Both benchmarks fell, but WTI dropped harder. Brent settled at $94.66/bbl (-1.64) and WTI at $90.22/bbl (-2.33), pulling the Brent-WTI spread into $4.45 - a touch tighter than last week. The narrowing reflects persistent light-sweet oversupply at the U.S. Gulf that keeps WTI's relative valuation pinned, while steadier European diesel cracks give Brent slightly more support.

USD/CNY printed 6.6995 (+0.0523), a modest CNY softening. On a landed basis Brent converts to roughly 634 yuan/bbl, with the FX move adding about 0.4 yuan/bbl day-on-day - small, but the direction matters. If CNY breaks 6.72, the hedging cost on Middle East direct procurement would eat roughly $1.5/bbl of the landed discount.

Operating note for the SNSUC re-export ledger: ESPO, Dubai and Oman landed-profit models must be repriced tonight at the new FX; with WTI's discount widening, the Long Beach window for the SN150/SN500 trial cargo is worth re-quoting against the arb.