged AWARDS hosted at the RAI in Amsterdam on the 24th November. Nominees for the 15 awards catergories were selected after a ‘large-scale survey’ of the Fully Charged SHOW audience, then
initial candidates were curated by the team itself, plus a panel of 15 energy and transportation experts, before arriving at the finalists in each category,” explained the CEO of Fully Charged, Dan Caesar. “This is the very first global consumer-choice award for battery electric vehicles and clean energy and we receieved thousands of votes from electric vehicle drivers which identified our winners for each category.”
The ceremony, an extension of the popular Fully Charged Show, which has a monthly audience of 4 million people, took place on the 24th of November in Amsterdam, and celebrated the best of the best electric vehicles of 2023. The winners were chosen by 15 industry experts, including representatives of the US Department of Energy, Norwegian EV Association, Bloomberg New Energy Foundation and more. Read full article
The All-New Vauxhall Astra Electric has been named the Efficiency Award winner at the 2024 Electrifying.com Awards for its impressive overall efficiency and innovative technology.
The Electrifying.com awards recognise and reward the electric vehicles and innovations which represent significant achievements in the field. The All-New Astra Electric received praise from judges for achieving the highest efficiency of any car tested by Electrifying.com’s team of experts, thanks its next-generation battery and efficient electric motor.
The All-New Astra Electric is powered by a more efficient and quieter electric motor developing 156PS and 270Nm of torque, which is capable of 4.2 miles per kWh (WLTP). The vehicle’s heat pump means the electric motor can operate at maximum efficiency in hot or cold weather. With a choice of three driving modes – Eco, Normal and Sport – the All-New Astra Electric has a range of 258 miles (WLTP) in Normal mode, while driving in Eco mode offers the potential for further improved efficiency. Drivers can also activate ‘B’ mode for increased energy recuperation under braking. The next-generation 54kWh lithium-ion battery, comprised of 102 cells in 17 modules with a liquid cooling system, ensures optimum efficiency. The new battery’s compact size results in a lower kerb weight for further efficiency – the All-New Astra Electric weighs only 58kg more than the Plug-in Hybrid version, without compromising on passenger space and boot capacity. The All-New Astra Electric supports 100kW rapid charging, allowing a 20%-80% charge in just 26 minutes. Read full article
Porsche Motorsport heads into 2024 with big aspirations. Next year, the sports car manufacturer from Stuttgart is determined to win titles with its factory teams in the world’s largest endurance championships, at Le Mans, and various esports series. A variety of customer racing activities will supplement this programme. Porsche announced its plans on Saturday (2 December) at the annual “Night of Champions”. As part of the gala in the Weissach development centre, Nicolas Leutwiler from Switzerland was awarded the Porsche Cup as the best amateur driver of the 2023 season. The Frenchman Alessandro Ghiretti took part in the celebrations as the new Porsche Junior. Read full article
Thomas Thym will succeed Stefan Kasperowski as Head of BMW Group Plant Landshut on 1 December. The 52-year-old has been at Plant Landshut since 2019 in the role of Vice President Purchasing, Quality and Production Cockpit and Door Panels. After almost four years at Landshut, Kasperowski will head up high-voltage battery production at Dingolfing and Regensburg. Carolin Seidel will take over as Press Spokesperson for Plant Landshut on 1 December. “With his many years of experience in production, his expertise in the purchasing and supplier network and his connection to Plant Landshut, Thomas Thym is sure to lead the facility to further success in the future,” says Joachim Post, Member of the Board of Management, Purchasing and Supplier Network at BMW AG.
