Fuel oil futures spiked +6.38% to ¥5,349/t; asphalt rose +3.61% to ¥4,766/t — while Brent and WTI fell -1.21% and -1.54%. This inverted spread signals domestic pricing is now policy-driven, not cost-driven. The catalyst: non-state crude import quota utilization hit 83% (151 Mt used of 182 Mt annual quota) as of Oct 26 — up 4.7 pts from end-Sept. With only 31 Mt left and weekly imports averaging 2.85 Mt, quotas will exhaust before Nov 15. Fuel oil and asphalt are quota-exempt, but their imports require ‘supporting processing’ or ‘bonded re-export’ legitimacy under MOFCOM’s new verification rules. Customs General Administration’s Oct 2026 guidance mandates triple-document alignment (B/L, warehouse receipt, payment proof) plus blockchain hash submission. SNSUC data shows fuel oil clearance time at Zhoushan/Yangshan ports fell from 3.8 days (Sept) to 2.1 days; asphalt from 4.2 to 2.3 days — enabled by digital receipts interfacing directly with the Single Window. But speed ≠ laxity: fuel oil customs rejection rate jumped to 12.4% (vs 6.1% in Sept), mostly due to mismatched payee names or missing on-chain hashes. For SNSUC clients: (1) fuel oil re-export windows are narrowing — B/L endorsement and receipt generation must complete before quota exhaustion; (2) asphalt bonded warehousing must be timed against USD/CNY (6.6704); if it breaks 6.65, forward cover costs inflate procurement premiums; (3) all offshore re-sale contracts must submit SHA-256 hashes to chain within 24h of signing, or face clearance delays. Threshold to reverse this call: quota utilization >88% by Nov 10, or fuel oil avg. clearance >2.8 days.