East China tankage tightness and elevated demurrage rates indicate that storage constraints have transmitted to spot premiums; fuel oil and asphalt prices rose in tandem, reflecting broad-based increases in regional holding costs. The strengthening of USD/CNY failed to offset rigid logistics expenses, materially weakening the economics of short-haul re-export operations.

Brent above $110 and slower CNY depreciation triggered clustered arrivals; East China port tank utilization tight; fuel oil futures fell but demurrage rose sharply; slow asphalt drawdown collapsed inter-regional arbitrage — Shanghai-Ningbo freight premium hit ¥185/ton.

Fuel oil futures surged sharply — largest one-day gain in 3 weeks; Brent fell -1.75% to $107.94, opening arbitrage window. East China bonded tank utilization is tight; Ningbo-Zhoushan demurrage has risen notably. Regional haulage breakeven threshold has accordingly moved higher. Major East China bonded oil terminals (Yangshan, Ningbo, Zhoushan) are experiencing tight tank availability. Four VLCCs carrying fuel oil have arrived but not secured immediate berthing, leading to markedly extended waiting times. Demurrage quotations have risen significantly from levels observed on October 12. Extended laytime + bonded transfer dual advantage. Price trigger for strategic shift: demurrage breaches conventional levels significantly, or fuel oil daily gain reaches a notable magnitude.

Brent up 3.78% to $109.93/bbl, WTI up 3.96% to $101.85/bbl; fuel oil up 3.71% to ¥4,947/t; tank tightness in Ningbo–Shanghai bonded zones drives notable increase in demurrage costs; regional arbitrage breakeven now at fuel oil–asphalt spread ≥ ¥243/t — already met.

Fuel oil futures surged 4.23% to ¥4,661/t, signaling acute tankage stress in East China; bonded warehouse capacity utilization in the region remains elevated; demurrage fees have risen notably. Asphalt’s -1.57% move confirms deteriorating regional arbitrage economics.