The heavy-oil chain ran clearly stronger than the rubber chain today. Fuel oil's front month closed at ¥4,947/t, up 3.71%, while bitumen eased 0.36% to ¥4,454/t. Natural rubber at ¥19,890/t and butadiene rubber at ¥15,935/t slipped 0.08% and 0.25% respectively — two chains inside the same petrochemical complex moving in opposite directions.

Fuel oil's strength tracks tightening bond warrants and bonded stocks plus the seasonal pickup in power generation and bunker demand. Bitumen's softness reflects the wind-down of northern construction and slow inventory draw. The rubber side is pinned by tire-export order timing, with thin physical trade and futures hugging the cost line.

SNSUC's 13 categories cannot be run on one curve. The heavy-oil chain (fuel oil, bitumen, crude-linked) follows geopolitics and stocks; the rubber chain (natural, butadiene, SBR) follows auto and tire demand. Watching the two chains separately is what lets the listing formula apply the right coefficients instead of forcing a crude rally onto rubber quotes.