Thym began his career at the BMW Group in 1997 as a project manager in vehicle assembly at Plant Regensburg. This was followed by roles at the MINI plant in Oxford, England and at Group headquarters in Munich. After assignments as head of the international purchasing office in India, the Munich-born mechanical engineering graduate took over responsibility for the strategic direction of the BMW Group’s purchasing and supplier network. Read full article
A unique global relay, marking 20 years of the Continental GT, has reached its conclusion with the arrival in Crewe of the specially-made 20th anniversary baton. The baton’s lap of the world included stops in Europe, the Middle East, China, Asia Pacific, the US and UK, visiting 20 journalists and content creators in the process as part of 20 memorable drives – one for each year of Continental GT production. The launch of the first-generation Continental GT in 2003 marked a seismic change in the fortunes of Bentley Motors. The first all-new Bentley of the modern era, the first with all-wheel drive and the first to feature the innovative W12 engine, the Continental GT swiftly propelled Bentley to its current status as the most sought-after luxury car brand in the world. Read full article
Audi has improved the RS Q e-tron rally car once again. Ahead of its third outing in the Dakar Rally, the rally car with its pioneering electric drivetrain featuring a high-voltage battery and energy converter has received multiple innovative upgrades. The Audi driver crews of Mattias Ekström/Emil Bergkvist, Stéphane Peterhansel/Edouard Boulanger and Carlos Sainz/Lucas Cruz will benefit from numerous detail improvements in January 2024. The new ideas make the RS Q e-tron safer, more reliable, more comfortable and a little lighter, as well as having shorter maintenance times for the team.
In January 2024, Audi will take on the world’s toughest desert rally for the third time. “What the RS Q e-tron is fundamentally capable of has been demonstrated by our drivers and co-drivers with six stage victories and 22 other single-day podium results at the Dakar Rally since 2022,” says Rolf Michl, Head of Audi Motorsport. “Now it’s a matter of showing our performance as steadily as possible so that we can fight for top positions.” Audi Sport has analyzed the previous outings, identified weak points and set clear priorities for further development. Dr. Leonardo Pascali, the project’s new Technical Director, has focused on five key topics with his development team since early summer 2023. Read full article
Toyota’s new Hilux Hybrid 48V introduces electrification to the legendary pick-up range for the first time to deliver greater efficiency, improved driving performance and enhanced comfort in both urban and off-road environments.
The invincible Hilux has become renowned for its Quality, Durability and Reliability (QDR) since its launch in Japan in 1968, becoming one of Toyota’s most recognisable workhorse vehicles and an iconic dual use vehicle, at home, around town and in its element on the world’s toughest terrains.
By adding a hybrid 48V system, Toyota strengthens its inclusive multi-technology pathway approach to carbon neutrality. Toyota believes that all customers need a variety of affordable and practical options, including for commercial and off-road vehicles.
Featuring the familiar iconic Hilux look and available exclusively in Double Cab format, the Hilux Hybrid 48V makes a forceful impression with its bold three-dimensional grille and front bumper, emphasising the pick-up’s strong, rugged stance.
Inside the new Hilux Hybrid 48V, a comfortable spacious interior features an extensive equipment list, including a modern infotainment system and the latest Toyota Safety Sense technology. Read More
The all-new Toyota PROACE MAX combines powerful load carrying and class-leading capacity with efficient driving and a bold, robust design.
As Toyota’s first large-sized commercial van in Europe, the PROACE MAX joins an expanded PROACE family of vehicles alongside the updated PROACE and PROACE CITY as part of a comprehensive Toyota Professional product portfolio of commercial vehicles.
A new battery electric powertrain brings responsive driving, ride comfort and high-capacity haulage in a variety of configurations suitable for any task, without sacrificing practicality or reliability. The battery electric PROACE MAX completes a fully electrified PROACE family of vans and passenger carriers, emphasising Toyota’s multi-pathway approach towards carbon neutrality. Toyota believes that all customers, including those purchasing vehicles for commercial use, need a variety of affordable and practical options to accelerate the pace of CO2 reduction now, and contribute to a transition to zero emission mobility in the future.
As well as impressive performance, the PROACE MAX boasts a striking external design, centred around its unique front face that features a stylish upper element matching the vehicle colour, which extends around the matt black grille and neatly into the colour-matched front bumper.
