PETALUMA, Calif., Oct. 14, 2020 /PRNewswire/ — Tangram Insurance Services, Inc. (“Tangram”), a Managing General Agency, and Markel Corporation on behalf of its affiliated insurance companies  (“Markel”) today announces the launch of a program to provide excess liability above Tangram’s current program in propane and fuel distribution niche.

Tangram’s program provides comprehensive insurance solutions for dealers and distributors of fuel oil, propane, diesel and gasoline. The additional excess liability capacity that Markel provides will make Tangram a one stop shop for this niche. With the additional capacity, Tangram’s program now has the ability to provide General Liability, Property, Commercial Auto, Workers’ Compensation, Environmental Liability and Excess Liability cover up to $15 million.

“Our downstream energy program is our fastest growing niche.  Tangram’s focus for the past 5 years has been to provide our specialty brokers with meaningful coverage and services from a single source.  With the addition of Markel’s capacity, commitment and experience in the energy space, our brokers and customers have an even more compelling reason to partner with us for the long term,” said Rekha Skantharaja, Tangram’s President & CEO.

Tracy Bernard, Tangram’s Head of Program Development noted, “We are excited to partner with an industry powerhouse like Markel to provide excess liability to this niche. By providing this additional capacity we continue to demonstrate our commitment to the Fuel Distribution industry, providing a full suite of coverages for our broker partners and insureds operating in these challenging times.”

“Tangram provides an excellent underwriting platform for risk analysis, and they have a long history in this insurance space. We’re looking forward to building a solid partnership with Tangram in this line of business and sharing in mutual success and profitability,” said Tim Pasik, Managing Director, US Excess Casualty at Markel.

About Tangram Insurance Services,

By Suzanne Barlyn

NEW YORK, Oct 12 (Reuters)Asian stocks were set to rise on Tuesday as a renewed tech rally and fresh optimism that Washington would deliver a coronavirus relief package helped lift global equity markets.

Shares in Apple Inc AAPL.O surged 6.4% on Wall Street on Monday ahead of an expected debut of its latest iPhone on Tuesday, helping boost technology stocks, while Amazon AMZN.O rallied 4.8% ahead of its Prime Day shopping event this week.

CommSec Senior Economist Ryan Felsman said a COVID-19 resurgence in Europe and the United States is partly fueling the tech rally.

“Once again, there is a desire to hold the stay-at-home types of technology stocks…which will still generate profits and will be greatly oriented to a more challenging economic environment,” Felsman said.

On Wall Street, the Nasdaq Composite .IXIC on Monday staged its biggest one-day rally in a month, jumping 2.56%. The Dow Jones Industrial Average .DJI rose 0.88% and the S&P 500 .SPX gained 1.64%.

The U.S. dollar was pinned near a three-week low and gold, another safe-haven asset, stayed below a three-week high, slapped by investor demand for risk. The U.S. bond market is closed on Monday for Columbus Day.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.11% higher.

Australian S&P/ASX 200 futures YAPcm1 rose 1.05% in early trading. Hong Kong’s Hang Seng index futures .HSIHSIc1 rose 0.11%.

E-mini futures for the S&P 500 EScv1 rose 0.01%.

The dollar index =USD fell 0.078%, with the euro EUR= unchanged at $1.1813.

The pan-European STOXX 600 index .STOXX rose 0.72% and MSCI’s gauge of stocks across the globe .MIWD00000PUS gained 0.01%.

Bets that more U.S. stimulus was in the offing came despite signs that talks in Washington had stalled again, leading the Trump administration to call

NEW YORK (Reuters) – Asian stocks were set to rise on Tuesday as a renewed tech rally and fresh optimism that Washington would deliver a coronavirus relief package helped lift global equity markets.

Shares in Apple Inc

surged 6.4% on Wall Street on Monday ahead of an expected debut of its latest iPhone on Tuesday, helping boost technology stocks, while Amazon

rallied 4.8% ahead of its Prime Day shopping event this week.

CommSec Senior Economist Ryan Felsman said a COVID-19 resurgence in Europe and the United States is partly fueling the tech rally.

“Once again, there is a desire to hold the stay-at-home types of technology stocks…which will still generate profits and will be greatly oriented to a more challenging economic environment,” Felsman said.

