The currencies split three ways tonight. The euro bid broadly, with EUR/CNY at 7.504, up 0.5117 on the day, and EUR/USD at 1.1252; on the other side USD/JPY at 158.53 and USD/KRW at 1,339.34 left the yen and won softer against the dollar.

For traders this breaks the landed-cost book into several ledgers. A stronger euro means European refiners settling in euros see their dollar-denominated crude bills get relatively lighter, lifting procurement appeal; in northeast Asia the yuan held near 6.6724 while a weaker yen and won raised local-currency costs for Japanese and Korean refiners.

On a per-currency recompute, Asian buyers regained a sliver of price advantage over Europe, but Korean refiners lost a chunk of dollar crude landed cost to the weak won, denting Busan bunkering competitiveness. Japan held its cost line on a stable yen.

Operationally, cross-currency arbitrage demands a finer hedge structure: the same Middle East light sweet cargo sold to Europe settles in euros, sold to northeast Asia in dollars, and the two FX exposures must not be mixed or the spread profit gets eaten by the rate.