CME Group adds Cushing Terminal as new crude oil delivery point
In October 2021, Plains announced that CME Group (CME) was adding Plains' Cushing Terminal as a delivery point to its NYMEX WTI Crude Oil Futures contract. This will enable market participants to gain an additional outlet of delivery as Cushing, Oklahoma is one of the largest crude oil market hubs in the US. Plains Cushing Terminal has a storage capacity of 27.2 million barrels with 23 pipeline connections and 15 third-party terminal connections. Furthermore, it moves an estimated 4.0 million barrels of oil per day.
New ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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