NEWS

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Japanese electronic giant Sony reported worse than expected earnings for the three months ended March 31 on Tuesday. SNE's move to a subscription model in gaming and music is lessening the Covid impact however. Playstation sales were low ahead of PlayStation5.

EIA reported the first draw in crude since January, highlighted by a 3,000mbbl draw at at Cushing. A large build in distillate storage again with similar draw in gasoline.. US production finally fell to 11, 600 mbpd, off record high of 13.10 mbpd. Still oil production and inventories far outstrips demand since the Coronavirus.

The OPEC Monthly Oil Market Report (MOMR) for May released Wednesday provides OPEC's outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply.

PNC Financial reported on Monday that it is cashing it's chips in on BlackRock. $PNC turned its $240 million bet on the asset manager into over $17 billion in 25 years. $PNC holds 22% of $BRC’s outstanding shares, and is the largest shareholder.

Novavax, a clinical-stage biotechnology company shares soared over 80% Monday after NVAX received a $384 million investment for its COVID-19 vaccine candidate and beat Wall Street earnings expectations for first quarter earnings.

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