California Gasoline Stocks Stay at Record Lows as Hormuz Crunch Drives Oil Higher

California gasoline inventories remain pinned at record lows of 9.44 million barrels (since 2005), with pump prices at $5.86/gallon—26% higher since the Iran war—due to Strait of Hormuz disruptions slashing Asian imports. The story began with API's April 14 report of a 6.10 million-barrel crude build, triggering a WTI selloff to $91.95, but EIA data on April 15 revealed a 900,000-barrel crude draw, 6.3 million-barrel gasoline plunge, and 3.1 million-barrel distillate drop amid 20.6 million bpd demand (+5.6% y/y), fueling a rebound to $92.58 WTI. California's pipeline isolation and 20% refinery losses heighten national supply fears, bolstering oil upside.