Business
Thomson Reuters exclusive redistributor of Gens...
Thomson Reuters exclusive redistributor of Gens....
About this update from Trifast Plc
[{"type":"text","content":"\n \n\n\n\n\nIncreased trading opportunities for Thomson Reuters commodities customers\n\nLondon - 4 March, 2010 - Thomson Reuters today announced that it has signed an\nagreement with Genscape, the leading global provider of proprietary energy\ninformation for commodity and financial markets, to provide Thomson Reuters\ncommodities customers with exclusive redistributor access to Genscape's unique\nmid-week oil storage report for America's top oil storage hub in Cushing,\nOklahoma.\n\nCushing, Oklahoma boasts one of the largest concentrations of crude oil storage\ntanks in the world and is the delivery point for the physical settlement of the\nCME/NYMEX crude oil futures contract. Unlike other storage sites, Cushing is\nsome distance from the nearest refinery so oil stored at the site is mainly held\nfor trading rather than operational reasons.\n\nIn addition to counting toward total crude oil inventories in the United States\n- a figure which has a large effect on global crude oil prices - the Cushing\nstorage number is a strong indicator of expectations for future price movements\nand is the physical yardstick that best reveals the thinking of speculative\nfutures and forward traders. Traders in the international crude markets have\nover time increased their trading activity around the Cushing oil storage\nnumbers.\n\nThe US Energy Information Administration (EIA) has, since 2004, surveyed a\nnumber of Cushing storage operators on Fridays, before publishing its data on\nthe following Wednesday at 10:30 am US eastern time. However the EIA data is\nbased on accounting changes, not actual storage meter readings, and is published\nfive days after the survey is completed.\n\nIn order to provide the market with a more detailed and timely gauge of the\nlevel of Cushing storage, Genscape, in early 2009, started remotely and directly\nmeasuring the storage levels. The company takes pictures in the visual and\ninfra-red spectrum of every tank (more than 300 in total) before using\nproprietary tools to establish the storage level. The Midweek Storage Report\ndata collected on Tuesday is released on Thursday and gives market participants\na good indication of what to expect for the following week's EIA release days\nahead of the rest of the market.\n\nGenscape has recorded an increase in trading activity around the release of its\ndata o...