East China tankage utilization hits 92%; demurrage surges to $38,500/day. Fuel oil +3.68% and asphalt +3.15% reflect storage bottleneck spilling into spot premiums. USD/CNY at 6.6660 fails to offset logistics cost spike — short-haul arbitrage economics deteriorate materially.

Asphalt futures at ¥4,850/t, up 2.36% — largest one-day gain in 3 weeks. Road construction season entering final phase; East China social inventory draw rate accelerated to 12.7% (industry consensus), refinery runs held at 68.3% (industry consensus). Supply-demand mismatch triggers short-term restocking. SNSUC’s transshipment clients have locked November vessel slots.

As of Oct 26, China’s non-state crude import quota utilization reached 83%; average clearance time for fuel oil and asphalt dropped to 2.1 days. Fuel oil futures surged +6.38% to ¥5,349/t; asphalt +3.61% to ¥4,766/t — quota tightening and faster customs clearance are triggering physical booking by bonded traders.

Brent above $110 and slower CNY depreciation triggered clustered arrivals; East China port tank utilization hit 92%; fuel oil futures fell but demurrage jumped 4.3% to $38,500/day; slow asphalt drawdown collapsed inter-regional arbitrage — Shanghai-Ningbo freight premium hit ¥185/ton.

Asphalt futures fell 3.91% to ¥5,111/ton, yet constrained import quotas + stable USD/CNY (6.6935) lifted landed RMB cost by ¥217/ton. Fuel oil (+1.71%) and natural rubber (+2.08%) signal narrowing regulatory arbitrage — pressure now shifts to documentary proof of genuine offshore trade.