Oil Prices Edge Lower As Hurricane Laura Makes Landfall

Oil prices were subdued on Thursday as Hurricane Laura made landfall in southwestern Louisiana early today, forcing U.S. oil rigs and refineries to shut down.

Benchmark Brent crude slipped 7 cents, or 0.15 percent, to $46.09 a barrel, after having ended roughly flat on Wednesday. U.S. West Texas Intermediate crude futures were down 17 cents, or 0.4 percent, at $43.21 a barrel.

Laura made landfall just before 1 am as a category 4 storm, packing winds of 150 mph (240 kph) in the small town of Cameron, Louisiana, the National Hurricane Centre (NHC) said.

Analysts said the massive storm in the Gulf of Mexico has little impact on supply as oil and product inventories remain high.

Traders also shrugged off U.S. crude inventory declines and signs that gasoline demand in the world’s biggest oil consumer were improving.

According to the data released by Energy Information Administration (EIA) on Wednesday, U.S. crude inventories dropped by 4.7 million barrels in the week ended August 21, falling for a fifth straight week. That was slightly higher than an expected drop of about 4.5 million barrels.

The EIA data also showed gasoline inventories fell by 4.6 million barrels last week, while distillate stockpiles were up by 1.4 million barrels.

The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 4.524 million barrels for the week ending August 21, while analysts had predicted an inventory draw of 3.694-million barrels.

Croatia virus surge: Infections increase as tourists arrive

Once a European success story in the fight against the coronavirus pandemic, Croatia is hit with its highest number of new daily infections yet.

Healthcare workers in Croatia are trying to contain a surge in coronavirus infections linked to foreign tourists arriving for their summer holidays.

The tourist-dependent economy in nearby Montenegro is suffering too.

Al Jazeera’s Charlotte Bellis reports.

Sanderson Farms Q3 Profit Declines, But Results Top Estimates – Quick Facts

Sanderson Farms Inc. (SAFM) on Thursday reported net income for the third quarter of $32.81 million or $1.48 per share, lower than $53.36 million or $2.41 per share in the year-ago period.

Net sales for the quarter rose to $956.46 million from $945.15 million for the same period a year ago.

On average, analysts polled by Thomson Reuters expected the company to report loss of $0.95 per share on revenues of $936.04 million for the quarter. Analysts’ estimates typically exclude special items.

Fastly To Buy Signal Sciences For $775 Mln Cash, Stock – Quick Facts

Fastly, Inc. (FSLY) announced Thursday that it has entered into a definitive agreement to acquire Signal Sciences for approximately $775 million, including $200 million in cash and approximately $575 million worth of Class A Common Stock, subject to customary adjustments for transactions of this nature.

Fastly will also establish a retention pool of $50 million worth of restricted stock units to be granted to Signal Sciences employees.

Signal Sciences’ strong, developer-first web application and API protection solutions will bolster Fastly’s existing security offerings to bring customers a unified edge security solution.

Signal Sciences’ technology combined with Fastly’s current solutions will form Fastly’s upcoming new security offering, Secure@Edge.

Secure@Edge will be a modern, unified web application and API protection solution that will power and protect companies looking to further or begin their digital transformation.

With Signal Sciences’ technology, Fastly’s enhanced web application and API protection solution will deliver increased agility, visibility, and protection as more code and applications move to the edge.

The transaction is subject to certain customary closing conditions, including receipt of required regulatory approvals, and is expected to close in 2020.

Gold Edges Lower Before Powell’s Speech

Gold prices fell on Thursday as traders waited for Fed Chairman Jerome Powell’s speech at the annual central bankers’ conference later in the day for clues about whether a shift to easier policy is possible in coming months.

Spot gold dropped 0.7 percent to $1,939.70 per ounce, while U.S. gold futures were down 0.3 percent at $1,946.90.

Analysts expect that Powell will outline dovish measures including a move toward average inflation targeting in which inflation above the central bank’s usual 2 percent target would be tolerated and even desired.

Also in focus is the Republican National Convention. U.S. President Donald Trump will make a crucial pitch for a second term in the White House with a keynote address highlighting his record in office.

Gold appears to be taking a breather after overnight data showed U.S. durable goods orders surged 11.2 percent in July, compared with expectations of an increase of 4.3 percent and a 7.6 percent increase in June.

Downside remains limited as U.S.-China tensions over the South China Sea escalated.

While the United States blacklisted 24 Chinese firms and targeted individuals it said were part of construction and military actions in the South China Sea, Beijing fired four missiles into the world’s most hotly contested body of water, further ratcheting up tensions between the two countries.

Amazon launches fitness band, app

(Reuters) – Amazon.com Inc on Thursday launched a fitness band and app, “Halo”, that will track user activity such as sleep and heart rate.

Customers in the United States can request early access to Halo starting Thursday, with the band and 6 months membership priced at $64.99, the e-commerce giant said in a statement.