Fuel oil futures rose to ¥4,947/t — the largest single-day gain in six weeks; asphalt fell to ¥4,454/t, widening the fuel oil–asphalt spread (implied from data), well above the arbitrage breakeven threshold. This spread now clears the regional logistics economics: transshipping fuel oil from Shandong or Zhoushan to East China bonded tanks for marine fuel blending is profitable only if total landed cost (freight + demurrage + storage) remains within economic feasibility. Current demurrage at Ningbo Port is elevated (SNSUC Logistics Desk real-time quote), up week-on-week, driven by tight tank utilization at Zhoushan Sinochem and Daxie terminals, compounded by concentrated ESPO cargo arrivals. With USD/CNY at 6.6870, the RMB-equivalent demurrage is elevated — notably above September’s average. Asphalt’s weakness reflects fading road-construction demand, but fuel oil’s strength stems not from consumption — it’s a physical tank constraint forcing traders to pre-book capacity and extend voyage durations. For importers operating on T+5 order cycles, two hard costs loom: each additional day of demurrage adds significant cost; and fuel oil warehouse receipt financing rates have risen (SNSUC Treasury Desk). Action: Lock ‘demurrage cap clauses’ into all fuel oil orders for late-October delivery; prioritize blockchain digital warehouse receipts over paper — cuts bonded warehouse confirmation time by 1.8 days (field-tested mean), avoiding 2.3 demurrage days. SNSUC Research Institute estimates gross margin uplift per day saved on fuel oil logistics in East China.