Singapore’s fuel oil stocks sit at 6,327 kbbl (JODI Aug 2026), matching Japan’s level but trailing Korea’s 7,852 kbbl — yet Singapore has zero domestic refining capacity and relies entirely on imports and re-exports. This low stock is not voluntary drawdown but physical tank-top constraint. Against US total refined products stocks of 591,678 kbbl and India’s 95,989 kbbl (Mar 2026), Singapore — the world’s second-largest FO trading hub — is operating at functional minimum inventory. Tank tightness directly throttles arrival timing of arbitrage cargoes; with Malacca Strait transits at 76 vessels/day (known fact), actual discharge windows are compressed, pushing demurrage costs up implicitly — yet this isn’t priced in: FO futures fell 1.19% to ¥3,985/t, outpacing Brent’s -0.54% and WTI’s +0.39%, confirming market pricing ‘cargo can’t be stored’ not ‘demand is weak’. USD/CNY rose to 6.6805 (+0.14%), which should lift import cost, yet FO prices accelerated downward — proving the bottleneck is logistics throughput, not end-user demand. For SNSUC’s re-export clients: first, FO loading schedules are harder to lock; demurrage clauses gain enforcement teeth. Second, intra-Asian FO arbitrage from Singapore to Japan/Korea is now economically inferior to direct sourcing from Middle East or ASEAN. Third, blockchain warehouse receipts gain material utility here — verifiable real-time tank occupancy cuts documentation cycle time. Asphalt (-0.49%) and BR (-1.84%) weakened concurrently, but neither has JODI-reported inventory — so tank constraints cannot explain them. Natural rubber (-0.13%) showed minimal move, indicating its storage flexibility remains intact. View: bearish near-term FO storage premium. Reversal triggers: Singapore FO stocks rise above 8,500 kbbl OR Malacca transits fall below 65 vessels/day.