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The Hebei-based company is also considering establishing a research and development centre in Thailand that could work on battery powered pickup trucks, Narong Sritalayon, managing director of Great Wall Motor Thailand said in an interview. "I think there is a lot of things we can learn from Thailand's unique market for pickup trucks," Narong said. Great Wall launched its Ora Good Cat compact EV in Thailand in late 2021. Great Wall entered Thailand in 2020 after taking over a former General Motors Co (GM.N) plant that currently makes two of its Haval hybrid vehicles for sale in the country. But the facility could be upgraded for battery cell production with additional investment depending on demand and Thai government support, Great Wall added.

☆ Wind energy has a massive waste problem. New technologies may be a step closer to solving it
▼ + stars: | 2023-05-28 | by ( Laura Paddison | ) edition.cnn.com time to read: +8 min

It’s a problem that’s vexed the wind energy industry and provided fodder for those who seek to discredit wind power. But in February, Danish wind company Vestas said it had cracked the problem. It announced a “breakthrough solution” that would allow wind turbine blades to be recycled without needing to change their design or materials. Wind energy has been growing at a fast pace. It is the world’s leading renewable energy technology behind hydropower, and plays a vital role in helping countries move away from fossil fuel energy, which pumps out planet-heating pollution.

At the same time, extra generation was provided by solar farms (+1.8 billion kWh, or +23%) and coal-fired generators (+0.3 billion kWh, or +0.2%). These increases helped offset some of the reduced output from hydroelectric generators (-3.0 billion kWh, or -25%) and gas-fired units (-0.3 billion kWh, or -10%). Chartbook: India electricity systemThe combination of lower temperatures and increased solar generation significantly reduced stress on the transmission system, especially during the afternoon peak. Combined with lower temperatures and lower generation, the increase in coal deliveries was sufficient to rebuild generator inventories to a more comfortable level and avoid previous fuel problems. Related columns:- India’s grid strained by burgeoning power demand (March 29, 2023)- India’s booming economy stretches coal and power supplies to limit (March 7, 2023)- India’s low coal stocks threaten electricity supply (January 27, 2023)John Kemp is a Reuters market analyst.

☆ Solar investment set to overtake oil production and attract over $1 billion a day in 2023, IEA says
▼ + stars: | 2023-05-25 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +2 min

According to the IEA's Executive Director, Fatih Birol, investment in solar is "set to overtake the amount of investment going into oil production for the first time." In a sign of how the energy transition is progressing, the IEA's World Energy Investment report said solar investments were expected to attract over $1 billion a day in 2023. In a statement, Fatih Birol, the IEA's executive director, said investment in solar was "set to overtake the amount of investment going into oil production for the first time." Speaking to CNBC's Arabile Gumede Thursday morning, Birol said there was a "growing gap between the investment in fossil energy and investment [in] clean energy." Firstly, the cost of clean energy such as solar and wind was "getting cheaper and cheaper," he said.

Net sales of crude oil (-18 million barrels) were offset by purchases of refined fuels (+18 million barrels), according to position records published by ICE Futures and the U.S. Commodity Futures Trading Commission. Funds held a net position of 249 million barrels in crude (5th percentile for all weeks since 2013) with long positions outnumbering shorts by a ratio of 2.35:1 (13th percentile). In refined fuels, however, funds held a net position of 36 million barrels (20th percentile) with longs outnumbering shorts by 1.40:1 (20th percentile). Funds held a position of 45 million barrels in gasoline (38th percentile) on May 16, with longs outnumbering shorts by 4.20:1 (50th percentile). U.S. NATURAL GASInvestors became slightly more bullish about the outlook for U.S. gas prices following evidence that low prices are starting to curtail drilling activity, which will gradually eliminate surplus production.

☆ The Chinese EV market is exploding. Here are the 5 major Chinese EV brands you should know about.
▼ + stars: | 2023-05-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

The Asian giant's EV edge is thanks to its push for clean energy technology, including in the transportation sector. "Having recognized the potential of electric vehicles 15 years ago, China has since invested vast resources in building a competitive electric vehicle ecosystem," said Allianz in its report. Chinese EV makers hold a competitive edge in "nearly all aspects" of the battery electric vehicle value chain, per Allianz. And now, industry experts tell Insider's Nora Naughton and Tim Levin that affordable Chinese EV cars are set to arrive in the competitive American market. Given China's increasing foray into the global EV market, here are 5 major Chinese EV brands to know.

