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.

Nikkei -1.01% to 64005.75, USD/JPY -0.11% to 157.48; Brent +1.45% to $112.40/bbl → JPY-denominated crude import cost up 3.2%. JODI: Japan crude imports 2492 kb/d, refined products stock 104521 kb — high inventory fails to offset dual shock of yen strength & oil rally.

Japan’s crude imports stand at 2,492 kb/d, refinery input at 2,349 kb/d — a 143 kb/d gap, the widest in recent months; end-month inventory at 272,336 kb, highest among JODI-reporting peers. Asphalt +1.80%, fuel oil +0.27% signal winter stockpiling underway, but processing lags.