International Refining: Singapore Light Distillates Draw ~0.4 mmbbls w/w; Below Seasonal Lows

Research evidence excerpt

International Refining: Singapore Light Distillates Draw ~0.4 mmbbls w/w; Below Seasonal Lows

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

17 July 2026

International Refining

Singapore Light Distillates Draw ~0.4 mmbbls w/w;

Below Seasonal Lows

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

ACin Singapore built w/w to 9,308 kbbls (8,912 kbbls last week), in the middle of the Arun Jayaram

seasonal range. Light distillates drew w/w to 11,828 kbbls (12,245 kbbls last week), (1-212) 622-8541

below seasonal lows. Fuel oil inventories drew w/w to 19,115 kbbls (19,177 kbbls last arun.jayaram@jpmchase.com

week), in the bottom half of the seasonal range. Total clean product inventories for Kartikey H Pandey

Singapore are near seasonal lows. European (ARA) weekly inventory data reported (1-212) 622-5006

a draw in gasoil to 1,680 ktonnes (1,797 ktonnes last week), a draw in gasoline to 820 kartikey.pandey@jpmorgan.com

J.P. Morgan Securities LLC

ktonnes (904 ktonnes last week), and a draw in fuel oil to 673 ktonnes (705 ktonnes

last week). Total ARA clean product inventories are below seasonal lows. Fuel oil

inventories for ARA are below seasonal lows. On cracks, Singapore 321 was up w/w,

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

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

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 9,308 11,828 19,115 This Week 1,680 820 673

Last Week 8,912 12,245 19,177 Last Week 1,797 904 705