International Refining: Singapore Fuel Oil Inventories Build~5.3 mmbbls w/w

Research evidence excerpt

International Refining: Singapore Fuel Oil Inventories Build~5.3 mmbbls w/w

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

26 June 2026

International Refining

Singapore Fuel Oil Inventories Build~5.3 mmbbls w/w

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

ACin Singapore built w/w to 8,519 kbbls (8,236 kbbls last week), in the bottom half of Arun Jayaram

the seasonal range. Light distillates built w/w to 13,365 kbbls (12,031 kbbls last (1-212) 622-8541

week), in the bottom half of the seasonal range. Fuel oil inventories built w/w to arun.jayaram@jpmchase.com

20,302 kbbls (14,991 kbbls last week), in the bottom half of the seasonal range. Total Kartikey H Pandey

clean product inventories for Singapore are below seasonal lows. European (ARA) (1-212) 622-5006

weekly inventory data reported a draw in gasoil to 1,789 ktonnes (1,818 ktonnes last kartikey.pandey@jpmorgan.com

J.P. Morgan Securities LLC

week), a draw in gasoline to 1,015 ktonnes (1,041 ktonnes last week), and a build in

fuel oil to 754 ktonnes (582 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 middle of the seasonal

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

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

w/w in 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 8,519 13,365 20,302 This Week 1,789 1,015 754