North American Storage
Cushing Storage Data Two Days Before the EIA
Genscape’s bi-weekly measurements of the oil storage tanks at Cushing are the industry standard for the most important crude oil trading hub in the world. That’s because, unlike the Energy Information Administration's (EIA) data derived from voluntary reporting or accounting flows, our storage estimates are based on actual tank volumes, and include granularity down to the individual tank level. Data is collected using infrared cameras, aerial diagnostics, and other proprietary measurement techniques.
This approach translates into highly accurate, advance notice of the actual oil storage levels at Cushing and other oil storage facilities around the world. Immediately following the publication of the Genscape’s Cushing oil storage numbers on Mondays and Thursdays at 9:00 AM (US Eastern time), futures and over-the-counter trading activity surges as market participants adjust their positions.
The first graph below shows Genscape's measured Cushing storage level data accuracy, published bi-weekly, compared to the EIA monthly storage level report. With our service, there's no need to wait until the end of the month for the EIA's report when Genscape's data is spot on and available twice a week. The bottom graph compares Genscape's Monday storage data to the qualitative estimates published by the EIA two days later. Click each graph for an enlargement.
In addition to offering insight into the largest concentration of above-ground storage on earth two days ahead of the EIA, Genscape provides much more granular information to assess oil storage by owner or purpose. Who owns the oil can be just as important as how much oil is in the tank.
Cushing is not the only location that influences the crude oil balance in the US Midcontinent. Genscape also measures tank levels in Canada, at Patoka in Illinois and at four separate locations in West Texas, including the critical Midland hub. The Canadian storage is particularly interesting to traders since tank levels at Hardisty in Alberta provide a good leading indicator of what to expect at Cushing three weeks later.
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