Fuel oil front-month settled at ¥4,852/t (-2.12%), but landed cost rose—not fell—because the bottleneck shifted from price to quota access and documentation rigor. 2026’s non-state-owned refined product import quota is <12% remaining; Q4 fuel oil quota utilization in East China hit 93.7% (industry consensus). On Oct 15, GACC mandated that all offshore re-sales submit SHA-256 hashes of B/L, warehouse receipt, and commercial invoice to a regulatory blockchain—and link them to an ESG carbon footprint report. SNSUC platform data shows fuel oil document-chain completeness dropped to 61.3% (Oct 18–20), down 18.2 pts from Sep avg. Quota scarcity inflated grey-market premium: Shanghai bonded fuel oil spot discount narrowed to -¥127/t (from -¥183/t), implying ¥56/t quota leasing cost. USD/CNY at 6.6810 (-0.06%) looks favorable—but erodes FX hedge utility, as quotas can’t be forward-locked. Importers face timing risk: they must secure quota *and* lock FX simultaneously. Asphalt (¥4,445/t, -0.11%) and natural rubber (¥19,730/t, -0.63%) are under parallel pressure, confirming regulatory reach now spans all 13 SNSUC-traded commodities. For SNSUC clients: pre-register digital warehouse receipts on blockchain *now* (SHA-256 fingerprint anchors title), and file 2027 quota intent with MOFCOM—don’t wait for price rallies. Clear trigger for long bias: official quota increase announcement or GACC’s on-chain verification pass rate rising above 85%.