Japan’s crude imports stand at 2,492 kb/d, refinery input at 2,349 kb/d — a 143 kb/d gap, the widest in recent months; end-month inventory at 272,336 kb, highest among JODI-reporting peers. Asphalt +1.80%, fuel oil +0.27% signal winter stockpiling underway, but processing lags.

Fuel oil front-month contract rose 5.31% to CNY 5,295/t — its highest in three weeks — driven by early winter stockpiling from independent refiners in East & South China and strength in Singapore paper markets.