Japan’s kerosene stocks stand at 20,523 kbbl (Aug 2026), the highest in NE Asia; concurrent LNG import price premium over kerosene has narrowed to historic lows, activating kerosene-fired power generation as cold snap looms. Brent up 2.44% to $113.50, yet JPY depreciation offsets cost pressure — landed kerosene cost rose only 0.7%.

Japan’s kerosene stocks stand at 20,523 kbbl (Aug 2026), the highest among all refined products; diesel at 17,464 kbbl, gasoline at 12,991 kbbl — kerosene accounts for 19.6% of total refined stocks, well above seasonal norm. With Nikkei down 2.12%, industrial fuel demand is softening while heating demand is now structurally dominant.