Ocotber 25, 2012 [OPIS] - The new construction spree for crude storage tanks at Cushing, Okla., is expected to slow over the next two years after a significant capacity increase in the past two years, Chris Sternberg, managing director at Genscape Oil, said on Tuesday.
Sternberg was speaking at the OPIS 14th Annual National Supply Summit held in Las Vegas. The three-day conference will end later on Wednesday.
Genscape is a global provider of energy information for commodity and financial markets. It also publishes the Genscape Cushing Oil Storage report, which estimates physical crude oil inventories via aerial surveys. The report, which is available via subscription, is published twice a week.
Cushing total storage capacity is currently pegged at 77 million bbl, and it is set to grow to 84 million bbl by November 2014. This capacity hike of about another 7 million bbl over the next two years is compared to an increase of 21 million bbl from 2010 to 2012. Cushing total storage capacity was 56 million bbl in May 2010.
The current storage tank utilization rate at Cushing is pegged at 63% or 48.081 million bbl as of Oct. 19, Sternberg said. The storage data was derived by surveying all 13 tank farms at Cushing.
The Energy Information Administration has crude stocks at about 44 million bbl last week. Sternberg said that Genscape Cushing crude stock data has been generally higher than EIA numbers because of different methodology.
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Cushing’s Storage Facilities in Tankterminals.com: Centurion, Enbridge, Enterprise, Magellan, Plains All American Pipelines, Rose Rock, Blueknight Energy, Gavilon
