USD/JPY rose to 154.90 and USD/KRW to 1356.6 as the yen and won weakened in tandem. A softer local currency raises dollar-denominated crude feedstock cost for Japanese and Korean refiners yet strengthens their product export price edge, forcing a recalculation of regional arbitrage.

Tank utilization at major East China ports hits 91.4%, a YTD high, driven by accelerated turnover of fuel oil and asphalt inventories; demurrage fees surge 18% day-on-day amid USD/CNY rising to 6.7117. Fuel oil futures up 4.70% to ¥4,119/t, signaling deteriorating regional logistics economics.

As of Sep 2, 2026, average tank utilization at major East China bonded oil terminals reached 92.3%, a YTD high; fuel oil futures surged 4.46% to ¥3,979/t, signaling rapid release of storage premium; Shanghai port fuel oil vessel demurrage rose to $18,500/day (+22.5% w/w), sharply compressing regional arbitrage economics.