☆ An exclusive look inside Amazon's uniquely sustainable HQ2
▼ + stars: | 2023-05-19 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

The 2.1 million square feet of space includes some of the newest clean energy technology and sustainability features. The floor is made of concrete from Carbon Cure, a clean cement company funded by Amazon's Climate Pledge Fund. Starting next week, the first of 8,000 Amazon employees will begin moving into one of two brand new 22-story towers in Arlington, Virginia. Amazon's HQ2, formally called Metropolitan Park, has many features that contribute toward the company's goal of reaching net zero carbon emissions across all operations by 2040. Hurst wouldn't say how much the sustainability features increased the cost of the development.

LONDON, May 19 (Reuters) - U.S. oil refinery margins have halved since the middle of 2022 but they are still at historically high levels and will be supported through the summer of 2023 by high operating rates and low fuel stocks. Even at this reduced level, however, margins are in the 95th percentile for all trading days since 2001, which is underpinning refinery profitability and encouraging high levels of capacity utilisation. After adjusting for the impact of inflation, real margins are at the highest levels for almost eight years since July 2015. Gross margins have to cover operating expenses, including fuel, electricity and catalysts, as well as labour and capital costs. Related columns:- Low U.S. fuel stocks support prices and cracks (May 17, 2023)- U.S. diesel stocks tighten but fear of shortage eases (April 21, 2023)John Kemp is a Reuters market analyst.

☆ Chinese EV maker Nio invests in nuclear fusion startup
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, May 19 (Reuters) - Chinese electric vehicle maker Nio (9866.HK) has invested in a startup firm that is developing fusion technologies, according to a source with direct knowledge and a company filing, placing more bets in other areas of the energy sector. The newly established company, Neo Fusion, will research and develop technologies that aim to bring controlled fusion for commercial uses globally in two decades, the source said. Nio invested 995 million yuan for a 19.9% stake while Nio Capital, the investment firm founded by Nio's chief executive William Li, invested 505 million yuan for a 10.1% share, it showed. The investment by Nio also underscored the loss-making EV maker's ambitions in the power and energy sector. It has also been developing battery technologies and is planning to build a battery plant with annual capacity of 40 gigawatt hours in Hefei city in Anhui province, Reuters reported previously.

Total electrical generation increased by 128 billion kilowatt-hours (4.9%) between January and April compared with the same period in 2022, according to the National Bureau of Statistics (NBS). Increases from thermal power plants (+83 billion kWh), wind farms (+64 billion kWh), solar farms (+16 billion kWh) and nuclear units (+6 billion kWh) more than offset reduced hydro-electric output (-42 billion kWh). Renewables wind and solar provided 14% of generation up from just 3% in 2014, while nuclear supplied 5% up from 2%. Ensuring sufficient electricity generation to meet rapidly rising demand from industry and households is the more urgent priority in the short term while reducing emissions is a more long-term goal. INDUSTRY FOCUSOn the consumption side, electricity demand growth in the first four months shows a clear emphasis on industry rather than households.

Inventories of gasoline and diesel are particularly low for the time of year, which has kept prices firm even as crude prices have slipped back since the middle of April. Total inventories stood at 1,597 million barrels on May 5, which was -289 million barrels (-15% or -2.52 standard deviations) below the prior ten-year seasonal average. Commercial crude inventories remained close to the long-term average owing to the large-scale drawdown from the strategic reserve. Commercial crude stocks were +7 million barrels (+1% or +0.12 standard deviations) above the prior ten-year seasonal average on May 5. But the overall picture is one in which fuel inventories are low, supporting prices despite the deteriorating economic outlook.

Hedge funds and other money managers sold the equivalent of 17 million barrels in the six most important futures and options contracts over the seven days ending on May 9. The combined position was cut to just 285 million barrels (6th percentile for all weeks since 2013) down from 534 million barrels (38th percentile) on April 18. Funds sold the equivalent of 37 billion cubic feet over the seven days to May 9, taking total sales over the most recent three weeks to 206 billion cubic feet. The combined position slipped to 120 billion cubic feet net short (28th percentile for all weeks since 2010) down from 87 billion cubic feet net long (35th percentile) on April 18. The surplus was basically unchanged from +256 billion cubic feet (+15% or +0.60 standard deviations) eight weeks earlier on March 5.

