May 10, 2018 / 8:36 PM / 2 months ago

Blueknight expects continued weakness in U.S. oil storage market

May 10 (Reuters) - Midstream operator Blueknight Energy Partners LP, said on Thursday the company expects a weaker oil storage market in the United States than previously anticipated as oil prices surge and backwardation in the forward curve persists:

* Company modeling weaker market for storage than what it projected four to five months ago

* Blueknight, which has about 6.6 million barrels of crude storage in the Cushing, Oklahoma hub, is “concerned” about potential weakness during re-negotiation of some of its storage contracts as they come up for renewal

* Company highly confident that within four to six weeks, its Oklahoma crude pipeline will be back in service. That would double its Oklahoma capacity, Blueknight Chief Executive Mark Hurley said.

Reporting by Ayenat Mersie in New York; Editing by Lisa Shumaker

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