(Bloomberg) — Some drillers in the biggest North American oil field are reopening wells shut in response to the pandemic-driven price collapse, according to pipeline giant Energy Transfer LP.In the Permian Basin’s Midland region, about 8% of oil volumes that feed Energy Transfer’s pipe network had been shut at the start of the month, Mackie McCrea, the company’s chief commercial officer, said during a conference call on Monday.“As of today, we’ve seen about 25% of that turned back on,” McCrea said.The reopening of wells shut for as little as a few weeks may undermine U.S. President Donald Trump’s pledge to assist a coalition of OPEC and allied oil producers like Russia in taming a global gut. Trump, for his part, indicated U.S. output could be trimmed by 2 million barrels a day, albeit by market attrition rather than government-imposed quotas.McCrea didn’t say how many barrels of Permian production has been restored. His comments came as drillers including Continental Resources Inc. and Callon Petroleum Co. announced additional oil curtailments. American drillers have disclosed plans to halt more than 600,000 barrels of daily output through the end of next month, Rystad Energy said last week.But Energy Transfer said the industry probably has made it through the worst of the price crash triggered by Covid-19 lockdowns that zapped demand. “We see that things have bottomed out in our opinion and that things are improving,” McCrea said.Oil producers have generally been vague about when they’ll ramp output back up, though some have hinted that oil prices in the high-$20s or low-$30s could be sufficient. While several drillers have said they’ve “voluntarily” curtailed production, others have had their hand forced by rapidly filling storage capacity.Energy Transfer has already said it’s seeking to free up space on a couple of its Texas pipelines so it can offer more storage space. And on Monday, the company said it had reserved about 6.2 million barrels of crude storage capacity in the U.S. government’s Strategic Petroleum Reserve.(Updates with Trump’s supply-cut pledge in fourth paragraph.)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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NVIDIA Corporation (NASDAQ: NVDA) is scheduled to report its fiscal year 2021 first-quarter results May 21 after the close. Ahead of the results, and following the recent strong run in the shares, an analyst at Needham hiked their Nvidia price target to a Street-high number.The Nvidia Analyst Analyst Rajvindra Gill maintained a Buy rating and increased the price target from $270 to $360. (See his track record here )The Nvidia Thesis The positive Nvidia story hinges on three pillars, Gill said in a Monday note: the chipmaker's recently completed Mellanox acquisition, strong gaming sales and solid data center performance. (See his track record here.)The analyst said Mellanox results have improved meaningfully since Nvidia announced its intention to acquire the Israeli chipmaker in March 2019.Mellanox's revenues came in at $1.3 billion in 2019, the non-GAAP gross margin was at 68.3% and non-GAAP operating income was $384 million, he said. Needham anticipates that Mellanox will add 85 cents per share to fiscal 2021 EPS and hiked its 2021 EPS estimate from $7.05 to $7.90.Gill said he expects upside to Nvidia's gaming segment thanks to the stay-at-home economy that boosted discrete GPU sales; growing ray-tracing adoption in leading games such as "Call of Duty," "Madden NFL," "Battlefield,"; and strong NINTENDO LTD/ADR (OTC: NTDOY) Switch sales.The analyst is also positive about the data center segment."We expect data center (31% of F4Q20 sales), which is NVDA's largest growth driver, to continue benefiting from increased demand for both public and private clouds due to the ramp of data consumption in the cloud," the analyst said. Needham also noted an acceleration in the migration of data from on-premise to the hybrid and public clouds.NVDA Price Action At last check, Nvidia shares were rising by 3.65% to $323.90. Related Links:'Fast Money' Picks For May 11: EA, Nike, Nvidia Nvidia, Marvell, Monolithic Are Oppenheimer's Top Picks Ahead Of Semiconductor Earnings Latest Ratings for NVDA DateFirmActionFromTo May 2020NeedhamMaintainsBuy May 2020SunTrust Robinson HumphreyMaintainsBuy May 2020SusquehannaMaintainsPositive View More Analyst Ratings for NVDA View the Latest Analyst Ratings See more from Benzinga * Nvidia Reportedly Eyeing 5nm Chips Even As Apple, AMD Ramp Up Orders * Nvidia, Marvell, Monolithic Are Oppenheimer's Top Picks Ahead Of Semiconductor Earnings * Despite Near-Term Volatility, Nvidia Analyst Remains Bullish On Data Center Positioning, Gaming Dominance(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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The IRS wants people to take action by noon Wednesday if they want a shot at receiving coronavirus stimulus cash more quickly via direct deposit.

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