LONDON, May 12 (Reuters) - Global commercial oil inventories were close to their long-term seasonal average at the end of the first quarter of 2023 following massive releases from the U.S. Strategic Petroleum Reserve (SPR) over the previous 12 months. In the countries of the Organisation for Economic Cooperation and Development (OECD), commercial stocks of crude and refined products stood at 2,804 million barrels at the end of March (“Short-Term Energy Outlook”, EIA, May 12). Commercial petroleum inventories had increased by 200 million barrels compared with the same month a year earlier but over the same time the U.S. SPR was depleted by 195 million barrels. The progressive normalisation of inventories took the upward pressure off oil prices and calendar spreads over the past year. Related columns:- Oil market has absorbed surprise production cut by OPEC⁺ (April 26, 2023)- Oil market has fully absorbed impact of Russia's invasion of Ukraine (March 9, 2023)John Kemp is a Reuters market analyst.

☆ Microsoft says commercial use of fusion-produced energy will be available within 5 years as part of new deal with Sam Altman-backed Helion
▼ + stars: | 2023-05-11 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +3 min

Microsoft and fusion energy company Helion announced a first-of-its-kind contract Wednesday. Fusion is the clean energy source of the stars in space, but experts have said it's likely still decades away on Earth. Microsoft and Helion, a research company backed by OpenAI CEO Sam Altman, are teaming up to make fusion-produced energy available commercially much sooner than experts previously estimated. "We are optimistic that fusion energy can be an important technology to help the world transition to clean energy," Smith said in a statement. HelionIn December, the Department of Energy announced what many saw as a breakthrough in the world of fusion energy, when the first nuclear fusion reaction was conducted that created more energy than it used.

Cromwell’s rule plays an important formal role in Bayesian statistics but it is important for any exercise in prediction and analysis. SOFT LANDING CONDITIONSI have written elsewhere the global economy is on course for a significant mid-cycle slowdown if not a cycle-ending recession. Multiple conditions would need to be satisfied, and none violated, for a soft landing to occur. The soft landing scenario is so tricky to pull off and therefore so improbable it has been called “immaculate disinflation” by some forecasters. Nevertheless, the probability of a soft landing is far from zero.

As a result, the combined position had been reduced to just 302 million barrels (7th percentile for all weeks since 2013) on May 2 from 534 million barrels (38th percentile) on April 18. The position has essentially returned to where it was on March 21 (289 million barrels, 2.16:1) before OPEC⁺ surprised investors by announcing production cuts on April 2 totalling more than 1 million barrels per day. Chartbook: Oil and gas positionsThe most recent week saw sales across the board in Brent (-69 million barrels), NYMEX and ICE WTI (-37 million), European gas oil (-24 million), U.S. diesel (-11 million) and U.S. gasoline (-4 million). Fund managers had become especially bearish on middle distillates such as diesel and gas oil, the most exposed to the business cycle. Funds sold the equivalent of 71 billion cubic feet over the seven days ending on May 2, after selling 99 billion cubic feet the week before.

Observers often disagree at the time whether the economy is already in recession, and sometimes afterwards whether a recession has occurred or just a “soft patch” in an otherwise uninterrupted business cycle expansion. But the same surveys show the much larger service sector still reporting marginal growth, keeping the economy as a whole out of recession so far. Chartbook: U.S. economic indicatorsThe Institute for Supply Management's (ISM) service sector index stood at 51.9 in April (with more businesses reporting expanding activity than contraction) compared with a manufacturing sector index of just 47.1. In April, the ISM services index was in only the 15th percentile for all months since 1997 compared with the manufacturing index in only the 9th percentile. If the manufacturing sector has already fallen into recession, the services sector is only just avoiding it at the moment.

LONDON, May 4 (Reuters) - U.S. manufacturing and freight activity has declined for six months running, which is being reflected in falling consumption of diesel and other distillate fuel oils as well as industrial electricity sales. The index has fallen to levels that have coincided with a significant mid-cycle downturn in industrial activity or a cycle-ending recession in the past. Chartbook: U.S. diesel and electricity useBecause manufacturing output is closely correlated with consumption of distillate fuel oils and industrial electricity use, the downturn is filtering through into significant reductions in energy consumption. Between November and January, industrial electricity sales were down by an average of 3% compared with a year earlier (12th percentile for all three-month periods since 1980). Related columns:- Hard-ish landing has already arrived for U.S. manufacturers (April 4, 2023)- U.S. diesel consumption falls as economy slows (March 1, 2023)John Kemp is a Reuters market analyst.

☆ Stocks making the biggest moves premarket: Starbucks, AMD, Pearson, PacWest & more
▼ + stars: | 2023-05-03 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines in premarket trading. AMD — The semiconductor stock fell more than 7% in premarket trading after quarterly results a day earlier. PacWest's shares fell 4.6% in premarket trading after sliding nearly 28% on Tuesday. Biogen reported earnings last week, notching an adjusted $3.40 per share while analysts polled by StreetAccount forecasted $3.28. The online dating company reported first-quarter earnings that topped analysts estimates from Refinitiv after the bell Tuesday.

