Reduction of US crude oil stocks probably just a flash in the pan said Commerzbank in a report. Data yesterday showed that US crude oil stockpiles fell to the surprise of markets, -754K vs +2850K expected.

The inventory reduction was almost solely attributable to a sharp 1.1 million barrel per day decrease in crude oil imports. Since imports are likely to rise again this week, we can expect to see a renewed increase in crude oil stocks, especially given that crude oil processing by refineries is likely to continue to decline.

Brent recovered slightly yesterday after its slump the day before, and as such is continuing to hold its own above the $30 per barrel mark. By contrast, WTI fell further and trades at below $27 per barrel.