Looks like markets do respond to API despite the large US stock levels in place 
Good Guess 
API Report News Today:
SAN FRANCISCO (MarketWatch) -- The American Petroleum Institute reported late Tuesday a decline of 4.1 million barrels on the nation's crude-oil inventories on the week ended Oct. 29. That was larger than the 2-million-barrel decline seen by analysts polled by Platts. Gasoline stocks declined 3.2 million, the API said. The trade group also reported a decline of 4.7 million for distillates stocks. Analysts surveyed by Platts had expected gasoline stocks to increase 1.1 million and supplies of distillates down 900,000 barrels.
API Report News Last Week:
SAN FRANCISCO (MarketWatch) -- The American Petroleum Institute on Tuesday showed a higher-than-anticipated increase in crude-oil supplies for the week ended Oct. 22. The trade group said the nation's stockpiles of oil rose 6.4 million barrels, against expectations of an increase of 1.5 million barrels, according to analysts surveyed by Platts. Gasoline stocks declined 1.8 million barrels, whereas the analysts had expected an increase of 900,000 barrels. Supplies of distillates, which include heating oil and diesel, rose 818,000 barrels; they were forecast to decline 1.5 million barrels. The API report comes a day before the more closely watched data from the Department of Energy.
Good Guess API Report News Today:
SAN FRANCISCO (MarketWatch) -- The American Petroleum Institute reported late Tuesday a decline of 4.1 million barrels on the nation's crude-oil inventories on the week ended Oct. 29. That was larger than the 2-million-barrel decline seen by analysts polled by Platts. Gasoline stocks declined 3.2 million, the API said. The trade group also reported a decline of 4.7 million for distillates stocks. Analysts surveyed by Platts had expected gasoline stocks to increase 1.1 million and supplies of distillates down 900,000 barrels.
API Report News Last Week:
SAN FRANCISCO (MarketWatch) -- The American Petroleum Institute on Tuesday showed a higher-than-anticipated increase in crude-oil supplies for the week ended Oct. 22. The trade group said the nation's stockpiles of oil rose 6.4 million barrels, against expectations of an increase of 1.5 million barrels, according to analysts surveyed by Platts. Gasoline stocks declined 1.8 million barrels, whereas the analysts had expected an increase of 900,000 barrels. Supplies of distillates, which include heating oil and diesel, rose 818,000 barrels; they were forecast to decline 1.5 million barrels. The API report comes a day before the more closely watched data from the Department of Energy.