Full LED head lamps, along with fog lamp with cornering function for better visibility, complete a bold and rugged appearance, matte black grille and distinctive 16-inch alloy wheels on high grade Comfort models. Read More
Toyota today provided a preview of its future battery electric vehicle (BEV) strategy for Europe with the unveiling of the new Urban SUV Concept. Presented at the company’s annual Kenshiki forum in Brussels, the concept car hints at a production version of a new dedicated battery-electric vehicle, planned for market launch in 2024.
The new vehicle will be the most compact and accessible in a planned six-model dedicated BEV line-up and will compete in the B-SUV segment, which Toyota predicts will be one of the largest markets for BEVs in Europe.
Toyota already enjoys prominence in the B-SUV segment with the hybrid electric Yaris Cross, the best-selling model in its class. It has drawn on this experience in the development of an authentic battery electric SUV that has versatility designed-in and which meets the priorities of European customers. It will also deliver the quality, durability and reliability that are hallmarks of the Toyota brand. “No compromise” design and engineering
The Toyota Urban SUV Concept has an authentic SUV presence, with a compact body set on strong shoulders and a high driving position. Space is maximised in a flexible interior that can easily be adapted to prioritise passenger or load space as required. Both front and all-wheel drive powertrains will be available, with AWD being a key part of Toyota’s product DNA. Similarly, the production model will offer a dual battery strategy: customers will be able to choose between two battery options, with different capacities to suit their needs and priority for accessibility or driving range. Read More
Toyota showcases an exciting potential future for high-performance sports cars with the zero emissions FT-Se battery electric two-seater concept vehicle.
Incorporating the expertise gained from TOYOTA GAZOO Racing’s efforts to make ever-better cars through motorsport participation, the FT-Se concept presents a vision of how a driver’s relationship with their vehicles will evolve and deepen. With its name drawn from ‘Future Toyota Sports electric’, the FT-Se is a concept for high performance in the carbon neutral era. It incorporates a stunningly sleek, smooth silhouette characteristic of a pure two-seater sports car, encasing next generation battery electric technology. At a compact 1,220 mm tall, it recalls memories of classic sports cars from the past while its 1,895 mm width generates a purposeful stance, accentuated by a cutting edge front design which combines smooth curves and aggressive lines. A 4,380 mm long and sleek silhouette catches the eye thanks to its aerodynamic lines, distinctive trapezoid shapes and evocative rear spoiler.
Inside, the next-generation cockpit offers intuitive controls and a more immersive driving experience, with a low instrument panel profile ensuring high visibility. Newly designed kneepads protect the driver and passenger from G-forces during driving, whether on the road or in the FT-Se’s natural habitat, the race track.
Progress in the fields of electrification and intelligent technology have allowed Toyota to build on the direction already indicated in 2021 when the first sports concept was unveiled as part of the company’s vision for battery electric vehicles (BEVs). Enhanced handling stability and aerodynamic performance complement the response and pure thrills of a high-performance, next generation electric powertrain.
The latest batteries, with a low height and high energy density, are an important factor in enabling the FT-Se to push the boundaries of performance. That technology, combined with the downsizing and weight reduction of components such as the motor, transmission and air conditioning unit, allow new possibilities to enhance traditional sports car qualities such as stable cornering, responsive handling and confident braking. Read More
Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Malam Mele Kyari joined other global personalities on Thursday, November 30, 2023, in Dubai, UAE, to brainstorm on climate issues and its rising complexities.
On the sidelines of the 2023 United Nations Climate Change Conference, or Conference of the Parties of the UNFCCC, more commonly referred to as COP28 in the UAE, Kyari, together with the Special US White House Presidential Envoy on Climate, Senator John Kerry, and Chief Executive Officer of the Bank of America, Mr. Brian Moynihan, and other global personalities, engaged one another in discussions on climate issues at a reception.
