NEWS

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Communications-s software company Twilio reported better than expected first-quarter earnings after the market Wednesday that sent the stock soaring over 40% $TWLO is benefitting from the stay at home economy, distributed contact centers and telehealth.

Independent energy company Apache Corp reported a massive loss of $4.48 billion for first quarter earnings after the close Wednesday. $APA followed major oil shale players $XOM, $CVX, $OXY and $FANG in reporting.

EIA reported a large builds in crude, but lower than expected in particular at Cushing. Huge buid in distillate storage again with a draw in gasoline.. US production finally fell to 11, 900 mbpd, off record high of 13.10 mbpd. Still oil production and inventories far outstrips demand since the Coronavirus.

Occidental Petroleum reported a lower loss than expected Q1 loss Tuesday, However $OXY. as the biggest Permian Basin producer after the $38 billion Anadarko aquisition is living on a knife edge with the oil price collapse. ExxonMobil , Chevron and Diamondback reported a much sounder position.

Texas independent oil and natural gas company Diamondback Energy reported better than expected first quarter earnings after the market close Monday. $FANG said it will cut oil production further due to the demand collapse from the Covid-19 lockdown.

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