EIA Confirms +1.9M Crude Build vs API Draw as Products Draw Sharply

The EIA reported an unexpected +1.925 million-barrel crude inventory build to 465.7 million barrels (3% above five-year average) for the week ended April 17, reversing the API's bullish -4.4 million-barrel draw from April 21. Strong gasoline (-4.57M vs -1.49M expected) and distillate (-3.43M vs -2.46M expected) draws highlighted tightening refined markets amid steady 13.6M bpd production, rising imports to 6.1M bpd, and SPR releases of 4.1M barrels. This API-EIA divergence signals heightened WLDOIL volatility with bearish crude overhang tempered by bullish product fundamentals.