CORRECTED-UPDATE 1-Magellan Midstream sees a sound future for Cushing business

NEW YORK, May 2 (Reuters) - Magellan Midstream Partners sees a sound fundamental outlook for business at the glutted crude oil storage hub in Cushing, Oklahoma, even as pipeline carriers prepare to draw a significant portion of its supply to Gulf refineries, the company told investors and analysts Wednesday during its first-quarter earnings conference call.