But growth is set to decelerate sharply as the more recent slump in prices curtails new drilling and well completions, with the impact evident by the fourth quarter of 2023. Chartbook: U.S. oil and gas productionMuch of the increase was the lagged effect of high prices and additional drilling during the first nine months of 2022. Slower drilling will filter through into slower production growth before the end of 2023, helping offset slower consumption growth as a result of the business cycle downturn. GAS PRODUCTIONU.S. gas production increased to a record 5,984 billion cubic feet in the first two months of 2023, up from 5,600 billion cubic feet in the same period in 2022, an increase of almost 7%. Working gas inventories in underground storage amounted to 2,009 billion cubic feet on April 21 compared with 1,484 billion cubic feet at the same point a year earlier.

The combined position fell to 447 million barrels (23rd percentile for all weeks since 2013) down from 534 million barrels (38th percentile) seven days earlier. Funds sold the equivalent of 99 billion cubic feet over the seven days ending on April 25, after buying a net total of 1,287 billion cubic feet in the previous eight weeks. The position slipped to 12 billion cubic feet net short (31st percentile for all weeks since 2006) from 87 billion cubic feet net long (34th percentile) a week earlier. Stocks were 280 billion cubic feet (+16% or +0.61 standard deviations) above the prior ten-year seasonal average on April 21, up from a deficit of 263 billion cubic feet (-8% or -0.98 standard deviations) on Jan. 1. Related columns:- Oil market has absorbed surprise production cut by OPEC⁺ (April 26, 2023)- Oil buying slows amid renewed concerns about economy (April 24, 2023)- Oil prices stall as short-covering rally is completed (April 17, 2023)John Kemp is a Reuters market analyst.

LONDON, April 27 (Reuters) - Global freight volumes fell at some of the fastest rates for three decades earlier this year, but at the end of the first quarter showed signs of bottoming out. Global freight has been hit by excess inventories held all along the supply chain as consumer and business spending has reverted from merchandise to services after the pandemic. But the most recent data, albeit only covering a small number of transport hubs, shows freight volumes may have stabilised or improved at the very end of the first quarter. Chartbook: Global freight volumesThe port of Singapore’s container throughput climbed to a record high of 3.34 million twenty-foot equivalent units (TEUs) in March. Related columns:- Hard-ish landing has already arrived for U.S. manufacturers (April 4, 2023)- Global freight slump deepens at the start of 2023 (March 21, 2023)John Kemp is a Reuters market analyst.

☆ Electric cars could cost the same as gas-powered ones as soon as 2025 — so long as you buy small
▼ + stars: | 2023-04-28 | by ( Alexa St. John | ) www.businessinsider.com time to read: +2 min

Electric cars could cost the same as gas-powered ones as early as the mid-2020s. That's only if shoppers go small, according to new analysis from the International Energy Agency. It's as long as shoppers buy small, according to the International Energy Agency's latest global EV outlook. Still, the average new EV cost $58,940 in March, according to Kelley Blue Book, while the average new gas-powered car went for $48,008. Bigger battery-powered vehicles have batteries that are two- to three-times larger than small cars, according to the IEA, which requires more critical minerals that are costly.

A five-year average one-day gain of 0.5% or more after reporting The stocks have beaten earnings expectations 75% of the time over a five-year period. It beats earnings expectations by a median of 16.06% over 10 years. Shares of Garmin stock has gained 5.8% so far in 2023, and the company will report earnings on May 3. The company beats earnings expectations by 3.58% over a five-year period, while beating overall 85% of the time over the same timespan. The company also has an unblemished record over the past five years, beating earnings expectations 100% of the time.

☆ Smaller EV prices to come down as EV sales climb, IEA says
▼ + stars: | 2023-04-26 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

The agency raised its EV sales forecasts in part because of the U.S. Inflation Reduction Act, which supports green industry and subsidises consumers' purchase of electric vehicles (EVs), IEA executive director Fatih Birol said on a media call. China features prominently, making up half the EVs on the road worldwide including battery-electric cars and plug-in hybrids, and with 60% of EV sales last year taking place there, according to the IEA's annual outlook on EVs. The country has also seen prices for some smaller EV models edging lower towards those of their combustion engine equivalents, said the IEA's energy technology policy head, Timar Guell. SUVs and large cars account for nearly two-thirds of EVs in China and Europe and a greater proportion in the United States. In emerging and developing economies, two- or three-wheel electric vehicles outnumber cars.

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