As Cushing fills, traders eye Houston to play the storage game
As rapidly rising oil stockpiles near the limits of storage tanks in Cushing, Oklahoma, traders are quickly turning their sights south to the U.S. Gulf Coast, where capacity is more plentiful but profits more elusive.
The Gulf Coast region boasts nearly 210 million barrels of capacity on oil tank farms, more than a half of the nation's total, according to U.S. data from September. There's another 75 million barrels in refinery sites, and analysts estimate a further 45 million connected to pipelines.
As of last week, only 214 million barrels were stockpiled on the Gulf Coast, just tiny bit below last May's record-high levels, data show.
With little sign of a global glut letting up soon, oil traders are scrambling to secure short- or medium-term leases to stockpile deeply discounted promp
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Submitted Feb 27, 2015 By: