NEWS

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EIA reported a draw in Crude of  7195kbbl, a draw of 263kbbl Cushing. and a builds in  gasoline. US production unchanged at 11,000 mbpd, off record high of 13.10 mbpd. Futures are reacting to OPEC comments and risk off and production cut moves.

FedEx reported a huge beat in second quarter earnings after a series dissappointing earnings affected severeing  its Amazon  contracts. $FDX was up over 8% after hours. FedEx had been wounded by a slow European economy but is benefiting from the stay at home world at cheap het fuel and diesel.

The U.S took off 1 oil rigs out of service as U.S.oil production roses 500kbpd to fall to 11100kbpd. US Natural Gas rigs were unchanged. Canadian oil rigs fell 1, natural gas rigs fell 3.

With the Covid-19 crisis US consumer has gone on-line, we know that from Amazon (AMZN) and Walmart's (WMT) online segment and we see the same with Big Lots. With record unemployment also making consumers price conscioss the discount and closeout retailer $BIG guided earnings sending the stock soaring 32%

The Federal Reserve completed its annual stress test on Thursday for 2020 and additional sensitivity analyses that the Board conducted in light of the coronavirus event. The Fed capped bank dividend payments and suspended share-buybacks for the third quarter.

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