US crude oil stocks fell markedly due to lower imports

The API had reported a 7.3 million barrel decrease the day before, which reduced the surprise effect. What is more, the fall in crude oil stocks was mainly due to a sharp decline in imports in a correction of the previous week's extremely high level, notes Commerzbank. This alone served to drive stocks down by nearly 6 million barrels, so without this effect crude oil stocks would actually have risen slightly. 

The 1.7 million barrel increase in US gasoline stocks - unusual for this time of the year - likewise had a negative impact, especially since gasoline production dropped significantly in the reporting week. This is because gasoline demand fell even more markedly at the same time, a sign that the high-demand summer driving season is drawing to a close. It will officially end on Labor Day Weekend in a good week's time. After that, refineries are likely to process less crude oil, which in turn will drive up crude oil stocks, says Commerzbank.