5 Stocks Cashing In as $100 Oil Pushes Drivers Toward Electric
Canada’s New Oil Pipeline Challenged by Cold Lake First Nations What I Cover My focus spans the global energy landscape and the technologies reshaping it, specifically focusing on oil and gas, renewables, and tech-driven market… Gasoline topped $4.40 a gallon in the U.S.
in September, and Brent hassat above $100 a barrel since early September, up from around $60 before the Iran war started.
Drivers have responded about how you'd expect.New hybrid sales in the U.S.
rose 24% through the third quarter,battery-electric registrations jumped 52% across Europe in August, and the International Energy Agency figures EVs will make upnearly 30% of global car salesthis year.
That should have been a gift to the electrification trade, buta Bloomberg gauge of 104 EV-linked companiesis down 1% for the year, dragged lower by Tesla and BYD, and Albemarle, the biggest U.S.
The money coming out of this oil shock has been picky about where it lands, and a fair amount of it has landed on companies most people wouldn't file under "EV play" at all.
(NYSE: HMC) looked like one of the biggest casualties of the EV transition.
The Japanese automaker booked more than $9 billion in costs to unwind its electric vehicle plans andposted its first annual loss in nearly 70 years, and CEO Toshihiro Mibe ended up apologizing to shareholders at the company's annual meeting in June.
Honda's answer was to go all in on hybrids, with plans for15 new hybrid models by 2030, mostly for North America, and the timing turned out to be close to perfect.
With gas north of $4, Honda soldmore than 106,000 hybrids in the U.S.
in the third quarter, a record, and hybrids now make up 53% of CR-V sales.
CFO Masao Kawaguchi told reporters in August that rising fuel prices in North America were driving demand for its hybrids and fuel-efficient gas models, and the earnings back him up.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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