International Refining: Singapore Middle Distillates Inventories Build ~1.3 mmbbls w/w

Research evidence excerpt

International Refining: Singapore Middle Distillates Inventories Build ~1.3 mmbbls w/w

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

22 June 2026

International Refining

Singapore Middle Distillates Inventories Build ~1.3

mmbbls w/w

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

ACin Singapore built w/w to 8,236 kbbls (6,904 kbbls last week), in the bottom half of Arun Jayaram

the seasonal range. Light distillates drew w/w to 12,031 kbbls (12,664 kbbls last (1-212) 622-8541

week), below seasonal lows. Fuel oil inventories built w/w to 14,991 kbbls (14,840 arun.jayaram@jpmchase.com

kbbls last week), below seasonal lows. Total clean product inventories for Singapore Kartikey H Pandey

are below seasonal lows. European (ARA) weekly inventory data reported a build in (1-212) 622-5006

gasoil to 1,818 ktonnes (1,795 ktonnes last week), a draw in gasoline to 1,041 ktonnes kartikey.pandey@jpmorgan.com

J.P. Morgan Securities LLC

(1,138 ktonnes last week), and a build in fuel oil to 582 ktonnes (573 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 up w/w, in the bottom half of the seasonal range, and Europe 321 was down

w/w, in the top half of the seasonal range. Gasoline cracks were up w/w in Singapore

and Europe; while 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 8,236 12,031 14,991 This Week 1,818 1,041 582