China has suspended refined fuel exports for October. PetroChina cancelled several gasoline and jet cargoes, Zhejiang Petrochemical scheduled none over the National Day holiday, and Beijing has authorised no October shipments beyond Hong Kong and Macau. The stated reason is domestic security of supply, and the numbers support it: Kpler puts Chinese commercial diesel and gasoil inventories around 20 million barrels below pre-war levels, with gasoline some 9 million short of the threshold Beijing wants restored before exports resume. Exports may restart after 7 October, inventory permitting. Consider the timing. Saudi output is at 1990 lows with the East-West pipeline shut, Russian refineries are under attack, US Midwest gasoline stocks are at a record low with national inventories the weakest since 2014, and Washington is debating a diesel export ban.