NEWS

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EIA reported a build in Crude of  +5664kbbl, a build of +2206kbbl at Cushing.but a large draw in gasoline of -4839kbbl. US production unchanged at 11,000 mbpd, off record high of 13.10 mbpd. Futures are reacting to  risk off and production cut moves.

Three months can be an eternity and that is what it was for energy futures in particular. Futures and commodities were hit violently in the first quarter of 2020 with the black swan Covid -19 running roughshod. In Q2 bounces in equity and energy markets were spectacular.

Online insurance company Lemonade made it's NYSE debut on thursday, surging over 100%. The insurance tech, under the ticker $LMND uses artificial intelligence and “behavioral economics” via a mobile app for property insurance.

Natural gas futures were higher after lower than expected build of +65 Bcf in natural gas storage last week. The  focus is on warm weather and the coronavirus effect on reopening, LNG and Mexican exports and the winter outlook for the US.

The US Labor Department reported another a surprise fall in unemployment and rise in non-farm payroll jobs on Friday for June as the Coronavirus hit the economy. Unemployment rate 11.1% v. 12.5% estimate, Prior month 13.3%

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