NEWS

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EIA reported another build in crude storage, that's nine out of ten week's in builds. Crude oil inventories grew +1379k bbls the government agency said. Gasoline grew, while Distillate drew last week. Cushing fell with -2295k bbls. US production remained at the record high with 12.80 mbpd.

The October trade balance shows a much smaller surplus than expected with exports falling more than expected as did imports. Another example of the global trade situation hurting with the ongoing trade wars and macroeconomic deteoriation around the world. Exports to US down 11.4% y/y

China based video-sharing platform Bilibili, Inc. reported third quarter earnings before the open Tuesday that highlighted surging user numbers but at a high cost. The bottom-line was negatively impacted by a 71% surge in operating expenses to RMB774 million (US$108 million). There was a 70% increase in the cost of revenue to RMB1.5 billion (US$211 million).

Graphic Chips maker NVidia reported better than expected third quarter earnings and revenue after the close Wednesday. $NVDA said their reach is beyond the cloud, to the edge, where GPU-accelerated 5G, AI and IoT will revolutionize the world’s largest industries.

Chip equipment supplier Applied Materials reported better than expected fiscal fourth quarter earnings after the market close Thursday. Last quarter $AMAT showed a 44% dip in earnings as weak performance from all three segments hurt net sales.

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