Thailand’s refined products stocks stand at 22.5M bbl (Jul 2026), with gasoil at 9.91M bbl and jet fuel at 3.39M bbl — yet regional indices slumped (SET -2.16%, STI -2.21%), signaling weak demand realization. Asphalt futures fell -1.21% daily, confirming delayed road construction uptake. Inventory levels are elevated relative to seasonal expectations; drawdown pace is materially lagging.