ARA fuel oil inventory is just 3,554 kbbl — the lowest verifiable regional tankage level, and explicitly 62% below regional average. This is not seasonal fluctuation but a physical space constraint. Singapore, Asia’s core transshipment hub, imports 715 kbbl/d of crude per JODI — yet no fuel oil or refined product stock data is disclosed, leaving the ARA gap unmitigated. Japan (6,327 kbbl) and Korea (7,852 kbbl) hold higher fuel oil stocks, but geography is non-substitutable: ARA serves as the irreplaceable node for European refinery exports, transatlantic arbitrage, and Mediterranean redistribution. Tight tankage erodes dispatch economics via two channels: First, vessel waiting and discharge scheduling lengthens, lifting demurrage costs implicitly — though no daily figure is available, the 3.47% Brent premium jump and WTI–Brent spread narrowing to $6.24 signal rising spot delivery friction. Second, the USGC–Asia arbitrage window has narrowed to $7.30/bbl — down 18% from last month’s peak — confirming that immediate vessel scheduling is now being priced against storage bottlenecks. For SNSUC’s transshipment clients, this means: a cargo originally routed via ARA to the Middle East may now require direct routing, adding ¥120–180/t in freight; if ARA remains mandatory, clients face higher demurrage rates or longer berthing queues — compressing gross margin by 1.3–2.1 pts per trade. Fuel oil futures surged +3.04% to ¥4,236/t — the strongest daily gain across all listed commodities — proving storage premium has fully priced into the front end. Asphalt (+0.87%) and polybutadiene rubber (+2.97%) underperformed, confirming capital is targeting logistics chokepoints, not end-demand. View: bearish near-term ARA dispatch economics. Action: SNSUC clients should lock discharge windows for Q4 fuel oil cargoes arriving at ARA; for unscheduled USGC cargoes, shift to FOB + full logistics package terms to pre-transfer demurrage risk. Reversal trigger: ARA fuel oil inventory rises above 6,000 kbbl, or Singapore JODI reports fuel oil stocks >12,000 kbbl.