Japan’s kerosene stocks stand at 20,523 kbbl (Aug 2026), the highest among all refined products; diesel at 17,464 kbbl, gasoline at 12,991 kbbl — kerosene accounts for 19.6% of total refined stocks, well above seasonal norm. With Nikkei down 2.12%, industrial fuel demand is softening while heating demand is now structurally dominant.