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(Bloomberg) — In March and April, as oil prices plunged to their lowest in a generation, Norwegian energy giant Equinor ASA was busy doing the opposite of what oil companies usually do: pumping as much crude as possible underground into giant caverns on the nation’s North Sea coast.Equinor also filled oil tankers with crude, turning them into floating storage facilities, and put even more barrels into onshore tanks elsewhere. Its traders were trying to soften the blow of rock-bottom prices by buying cheap crude, storing it, and simultaneously selling it on the forward market at higher prices.The trade, known in industry jargon as a contango play, combined with other oil trading activity delivered a record of about $1 billion in pre-tax adjusted earnings in a single quarter. And the Norwegian oil company wasn’t alone: it’s a pattern likely to be repeated throughout the industry from oil majors such as Royal Dutch Shell Plc to independent commodity trading houses like Glencore Plc.The price difference between a Brent contract for immediate delivery and the six-month forward contract — a key measure of the contango — plunged to a record of nearly -$14 a barrel in early April, surpassing the contango witnessed during the 2008-09 financial crisis.Equinor on Friday said that its midstream business line, which includes trading, made adjusted profit before taxes of $1.16 billion in the second quarter, an increase of $951 million from a year earlier. “The increase was mainly due to contango market during the quarter and good results from liquids trading,” the company said.The key to the contango play is access to a place to park millions of barrels of crude, perhaps for as long as a year. And Equinor had plenty. “We have storage at Mongstad,” Eldar Saetre, the company’s boss, said in an interview, referring to the underground caverns able to hold almost 9.5 million barrels of crude under the country’s west coast.“And we have storage capacity that we rent in Korea, we’ve done that for many years, and some other storages here and there,” he said. As onshore storage ran out, oil companies turned to tankers. “We have a lot of floating storage for this purpose,” Saetre added. “We have increased capacity for this purpose, increasing our shipping capacity for storage use.”Others in the oil industry were doing the same. Although better known for their oil fields, refineries and filling stations, Shell, BP Plc and Total SA also run huge in-house oil trading businesses that dwarf independent commodity trading houses.The three companies are expected to deliver strong oil trading results when they report their quarterly earnings over the next two weeks, according to people familiar with their business. Some of their so-called trading books made significantly more money in the first half of 2020 than they did in the entirety of 2019, the same people said, asking not to be named because the information isn’t public.Shell in particular made huge amounts of money on its jet-fuel book, one person familiar with the matter said.The trading units of Shell, BP and Total handle more than 25 million barrels a day of crude and refined products — equal to a quarter of global consumption. The trio don’t disclose their trading results separately, and many investors consider the operations essentially black boxes. But in the past they have said that contango plays are extremely profitable, able to give a $500 million boost in a single quarter to their trading businesses.The three oil companies declined to comment.Few other publicly-listed oil companies trade at the scale of the European oil majors and Equinor, although Eni SpA and Lukoil PJSC also have trading desks. While the extra profits from trading are unlikely to offset much larger losses of revenue from lower oil prices, they could help the three majors to weather the crisis and, perhaps more importantly, beat analysts’ estimates.The independent traders also enjoyed a bumper period. Glencore, which earlier this year hired the world’s largest oil tanker to play the contango, made nearly $1 billion in earnings before interest and taxes in oil trading in the first six months of 2020, similar to what the company made in the whole of 2019, according to people familiar with the matter.Glencore, which declined to comment, reports results in early August.Other independent oil traders, including Trafigura Group, Mercuria Energy Group Ltd and Gunvor Group, have already announced bumper trading results. Mercuria, one of the top-5 independent oil traders, told bankers it enjoyed record profits for the first six months.Likewise, Gunvor told employees it made bumper profits thanks to its tankers, whose value surged as companies rushed to hire the vessels for storage.“Given our sizeable fleet of ships under management, this allowed for substantial earnings for the quarter,” said billionaire Torbjorn Tornqvist, the co-founder and head of Gunvor.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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On Friday, President Donald Trump took to Twitter to applaud Elon Musk’s recent decision to build a factory outside of Austin, Texas. Yahoo Finance’s Ines Ferre breaks down the details on The First Trade.

