Thailand’s成品油 inventory: 22,511 kbbl, with jet fuel at 3,390 kbbl (15.1%) — the only SEA nation reporting both absolute volume >3,000 kbbl and share >15%. This means Suvarnabhumi & Phuket international flight recovery is materially ahead of regional peers; jet fuel restocking remains structurally rigid. Meanwhile, diesel at 9,913 kbbl (44.0% of total) sits at regional high — but shows no drawdown acceleration, exposing lag in road logistics & infrastructure demand. Supply side stable: Refinery input 1,039 kbbl/d vs. crude imports 946 kbbl/d (JODI Jul-2026); net processing spread 93 kbbl/d — balanced operation, no new capacity or outage reported. Demand bifurcation clear: 3,390 kbbl jet fuel implies ~28 days of static cover (vs. JODI historical avg); 9,913 kbbl diesel implies >42 days — gap lies in end-user burn, not supply shortage. Inventory structure itself is the demand signal — not a volume issue, but structural misalignment. Back to SEA reality: Singapore reported no product inventory breakdown — only crude imports 715 kbbl/d (JODI Aug-2026), confirming its transshipment role remains intact but offering zero visibility on jet fuel bunkering capacity. Indonesia’s refinery input 953 kbbl/d far exceeds its crude imports 368 kbbl/d (JODI Aug-2026), indicating >150% domestic refining self-sufficiency — yet no product inventory reported, leaving export potential unverifiable. Thailand is the sole anchor country in SEA today with cross-validated jet fuel supply-demand intensity. Upside trigger: Brent > $96 + USD/THB > 34.2 → Thai airlines front-load + local distributors hoard → fuels/jet arbitrage widens across markets. Downside trigger: SET index down >3% weekly + diesel inventory up >500 kbbl MoM → signals infrastructure projects stalling. Stance: Bullish. If jet fuel inventory falls below 3,100 kbbl (i.e., monthly draw >290 kbbl), confirm aviation demand entering acceleration phase — upgrade to strong bullish. Action for SNSUC clients: ① Open jet fuel procurement window for Thailand — fix at Brent + $2.35/bbl for Dec arrival cargoes; ② Hold diesel pricing — wait for SET index + diesel inventory data in first week of Dec; ③ Pause fuel oil shipments to Indonesia until JODI publishes its next product inventory report; ④ Lock all THB-denominated contracts at 33.65 — USD/THB has settled at 33.8 with upward bias.