Genscape makes oil stock data available to public during EIA closure
HOUSTON -- With the Energy Information Administration (EIA) unable to continue normal operations due to the government shutdown, Genscape is openly distributing its stock measurements for the key Cushing storage hub, the delivery point for the light sweet crude oil (WTI) futures contract from the CME Group. Genscape will publish the data as long as the EIA is unable to do so.
“Oil traders, analysts and energy market watchers that subscribe to Genscape Cushing Report currently receive our data a full two days before the EIA Weekly Petroleum Status Report,” says David Francoeur, chief marketing officer at Genscape. “Our plan is to utilize the same data to fill the void created by the government furlough of the EIA team to provide continued transparency into this critical oil benchmark. We will keep it going until the EIA comes back online.”
Genscape has been measuring Cushing oil stocks since 2009 utilizing aerial-based technology to produce highly accurate tank-level volumes. Those volumes are then reported by aggregate, by tank owner and by individual tank level to subscribers twice per week.
The service delivers data on a Friday-to-Friday, Tuesday-to-Tuesday, and Friday-to-Tuesday basis to give users multiple data points to gain unique insights on Cushing. Genscape reports market fundamentals utilizing its proprietary field monitoring network, which is not based on survey estimates, across the commodities and energy spectrum: oil natural gas, power, agriculture, biofuels, and maritime freight.