International Refining: Singapore Clean Products Draw ~1.0 mmbbls w/w; Below Seasonal Lows

Research evidence excerpt

International Refining: Singapore Clean Products Draw ~1.0 mmbbls w/w; Below Seasonal Lows

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

24 July 2026

International Refining

Singapore Clean Products Draw ~1.0 mmbbls w/w;

Below Seasonal Lows

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

ACin Singapore drew w/w to 8,715 kbbls (9,308 kbbls last week), in the bottom half of Arun Jayaram

the seasonal range. Light distillates drew w/w to 11,468 kbbls (11,828 kbbls last (1-212) 622-8541

week), below seasonal lows. Fuel oil inventories built w/w to 19,460 kbbls (19,115 arun.jayaram@jpmchase.com

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

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

inventory data reported a draw in gasoil to 1,636 ktonnes (1,680 ktonnes last week), kartikey.pandey@jpmorgan.com

J.P. Morgan Securities LLC

a draw in gasoline to 810 ktonnes (820 ktonnes last week), and a draw in fuel oil to

615 ktonnes (673 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 down w/w in Singapore; while up 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 8,715 11,468 19,460 This Week 1,636 810 615

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