¥3,650/day — the spot demurrage rate quoted today by major bonded oil terminals in East China, up 28% from September’s average of ¥2,850 and the highest since Q3 2026. The driver isn’t crude: Brent (+0.08%) and WTI (−0.06%) moved minimally. It’s the structural rupture between fuel oil and asphalt: fuel oil futures at ¥4,434/t (+0.36%), asphalt at ¥5,013/t (−3.50%). Their spread widened to ¥579/t — nearing historical extremes (industry benchmark: ¥320 ± ¥110/t, 2023–2025). This gap reflects a battle for tank allocation: domestic refiners are prioritizing渣油 into fuel oil tanks to lock in bonded bunkering arbitrage, while cutting asphalt intake — forcing inventory build-up and price erosion. Combined tank utilization across Yangshan, Ningbo Chuanshan, and Qingdao Dongjiakou bonded zones hit 92.3%, with fuel oil-dedicated tanks at 96.7% occupancy and asphalt tanks only 11.5% vacant. SNSUC transshipment data shows: Lula crude-to-fuel-oil re-export voyages via Singapore averaged 2.4 days of demurrage in early October; ESPO crude-to-asphalt shipments to Vietnam averaged 3.8 days — adding ¥127/ton in logistics cost. More critically, transport economics flipped: Ningbo → Qingdao asphalt barge freight is ¥85/ton, but with ¥3,650/day demurrage (3-day avg), total landed cost hits ¥12,320/kt — exceeding Qingdao’s local ex-works asphalt price of ¥11,850/kt (industry benchmark). That’s a ¥47/ton loss for SNSUC clients holding asphalt in Qingdao bonded storage. Fuel oil is the inverse: Yangpu’s bonded fuel oil tanks turn 1.8x/day — diluting demurrage cost to just ¥19/ton. USD/CNY flat at 6.7050 offers no hedge against RMB-denominated demurrage. Clear call: bearish regional asphalt storage value; bullish fuel oil tank premium. Reversal triggers: asphalt futures break ¥4,920/t, or fuel oil–asphalt spread narrows to ≤¥420/t. Action: SNSUC importers must halt new asphalt bonded入库 orders immediately; fuel oil clients should secure 30-day tank booking rights (current premium: ¥210/kt·month).