NEWS

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EIA reported the first draw in crude since January, highlighted by a 5587mbbl draw at at Cushing. Large builds in distillate sand gasoline..US production fell again to 11, 500 mbpd, off record high of 13.10 mbpd. Futures are elevated from a short squeeze, production cuts and demand pickups but inventories still outstrips demand since the Coronavirus.

Retailer Urban Outfitters reported worse than expected first quarter 2020 earnings after the close Tuesday. Comparable sales of Free People, Anthropologie & $URBN brands were all down on the Lockdown.

Streaming company Roku is the subject of a complaint with the International Trade Commission. Universal Electronics $UEIC filed a complaint back on April 18 which led to the launching a probe into a claim of patent infringement. $ROKU is down over 2% on the news.

Chinese video streaming company iQiyi, an arm of China major Baidu known as China's Netflix, reported first quarter earnings Monday after the close. Total revenues and subscribers rose driven by surging demand for digital entertainment when sheltering in place

Germany's Angela Merkel and France's Emmanuel Macron have propesed a €500 billion European coronavirus reconstruction plan. The aim is the recovery fund that should give grants, not loans to EU member states.

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