Gasoline inventories probably expanded by 1.1 million barrels last week, the survey shows. Distillate supplies, including diesel and heating oil, are projected to have decreased by 1 million.
The Energy Information Administration is scheduled to release its stockpile report at 11 a.m. tomorrow in Washington. The government requires that data be filed with the Energy Department’s statistical arm, while the API collects information on a voluntary basis from operators of refineries, bulk terminals and pipelines.
“WTI is trying to reach $100, but it may meet profit taking around that level,” Ken Hasegawa, an energy-trading manager at Newedge Group in Tokyo, said by phone today. A loss of crude output from South Sudan “will be a support factor for Brent,” he said.
Fighting in South Sudan, which exports about 220,000 barrels a day of crude, has killed at least 500 people and forced the government to evacuate some oil workers. Rebel forces loyal to former Vice President Riek Machar said they captured the oil-producing state of Unity on Dec. 21. The country has sub-Saharan Africa’s largest reserves after Nigeria and Angola, according to data from BP Plc.