The tape today splits SNSUC's 13 categories into two camps. On the heavy-oil side, fuel oil gained 1.79% to CNY 4,882 per tonne while bitumen slipped 0.62% to CNY 4,481 — the pair moved out of step.

The rubber side is cleaner: natural rubber at CNY 19,510 and butadiene rubber at CNY 15,535, down 0.64% and 0.45% respectively, both pinning to the floor. Fuel oil drew strength from bunker restocking and higher independent-refiner run rates; bitumen is held back by seasonal shutdowns in the north.

Rubber's softness traces to tyre makers running down inventories with no demand pickup. The two curves track different variables, and averaging them together distorts the read. SNSUC's data terminal keeps heavy oil and rubber on separate chains, each hung on its own drivers.