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Genscape Says Oil Storage at Cushing Increased by 426,000 Barrels in the Last Week; Company Launches Real Time Petroleum Monitoring Service

Posted on: Monday, 20 April 2009, 14:00 CDT

LOUISVILLE, Ken., April 20 /PRNewswire/ -- Genscape Inc., the nation's first and only supplier of real-time power plant and natural gas supply and status information, today said that storage at Cushing increased by 426,000 barrels in the past week. The announcement of the storage change coincides with the launch of Genscape's real time Petroleum Monitoring Service.

Traders and analysts watch storage levels at Cushing for signs of the direction in global oil markets. Recently, oil in storage reached exceptionally high levels, leading to a reversal in the usual price relationship between US and European crude oil prices. Cushing is also the delivery point for physically settled Nymex crude oil futures contracts, which makes the amount of oil available at that location of special interest to the global oil market.

Genscape uses a combination of direct monitoring techniques to estimate storage levels by tank at Cushing. The data will be published for Genscape clients ahead of the data release by the Energy Information Administration and the American Petroleum Institute.

"Our success in accurately assessing crude oil in storage is the first step in bringing the same level of transparency to the petroleum market that we have brought to the power and gas markets," said Sean O'Leary, Genscape's CEO. "We are confident that more timely information will enable hedgers and other market participants to use trading instruments more effectively."

"More capital is deployed in crude oil trading worldwide than any other commodity," said Mike McAuliffe, VP of Sales & Marketing at Genscape, "and yet market participants are still left guessing about key fundamental data. The insight we provide is becoming increasingly critical as unusual market conditions disrupt long-standing price relationships and create excessive volatility." Several firms are already using Genscape's storage service, McAuliffe said.

About Genscape: Genscape Inc. is the originator of real-time power & natural gas supply information to support decision-making for power marketers, regulators, utilities, distributors, and other energy market participants. In addition to real-time power flows, Genscape supplies data on the fundamentals of coal, gas, oil and emissions in the United States and Europe. Genscape's parent company is DMG Information, the information publishing division of the Daily Mail and General Trust plc. For more information, contact: Mike McAuliffe at Michael@Genscape.com, +1.502.583.4315

SOURCE Genscape Inc.

Source: PR Newswire

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