Brent above $110 and slower CNY depreciation triggered clustered arrivals; East China port tank utilization tight; fuel oil futures fell but demurrage rose sharply; slow asphalt drawdown collapsed inter-regional arbitrage — Shanghai-Ningbo freight premium hit ¥185/ton.

Fuel oil futures surged 4.23% to ¥4,661/t, signaling acute tankage stress in East China; bonded warehouse capacity utilization in the region remains elevated; demurrage fees have risen notably. Asphalt’s -1.57% move confirms deteriorating regional arbitrage economics.