Real-Time Data Harvesting for Oil, Gas, and Commodities: Meeting the 24/7 Market Demand

The oil, gas, and commodities sector is inherently volatile, with factors such as weather patterns, geopolitical events, natural disasters, global demand, and political decisions driving significant market fluctuations - sometimes in a matter of minutes.

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In this dynamic environment, the ability to harvest data in real-time is essential for companies to respond to market changes swiftly and make informed, data-driven decisions.

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Although AI-based data harvesting is still in the early stages, its adoption is steadily increasing. According to McKinsey, approximately 30% of energy companies have already integrated AI into their operations, primarily for predictive maintenance, demand forecasting, and process optimisation. As the technology continues to mature, the adoption rate is expected to rise, with more companies leveraging AI to enhance their ability to monitor market conditions and remain competitive in a rapidly changing landscape.

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At Merit Data and Technology, we empower companies in the oil, gas, and commodities sectors to stay competitive through our AI-powered data harvesting platform:

• High-frequency scraping using Python/Scrapy parallel configurations for efficient, large-scale data collection.
• Handling 35M+ records per day across 800+ global sources, ensuring extensive and accurate market coverage.
• Automated timezone standardisation and delta differencing to maintain consistency and track data changes over time.
• Near real-time processing with ETL pipelines and anomaly detection for fast, actionable insights in volatile markets.

This combination of capabilities ensures businesses can make quick, data-driven decisions, optimising operations and staying ahead of market shifts.

The 24x7 Data Imperative

Energy and commodity prices are highly sensitive to fluctuations across different time zones, with market conditions changing rapidly due to factors like geopolitical events, weather, and demand shifts. As such, the need for continuous, up-to-the-minute data collection has become paramount for companies operating in this space.

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Traditional batch-mode data collection, which relies on periodic updates, is no longer sufficient to meet the demands of modern trading and analytics. In a world where market prices can change in seconds, real-time data is essential to ensure businesses can make informed decisions instantly and stay competitive in a fast-paced, volatile environment.

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To thrive in this dynamic market, companies require the ability to access real-time data at all hours of the day, enabling them to respond swiftly to price shifts, monitor emerging trends, and adjust their strategies accordingly.

Merit’s Real-Time Data Harvesting Framework

Merit’s AI-powered data harvesting platform is built to handle the demanding needs of the oil, gas, and commodities sectors. Our solution ensures companies can access accurate, real-time data to stay ahead of market fluctuations. Here’s how our framework works:

• High-frequency scraping with Python/Scrapy parallel configurations: This enables efficient, large-scale data collection from multiple sources, ensuring that even high volumes of data are processed without delays.
• Handling 35M+ records per day across 800+ sources: Our platform can manage massive data flows, gathering insights from over 800 global sources, ensuring comprehensive market coverage and up-to-date information.
• Automated timezone standardisation and delta differencing: We automate the process of standardising timezones, ensuring that data from multiple time zones is consistent and accurate. Delta differencing helps track changes in pricing and other key metrics over time, enabling proactive decision-making.
• Near real-time processing with ETL pipelines and anomaly detection: Our system processes data in near real-time, with ETL (Extract, Transform, Load) pipelines ensuring smooth data flow. Anomaly detection algorithms identify outliers and pricing discrepancies, enabling quick identification of market shifts.

Key Challenges Overcome

Merit’s Real-Time Data Harvesting Platform is built to tackle critical challenges in data collection:

• Scraper resiliency: Advanced monitoring and recovery features ensure uninterrupted data collection, even during disruptions.
• Alerting for discrepancies: Instant alerts notify users of new records or pricing inconsistencies, enabling quick action.
• Handling diverse formats: Our platform manages various data formats (HTML, PDFs, dynamic content) while ensuring source stability through robust scraping methods.

Case Study: Real-Time Global Energy Pricing Insights at Scale

An independent media organisation specialising in price assessments and analysis of international energy and commodity markets required a solution to collect and process large volumes of global energy pricing data in real-time to support accurate market analysis and decision-making.

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Merit implemented a high-speed, AI-powered data harvesting platform capable of:

• High-frequency scraping: Utilising Python/Scrapy parallel configurations to collect data from multiple sources simultaneously.
• Handling vast data volumes: Processing over 35 million records per day from more than 800 global sources.
• Automated data standardisation: Implementing timezone standardisation and delta differencing to ensure consistency and accuracy.
• Near real-time processing: Employing ETL pipelines and anomaly detection for swift data processing and insight generation.

Outcome:

• The solution enabled the client to:
  • Achieve 99.8% data accuracy.
  • Reduce operational costs by 30%.
  • Improve decision-making speed by 50%, enhancing responsiveness to market changes.

Ready to Transform Your Data Strategy?

In fast-paced industries like energy, commodities, and financial services, having access to real-time, accurate data is crucial for staying ahead of market fluctuations and making informed decisions. Merit’s AI-powered data harvesting architecture is designed to support dynamic, high-volume data needs, enabling organisations to optimise operations and respond swiftly to market shifts.

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Explore how our cutting-edge platform can revolutionise your data collection processes and enhance your decision-making capabilities.

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Contact us today to discover how Merit can help you harness the power of real-time data for a competitive edge in the ever-changing markets.