When rumors spread about operational issues on the Seaway pipeline, the pipeline that carries oil from the trading hub of Cushing, Oklahoma, the markets react. Wednesday morning saw crude prices fall sharply as investors worried about a possible problem with the line. The pipelines owner "does not give 'minute to minute' operational updates on the company's assets" so were unable to officially verify the line's status. This afternoon, Reuters was able to report that the pipeline was operating normally by referencing Genscape's real-time oil data. Using our infrared pipeline monitors, Genscape was able to report that power consumption decreased at the pumping stations along the Seaway route at 9am EST and that the flows resumed at 11:15am.
Our real-time data on the Cushing storage tanks and pipelines is collected using infrared cameras, aerial diagnostics, and uses 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), two days ahead of the EIA's estimates, futures and over-the-counter trading activity surges as market participants adjust their positions. Read more about Genscape's North American Storage services.