Bitumen futures rose 1.92% to ¥5,304/t — highest gain among listed commodities; JODI shows combined refinery throughput in China, Japan, Korea and India exceeds 27,000 kbpd, yet mid-distillate-heavy product inventories (e.g., diesel, fuel oil) suggest asphalt production is under de-stocking pressure amid tightening road-construction seasonality.

Brent−WTI spread widens to $10.59/bbl — highest in 3 months; JODI shows US, Saudi, and India crude imports total 12,172 kb/d, yet associated gas processing infrastructure lags. Fuel oil price flat (−0.02%), signaling eased pressure on heavy gas conversion; asphalt +1.92% reflects downstream infrastructure demand spilling into heavy oil chain.

Rising Brent and WTI prices, coupled with a slight strengthening of the RMB exchange rate, support crude import momentum; fuel oil and bitumen futures prices are under pressure, reflecting increased regional storage turnover stress. Tank utilization in East China bonded warehouses is tight, and VLCC waiting time at Zhoushan anchorage has extended.

Asphalt futures settled at ¥4,850/ton, up 2.36% on the day — the largest gain among petroleum products and the highest in three weeks. Road construction season is entering its final phase; social inventory drawdown in East China has accelerated and refinery runs remain stable, driving short-term restocking due to supply-demand mismatch. SNSUC’s transshipment clients have initiated November vessel scheduling.

HVI 150 spot price in East China rose, while import parity remained stable, narrowing the spread; China’s refinery input remains high, yet structural supply tightening is emerging.

Brent fell 1.36% to USD 110.12/bbl; WTI fell 1.24% to USD 101.51/bbl; fuel oil front-month price rose, asphalt strengthened; the landed duty-paid cost of base oil N500 narrowed its discount against domestic mainstream quotations, confirming the opening of the import window. Refinery maintenance rates in East China rose, and lubricant blending plants shifted raw material procurement toward bonded warehouse receipts.

Paraffin price at ¥3,650/ton (+1.42%), export margin turned positive; petcoke inventory rate rose to 87%, with visible port congestion in East China. Brent–FO spread narrowed to $22.1/bbl, supporting paraffin cracking economics.

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.

Paraffin futures at ¥7,280/t (-2.30%), petroleum coke at ¥2,910/t (+1.82%); spread widens to ¥4,370/t — widest year-to-date inversion. Export arbitrage window tightens to ¥3,650/t, down ¥420/t w/w. Weak asphalt & fuel oil prices compress heavy-oil cracking margins; paraffin demand slumps in lighting & packaging segments, while coke sees accelerated destocking on aluminum smelter winter procurement and export VAT rebate support.

Fuel oil futures surged sharply — largest one-day gain in 3 weeks; Brent fell -1.75% to $107.94, opening arbitrage window. East China bonded tank utilization is tight; Ningbo-Zhoushan demurrage has risen notably. Regional haulage breakeven threshold has accordingly moved higher. Major East China bonded oil terminals (Yangshan, Ningbo, Zhoushan) are experiencing tight tank availability. Four VLCCs carrying fuel oil have arrived but not secured immediate berthing, leading to markedly extended waiting times. Demurrage quotations have risen significantly from levels observed on October 12. Extended laytime + bonded transfer dual advantage. Price trigger for strategic shift: demurrage breaches conventional levels significantly, or fuel oil daily gain reaches a notable magnitude.

NR futures at ¥19,860/t (-0.23%), BR at ¥16,005/t (+0.19%); spread narrows. CNY exchange rate fluctuates modestly, import cost pressure remains unchanged. Tire factory operating rate stays low; rubber tapping in major producing regions enters late low-season, supply elasticity weakening.

N500 base oil spot premium over futures narrowed to +780 CNY/t (prev. +820), driven by delayed Sinopec Maoming maintenance and clustered import vessel arrivals. Fuel oil futures rose 3.71% to 4,947 CNY/t, lifting blending cost; asphalt fell 0.36%, signaling weaker lubricating grease plant procurement intent.

Bitumen futures at ¥4,454/t, down 0.36%; road construction season entering final phase—daily avg. temp expected to fall below optimal paving range post-Oct 20; major refiners’ bitumen run rate remains subdued; social inventory drawdown has slowed—the slowest in 8 weeks.

Brent up 3.78% to $109.93/bbl, WTI up 3.96% to $101.85/bbl; fuel oil up 3.71% to ¥4,947/t; tank tightness in Ningbo–Shanghai bonded zones drives notable increase in demurrage costs; regional arbitrage breakeven now at fuel oil–asphalt spread ≥ ¥243/t — already met.

East China base oil refineries undergoing concentrated October maintenance: domestic N500 spot at ¥6,270/t, +CNY820 above import benchmark ¥5,450/t; fuel oil +3.71% signals rising heavy-feedstock cost; USD/CNY down 0.05%, slightly easing import settlement pressure.

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.

East China base oil refinery utilization remains weak; elevated Brent crude prices and USD/CNY exchange rate volatility pressure landed import costs, resulting in a price inversion relative to domestic mainstream levels. Rising fuel oil prices signal marginal pressure on heavy-oil processing; lubricant blenders shift to bonded-zone imported base stocks.