International Refining Singapore Clean Products Build ~0.3 mmbbls w/w

Research evidence excerpt

International Refining Singapore Clean Products Build ~0.3 mmbbls w/w

J P M O R G A N North America Equity Research

15 May 2026

International Refining

Singapore Clean Products Build ~0.3 mmbbls w/w

Singapore and ARA product inventory data were recently released. Middle distillates Oil & Gas Exploration & Production

ACin Singapore built w/w to 10,356 kbbls (10,077 kbbls last week), in the top half of the Zach Parham

seasonal range. Light distillates built w/w to 14,929 kbbls (14,876 kbbls last week), (1-212) 622-5837

in the top half of the seasonal range. Fuel oil inventories built w/w to 20,081 kbbls zach.parham@jpmorgan.com

(19,875 kbbls last week), in the bottom half of the seasonal range. Total clean product Kartikey H Pandey

inventories for Singapore are in the top half of the seasonal range. European (ARA) (1-212) 622-5006

weekly inventory data reported a draw in gasoil to 1,789 ktonnes (1,808 ktonnes last kartikey.pandey@jpmorgan.com

J.P. Morgan Securities LLC

week), a build in gasoline to 1,166 ktonnes (1,077 ktonnes last week), and a draw in

fuel oil to 540 ktonnes (665 ktonnes last week). Total ARA clean product inventories

are in the bottom half of the seasonal range. Fuel oil inventories for ARA are below

seasonal lows. On cracks, Singapore 321 was down w/w, in the top half of the seasonal

range, and Europe 321 was up w/w, near seasonal highs. Gasoline cracks were down

w/w in Singapore; while up w/w in Europe. Diesel cracks were down w/w in

Singapore and Europe.

Table 1: Singapore Inventories Weekly Table 2: ARA Inventories Weekly

kbbls ktonnes

Singapore Inventory Table European - ARA Inventory Table

Middle distillates Light distillates Fuel Oil Gasoil Gasoline Fuel Oil

This Week 10,356 14,929 20,081 This Week 1,789 1,166 540