A weekly report by the American Petroleum Institute providing data on US crude oil inventories, production, and refinery operations. It often moves oil prices when released, typically on Tuesday evenings. Traders use the API report as a preview of the official EIA inventory data released the following day, and significant deviations from expectations can cause sharp intraday moves in crude oil futures.
Example
“The API report showed a surprise drawdown in crude inventories, sending WTI oil futures higher in after-hours trading.”