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Shareholders in Moderna, Inc. (NASDAQ:MRNA) may be thrilled to learn that the analysts have just delivered a major…

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Ed Mills, Raymond James Washington Policy Analyst, joins Yahoo Finance’s The First Trade with Alexis Christoforous and Brian Sozzi to discuss rising tensions between the U.S. and China, outlook for the 2020 election and the status of a second stimulus package.

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Every week, Benzinga runs a survey on the site to collect sentiment on what traders are most excited about and interested in when it comes to managing and building out their personal portfolios.Who would investors trust more with their investment portfolio: Barstool Sports founder David Portnoy or Berkshire Hathaway CEO Warren Buffett?Portnoy has been a relative newcomer to the trading world, but hasn't hidden from the camera when it comes to sharing his advice and claiming himself the new king of trading.Portnoy has been critical of Buffett's decision-making throughout the coronavirus pandemic, sending tweets directed at Buffett after Berkshire Hathaway sold billion of airline stock in April.> I'm sure Warren Buffett is a great guy but when it comes to stocks he's washed up. I'm the captain now. DDTG pic.twitter.com/WqMR89c7kt> > — Dave Portnoy (@stoolpresidente) June 9, 2020Portnoy has previously said he has no "great knowledge" of stocks. If retail investors follow his actions and lose money, he "can't be held responsible for total idiots."With that said, the full results from this week's survey make it clear most readers would prefer to stick with the 89-year-old investing legend: * David Portnoy: 34.2% * Warren Buffett: 65.8%This study was conducted by Benzinga in July 2020 and included the responses of a diverse population of adults 18 or older completely voluntarily. The study reflects the results from over 500 adults on their thoughts and views pertaining to who they felt would do a better job running their personal portfolio.Robert Schultz contributed to this report.See more from Benzinga * Should You Get Dental Insurance In 2020? Take Our Quiz And Learn How Dental Insurance Works * 10 Fastest-Growing Cities In America Since 2010 * Should You Get Life Insurance In 2020? Take Our Quiz And Learn How Life Insurance Works(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for…

