ACTIONABLE OIL INVENTORY INSIGHT ENABLED BY BIG DATA ANALYTICS
Geospatial Insight today announces the launch of TankWatch, a new satellite-based approach to deliver weekly reports of fluctuations at global oil storage sites, providing oil traders and analysts with precise, near real-time insight into crude oil storage inventories and reserves worldwide.
TankWatch storage measurements are derived using a unique methodology, combining both optical and radar satellite data sources to ensure the highest levels of measurement accuracy. Cloud penetrating radar satellite data is used to increase reliability of temporal coverage and combined with Artificial Intelligence algorithms delivers highly accurate, precise and rapid oil storage measurements.
This new hybrid approach provides traders with key insight into crude oil storage at oil field extraction sites, storage hubs, contract settlement and refinery locations worldwide, delivering detailed analysis of key trading information such as; how many floating roof storage sites are there, and what are their capacities, what are stockpiled levels, how have these levels changed over time, and what is the current site status. Terminals are observed and stored volumes per site are reported weekly.
Of significant benefit to traders, Geospatial Insight’s proprietary software platform enables storage volume measurements to be delivered ready-formatted and fully compatible with systematic trading strategies.
Dan Schnurr, Product Lead for TankWatch explains:
“TankWatch capitalises on the new source of alternative data from satellite to provide the most accurate global crude oil storage data currently available. Geospatial Insight’s regular, weekly data provides clarity in countries where previously little or no intelligence has been available and enables oil traders to be first-to-market with the complete storage picture to capitalise on new arbitrage opportunities. Unique to TankWatch is the use of both sub-metre visible imagery and radar satellite data to deliver higher measurement accuracies than has previously been achievable. This, combined with rigorous quality control, provides oil traders with complete confidence and ensures that TankWatch delivers the most accurate crude oil storage measurements to the market.”