In the Sep 3 Asian session, both Brent and WTI edged up 0.14%, consolidating in a narrow range as the OPEC+ supply framework and soft seasonal demand pulled against each other. SNSUC Research Institute views the steadiness not as a trend reversal but as technical sideways trading after prior supply-disruption premiums were gradually priced in. The downstream complex extended its divergent retreat: fuel oil front-month settled at ¥3,929/t (-1.06%), a six-week low, mainly because after non-state import quota utilization rose to 87.3%, the domestic–offshore 380CST spread narrowed to ¥187/t and arb room was squeezed by faster documentation; bitumen at ¥5,005/t (-0.87%) was pressured by seasonal weakness in road construction and recovering refinery runs. The bitumen–fuel oil spread compressed from ¥1,146/t on Sep 1 to ¥1,076/t. For buyers, the narrowing spread actually reduces the appeal of a 'long bitumen / short fuel oil' hedge; holders of quotas are advised to use SNSUC digital warehouse receipts to lock title and price simultaneously for late-September cargoes, avoiding a missed hedging window as the CNY strengthens.