US crude inventories draw for 27th week, API reports 4.93M barrel drop

API reports a 4.93 million barrel draw in US crude inventories for the week ending October 16, continuing a 27-week trend of draws totaling over 56 million barrels. However, inventories remain only 5 million barrels below year-start levels, partly due to SPR releases. The sustained draws signal tightening supply, but the market impact is tempered by the ongoing SPR contribution.