API and EIA numbers are red herring.Its sad that the market pays any attention to them. The key number is in the EIA numbers and that is the quantity of oil imported. That number has been rising steadily. So what diff does it make that comsumption is way up and domestic production way down when everyone ignores the fact that foreign interests are dumping an extra million plus barrels of oil every day as compared to last year.
Then when the numbers show a build or not enough of a draw then they scream "OMG the glut" or "the economy is slowing down so bad here". when nothing is further from the truth.
The system is a racket plain and simple designed to manipulate oil markets.