Dietary fat is readily stored as body fat, it is true. However, the actual health effect of your one-day fatfest is hard to gauge without knowing what your activity level is, when you ate and in what quantity relative to exercise, and most importantly what sort of fat you are eating. How much of 120 grams of dietary fat your body actually processed/stored versus excreted depends on the above variables, and is really difficult to assess.
It could be you have been running a lot and not eating enough fat and your body communicated this through your cravings. If the fat you consumed came from olive oil, avocado, nuts, fish, and lean meats then you probably did yourself a favor. If you ate 120 grams of bacon and cheese and vegetable shortening then you erred. Good fats are healthy up to ~30 percent of total calories. Occasional variations above and below are to be expected.