The reception, organised by the COP28 presidency and the Sustainable Markets Initiatives, to open the business and philanthropy climate Forum in the presence of His Majesty, King Charles III and His Highness Sheik Mohammed bin Zayed Al Nahyan, held at the VIP Lounge at Dubai Exhibition Center North Hall, Blue Zone, Expo City in Dubai, UAE. Read More
The 36th OPEC and non-OPEC Ministerial Meeting (ONOMM), was held via videoconference, on Thursday November 30, 2023.
The Meeting welcomed HE Alexandre Silveira de Oliveira, Minister of Mines and Energy of the Federative Republic of Brazil, which will join the OPEC+ Charter of Cooperation starting January 2024.
The meeting reaffirmed the continued commitment of the Participating Countries in the Declaration of Cooperation (DoC) to ensure a stable and balanced oil market. In view of current oil market fundamentals, the Meeting:
Reaffirmed the Framework of the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings including the 35th OPEC and Non-OPEC Ministerial Meeting on 4 June 2023; as well as the Charter of Cooperation, signed on 2 July 2019.
Noted that, in accordance with the decision of the 35th OPEC and non-OPEC Ministerial Meeting, the completion of the assessment by the three independent sources (IHS, Wood Mackenzie and Rystad Energy) for production level that can be achieved in 2024 by Angola, Congo and Nigeria as follows: Angola at 1,110 t/bd, Congo at 277 t/bd and Nigeria at 1,500 t/bd. The 37th OPEC and non-OPEC Ministerial Meeting will be held on 1 June 2024 in Vienna. Read More
The OPEC Secretariat noted the announcement of several OPEC+ countries of additional voluntary cuts to the total of 2.2 million barrels per day, aimed at supporting the stability and balance of oil markets. These voluntary cuts are calculated from the 2024 required production level as per the 35th OPEC Ministerial Meeting held on June 4 2023, and are in addition to the voluntary cuts previously announced in April 2023 and later extended until the end of 2024.
These additional voluntary cuts are announced by the following OPEC+ countries : Saudi Arabia (1,000 thousand b/d); Iraq (223 thousand b/d); United Arab Emirates (163 thousand b/d); Kuwait (135 thousand b/d); Kazakhstan (82 thousand b/d); Algeria (51 thousand b/d); and Oman (42 thousand b/d) starting 1st of January until the end of March 2024. Afterwards, in order to support market stability, these voluntary cuts will be returned gradually subject to market conditions.
The above will be in addition to the announced voluntary cut by the Russian Federation of 500 thousand barrels per day for the same period (starting 1st of January until the end of March 2024), which will be made from the average export levels of the months of May and June of 2023, and will consist of 300 thousand barrels a day of crude oil and 200 thousand barrels per day of refined products. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $74.20 | Down |
| Crude Oil (Brent) | USD/bbl | $79.07 | Down |
| Bonny Light | USD/bbl | $81.28 | Down |
| Saharan Blend | USD/bbl | $81.65 | Down |
| Natural Gas | USD/MMBtu | $2.68 | Down |
| OPEC basket 01/12/23 | USD/bbl | $82.59 | Down |
Baker Hughes Rig Count: U.S. +3 to 625 Canada -5 to 192
U.S. Rig Count is up 3 from last week to 625 with oil rigs up 5 to 505, gas rigs down 1 to 116 and miscellaneous rigs down 1 to 4.
Canada Rig Count is down 5 from last week to 192, with oil rigs down 2 to 122, and gas rigs down 3 to 70.
International Rig Count is up 16 rigs from last month to 978 with land rigs up 15 to 758, offshore rigs up 1 to 220.
| Region | Period | Rig Count | Change |
| U.S.A | 28 November 2023 | 625 | +3 |
| Canada | 28 November 2023 | 192 | -5 |
| International | November 2023 | 978 | +16 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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