Crude report for 2/18/2009 ( 1 )
The available storage at Cushing, Ok is estimated at 42 million barrels (bbls). However, the 5 year storage average at Cushing is about 20 million bbls, with last year at approx 16 million bbls. Cushing is now UP to 34,916,000 bbls for 2/6/2009. Compare the averages to last weeks estimated high of 36 million bbls. Look at the US EIA chart and numbers for storage at Cushing. Especially, the last quarter of 2008 and Q1 2009 .. the red dots look like a F18 going vertical:
Note the US EIA definition: "Working storage capacity is the difference in volume between the maximum safe fill capacity and tank bottoms."
Note also the US EIA definition: "Product stocks include those domestic and Customs-cleared foreign stocks held at, or in transit to, refineries and bulk terminals, and stocks in pipelines. Stocks held at natural gas processing plants are included in "Other Oils" and in totals. All stock levels are as of the end of the period. Crude oil stocks include those domestic and Customs-cleared foreign crude oil stocks held at refineries, in pipelines, in lease tanks, and in transit to refineries. Distillate fuel oil stocks located in the "Northeast Heating Oil Reserve" are not included. "
The big question is, of the max capacity at Cushing, how much is really functional storage?
80% 90% IDK* %
The second question is will Cushing test the storage limit possibly inviting an environmental catastrophy?
see also: Shipping used for Storage - ( 1 )
* IDK = I don't know, but if I keep filling the tanks ... we'll find out
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