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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: DinoNavarre who wrote (200623)3/19/2020 4:12:09 PM
From: Brian Sullivan2 Recommendations

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Storage at Cushing is held by large midstream companies including Plains All American ( PAA), Magellan Midstream ( MMP)and Enbridge ( ENB). Magellan said Monday that it is seeing increased interest for long-term crude storage in Cushing.

Plains did not respond to a request for comment and Enbridge declined to discuss utilization rates at Cushing, saying it contained customer-specific information.

The crude market is currently trading in what’s known as contango, where forward prices are higher than immediate prices. That incentivizes traders to park barrels into storage in the hopes of selling them for a profit later.

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