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Scaling The Peaks (Biotech Stocks Hitting 52-week Highs July 23) * Abbott Laboratories (NYSE: ABT) * ABIOMED, Inc. (NASDAQ: ABMD) * Acceleron Pharma Inc (NASDAQ: XLRN) * Aerpio Pharmaceuticals Inc (NASDAQ: ARPO) * Arbutus Biopharma Corp (NASDAQ: ABUS)( won a patent challenge brought about by Moderna Inc (NASDAQ: MRNA)) * Bio-Rad Laboratories, Inc. (NYSE: BIO) * Brainstorm Cell Therapeutics Inc (NASDAQ: BCLI) * Champions Oncology Inc (NASDAQ: CSBR) * Fulgent Genetics Inc (NASDAQ: FLGT) * Genocea Biosciences Inc (NASDAQ: GNCA) (reacted to its second-quarter results) * Hologic, Inc. (NASDAQ: HOLX) * Intuitive Surgical, Inc. (NASDAQ: ISRG) * Ligand Pharmaceuticals Inc. (NASDAQ: LGND) * Medpace Holdings Inc (NASDAQ: MEDP) * NeoGenomics, Inc. (NASDAQ: NEO) * Penumbra Inc (NYSE: PEN) * Quest Diagnostics Inc (NYSE: DGX) * RENALYTIX AI ADR (NASDAQ: RNLX) (IPOed Friday) * ResMed Inc. (NYSE: RMD) * Silk Road Medical Inc (NASDAQ: SILK) * Tandem Diabetes Care Inc (NASDAQ: TNDM) * West Pharmaceutical Services Inc. (NYSE: WST)(reacted to its second quarter results) * Zoetis Inc (NYSE: ZTS)Down In The Dumps (Biotech Stocks Hitting 52-week Lows July 23) * ALX Oncology Holdings Inc (NASDAQ: ALXO) (IPOed last Friday) * Forma Therapeutics Holdings Inc (NASDAQ: FMTX) * Fusion Pharmaceuticals Inc (NASDAQ: FUSN) * Nkarta Inc (NASDAQ: NKTX) * Chanticleer Holdings (NASDAQ: SONN)Related Link: 5 Coronavirus Stock Valuations Surging During The Pandemic Stocks In Focus Radius Health Out-licenses Breast Cancer Drug For Up To $350M Radius Health Inc (NASDAQ: RDUS) said it has entered into an exclusive global license agreement with the Menarini Group for the development and commercialization of elacestrant, an investigational asset that is currently being evaluated in a Phase 3 study as a hormonal treatment for postmenopausal women and men with advanced ER+/HER2- breast cancer.Radius will receive an upfront payment of $30 million and up to $320 million in additional payments based on the successful achievement of future development and sales milestones. The company is also eligible for tiered, low to mid-teen percentage royalty payments on global net sales.In pre-market trading Friday, Radius Health shares were rising 9.36% to $13.90.BioMarin Makes Regulatory Submission For Bone Growth Disorder Drug In Europe BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) announced the submission of a Marketing Authorization Application to the European Medicines Agency for vosoritide, an investigational, once-daily injection analog of C-type Natriuretic Peptide for children with achondroplasia, the most common form of disproportionate short stature in humans.Subject to completion of EMA's validation check, BioMarin said it anticipates the start of the MAA review to commence in August.Novavax Delays Phase 1 Data Readout, Strikes Coronavirus Manufacturing Deal Novavax, Inc. (NASDAQ: NVAX) said it will release the Phase 1 data, which will consist of preliminary immunogenicity and safety results, during the first week of August, as opposed to the earlier timeframe of July. The Phase 2 portion to assess immunity, safety, and COVID-19 disease reduction is expected to begin shortly thereafter, it added.Novavax also announced an agreement with FUJIFILM Diosynth Biotechnologies, a CDMO, to manufacture bulk drug substance for NVX-CoV2373, the former's COVID-19 vaccine candidate. Fujifilm's site in Morrisville, North Carolina has begun production of the first batch of NVX-CoV2373, the companies said.View more earnings on IBBThe stock was slipping 4% to $134 in pre-market trading.Arcturus Announces Preliminary Deal to Supply Covid-19 Vaccine Candidate to Israel Arcturus Therapeutics Holdings Inc (NASDAQ: ARCT) announced a binding term sheet with the Israeli Ministry of Health to supply its COVID-19 vaccine candidate, LUNAR-COV19. The parties intend to finalize a comprehensive supply agreement within 30 days, the company said.Earnings LeMaitre Vascular Inc's (NASDAQ: LMAT) second-quarter sales fell a smaller than expected 16% to $24.9 million and EPS fell from 23 cents to 17 cents. The company issued an upbeat guidance for the third quarter.The stock was advancing 12.24% to $32.47 in pre-market trading Friday.Edwards Lifesciences Corp's (NYSE: EW) second-quarter sales fell 15% to $925 million, and adjusted EPS fell 26% to 34 cents. The bottom-line exceeded estimates. The company reiterated its full-year sales guidance of $4 billion to $4.5 billion, and increased its adjusted EPS guidance from $1.58 to $1.75 to $1.75 to $1.95. The sales guidance was in line and the bottom-line guidance exceeded estimates.On The Radar IPOs iTeos Therapeutics, a clinical-stage biopharma engaged in the development of a new generation of highly differentiated immuno-oncology therapeutics for patients, priced its initial public offering, or IPO, of 10.586 million shares at $19.00 per share, above the estimated price range of $16-$18. The shares will begin trading on the Nasdaq under the ticker symbol ITOS. The offering is expected to generate gross proceeds of $201.1 million.Nurix Therapeutics, Inc., a company developing targeted protein modulation drugs, priced its IPO of 11 million shares at $19 per share, for generating gross proceeds of $209 million. The company had earlier estimated a price range of $17-$18. The shares will commence trading on the Nasdaq under the ticker symbol NRIX.Inozyme Pharma, Inc, a rare disease biopharmaceutical company developing novel therapeutics for the treatment of diseases of abnormal mineralization, priced its upsized IPO of 7 million shares at $16 per share, for raising gross proceeds of $112 million. The shares are expected to commence trading on the Nasdaq under the ticker symbol INZY.See more from Benzinga * The Daily Biotech Pulse: Midatech Shelves Sale Plan, G1 Therapeutics Out-Licenses, Entera Bio Jumps On Survey Results * The Daily Biotech Pulse: Aurinia's Kidney Inflammation Drug Filing Accepted For Review, Intuitive Surgical's Q2 Beat * The Daily Biotech Pulse: Opko Wins CDC Contract, Novartis Lowers Guidance, Pieris Study Placed On Partial Clinical Hold(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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What are the early trends we should look for to identify a stock that could multiply in value over the long term? In a…

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