Bloomberg News

Cushing Crude Stockpiles Fall 3.1%, Satellite Survey Shows

October 03, 2011

(Run BMAP CUSH<GO> for a map of Cushing storage tanks.)

Oct. 3 (Bloomberg) -- Crude oil inventories in Cushing, Oklahoma, decreased 3.1 percent on Sept. 29 from Sept. 26, according to data compiled by DigitalGlobe Inc.

Stockpiles held in floating-roof tanks at the hub fell 936,000 barrels to 29.2 million, satellite images taken by the Longmont, Colorado-based company show. The Energy Department said this week that Cushing supplies, including floating and fixed tanks, totaled 30.9 million barrels as of Sept. 23.

Cushing is the physical delivery point for New York Mercantile Exchange oil futures contracts and the largest crude- trading and storage hub in the U.S. The hub has working storage capacity of 48 million barrels, according to the Energy Department.

The DigitalGlobe estimate is based on images of 234 operational floating-top tanks at Cushing, the satellite company said. There are 83 operational fixed-roof tanks at the hub.

DigitalGlobe data is released twice each week at 10:30 a.m. New York time on Mondays and Fridays. For the Friday release, the information is collected from the previous Saturday through Wednesday. For the Monday release, it’s from the previous Thursday or Friday.

When clouds obscure the satellite view, data is used from the last day in which there was a full collection. The highest percent of collection data will be used when cloud cover obscures images during a collection period.

--Editors: Dan Stets, Charlotte Porter

To contact the reporter on this story: Aaron Clark in New York at aclark27@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net


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