The dollar closed at 6.687 against the yuan, down 0.0493; at 157.99 against the yen, essentially flat up 0.0063; at 1,333.58 against the won, down 0.6037; and the euro gained to 1.1239 versus the dollar, up 0.1872. The yuan firmed modestly, the won weakened, and the yen stayed pinned near 158.

SNSUC's landed-cost formula is Brent x FX x 7.33 x grade. A firmer yuan should have pulled the RMB-denominated landed price down, but today's $3.78 Brent jump ate that buffer, so Middle East crude landed in yuan is actually higher than yesterday.

The softer won pushes up local cost on won-settled transshipment positions, so traders covering Busan and Ulsan deliveries should re-mark their margins. The stronger euro helps European buyers - the same dollar cargo is cheaper in euros.