ITHACA, N.Y.--(BUSINESS WIRE)--Ursa Space Systems Inc. (Ursa) today announced the worldwide release of their expanded China Oil Storage product, the first reliable report of China’s crude oil stocks. The report covers 75% of China’s crude oil tanks, including 100% of Strategic Petroleum Reserves (SPR) and over 70% of Commercial storage.
“The expanded coverage provided by Ursa’s China Oil Storage product is an essential decision aid for our customers,” said Matt Wood, Ursa’s Vice President of Sales and Marketing. “Our weekly pulse on China’s oil stocks helps our customers reduce risk and provides a reliable source of information about a major factor in the energy market. What was previously opaque is now transparent.”
For its China Oil Storage product, Ursa measures and reports on each tank every week and since April 2016 has successfully obtained over 99% of planned weekly measurements. “This is the level of reliability needed by time series data analytics,” said Adam Maher, Ursa’s Founder and CEO. “We are excited to be the first company to fill the information gap about oil inventories in China and to offer this level of reliability to our customers.”
With its China Oil Storage product, Ursa provides weekly and monthly historical data which can be used for backtesting models. Weekly measurements can be used as an anchor in calculating a “crude oil balance sheet”, or used as input for models to predict oil prices, stock prices, and currencies. In addition to measurements, Ursa provides contextual information such as tank owner and whether the tank is SPR or commercial.
About Ursa Space Systems Inc.: Ursa delivers global economic intelligence to energy and financial enterprises, providing reliable information about areas of the world that are traditionally opaque. The company was formed in early 2015 by leaders in the satellite and software security fields with the vision to unlock the potential of data and insights derived from satellite imaging. Ursa is headquartered in Ithaca, NY. For more information see www.ursaspace.com.