Ursa Space Systems has announced plans to provide the world's first global oil inventory reports.
The company says that the reports will build an 'accurate balance sheet for better insight on oil supply and demand'.
Currently, it provides an inventory report for China, but is looking to deliver global oil storage reports on a region-by-region basis, starting with the Caribbean, Middle East/North Africa and Europe. These reports are due to come online in the coming months.
Matt Wood, Ursa's VP of sales and marketing, says: 'Developed in close collaboration with our customers, the global product builds upon our success with Ursa's China oil storage report released in May.
Colin Fenton, of Blacklight Research, says: 'Energy trading is continually revolutionised by the emergence of technologies that bring new sources of knowledge and efficiency.
'As the promise of space-based remote sensing marched toward reality, we knew we had to find and partner with the best operation. Our access to Ursa's data has been a key edge for Blacklight in anticipating shifts in oil market fundamentals and prices so accurately in 2017.'
The reports provide weekly time series of oil stocks down to the tank level for a majority of the inventories on a regional basis. The measurements can then be used as an anchor in calculating an oil balance sheet, or as an input to models that predict prices of a wide range of commodities and other financial instruments.
Additionally, Ursa provides contextual information such as tank owner and storage type.
Storage for Mexico's new energy eraVenezuela's oil sector in tailspin A midstream first for Oman Redrawing the global oil & gas picture Regulatory update for US tank terminal operators A new leading European port Adaptable logistics for a changing market Boom time for storage in America Surviving hurricane season: preperation is key Storm preparation: flood risk and buoyancy hazards