On Wall Street, the Nasdaq Composite <.IXIC> on Monday staged its biggest one-day rally in a month, jumping 2.56%. The Dow Jones Industrial Average <.DJI> rose 0.88% and the S&P 500 <.SPX> gained 1.64%.

The U.S. dollar was pinned near a three-week low and gold, another safe-haven asset, stayed below a three-week high, slapped by investor demand for risk. The U.S. bond market is closed on Monday for Columbus Day.

MSCI’s broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> closed 0.11% higher.

Australian S&P/ASX 200 futures

rose 1.05% in early trading. Hong Kong’s Hang Seng index futures <.HSI>

rose 0.11%.

E-mini futures for the S&P 500

rose 0.01%.

The dollar index <=USD> fell 0.078%, with the euro

unchanged at $1.1813.
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The pan-European STOXX 600 index <.STOXX> rose 0.72% and MSCI’s gauge of stocks across the globe <.MIWD00000PUS> gained 0.01%.

Bets that more U.S. stimulus was in the offing came despite signs that talks in Washington had stalled again, leading the Trump administration to call on Congress to pass a less ambitious coronavirus relief bill.

U.S.

(Reuters) – U.S. crude oil stockpiles rose modestly, in line with expectations, while gasoline and distillate inventories dipped last week, the Energy Information Administration said on Wednesday.

    Crude inventories

rose by 501,000 barrels in the week to Oct. 2 to 492.9 million barrels, compared with analysts’ expectations in a Reuters poll for a 294,000-barrel rise.
=eci>

Production was higher, rising to 11 million barrels per day from 10.7 million bpd in the previous week. That was a surprise to analysts, though that figure is likely to reverse in next week’s report as Hurricane Delta has already caused offshore facilities to shut.

“Domestic production was up 300k which was a bit bearish and may weigh on prices for a bit. Imports were up big 610k barrels and exports were down big. In my opinion those numbers are still being influenced by hurricane activity over the past couple of weeks,” said Bob Yawger, director of energy futures at Mizuho.

    Net U.S. crude imports

rose by 1.5 million bpd as exports alone dropped 853,000 bpd.
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Fuel demand improved, the EIA said, with product supplied rising for both gasoline and distillates, which include diesel and heating oil. Over the last four weeks, product supplied, a proxy for demand, is still down 15% from the year-ago period as the United States remains burdened by the coronavirus pandemic.

Futures prices fell, sinking after U.S. President Donald Trump cut off talks for a new stimulus package on Tuesday. U.S. crude

was down 3% to $39.40 a barrel while Brent

dropped 2.6% to $41.54 a barrel.

    U.S. gasoline stocks

fell by 1.4 million barrels in the week to 226.8 million barrels, their lowest since November of last year, compared with expectations for a 471,000-barrel drop.​
=eci>

    Distillate stockpiles

fell by 962,000 barrels, in line with expectations.
=eci>

(Reuters) – Oil major Chevron Corp’s

U.S. unit and waste management firm Brightmark LLC said on Wednesday they have formed a joint venture to market dairy biomethane, a renewable natural gas made of methane emissions from cattle burps.

Ruminant livestock such as cattle and sheep produce methane as a byproduct while digesting fibrous plant material. Methane accounts for 20% of global emissions and scientists have been working for years to reduce the amount of the gas released by cattle.

Chevron U.S.A. and Brightmark LLC said their investments in the new venture, Brightmark RNG Holdings LLC, will fund the construction of required infrastructure and commercial operation of dairy biomethane projects across multiple U.S. states.

Chevron will purchase the renewable natural gas produced from the JV’s projects and market it for use in vehicles that run on compressed natural gas, the companies said.

The latest move underscores a shift in investor demand, with increased pressure in recent years on fossil fuel companies, including Chevron, to reduce emissions, spend more on low-carbon energy and make disclosures on the impact of fossil fuel production on climate change.

“We are increasing renewables in support of our business, making targeted investments and establishing partnerships as we evaluate emerging sources of energy and the role they will play in our portfolio,” said Andy Walz, president of Americas products for Chevron.

Chevron is also part of another renewable natural gas JV, CalBioGas LLC, that last month announced its first successful production from dairy farms in Kern County.

(Reporting by Shradha Singh in Bengaluru; Editing by Shounak Dasgupta)

Copyright 2020 Thomson Reuters.

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