Upstream, both crude benchmarks rose; downstream, all four products finished red. Fuel oil eased 0.33% to 4,293, bitumen 0.24% to 4,576, natural rubber 2.11% to 18,540, and butadiene rubber 1.23% to 15,280.

Structure matters more than the direction. The heavy-oil chain — fuel oil and bitumen — only hugged the waterline, barely down. The rubber chain — natural and butadiene rubber — fell noticeably harder, with natural rubber dropping more than two points. The scissors gap between the two chains reopened.

For SNSUC's 13 commodity categories this means one inventory and hedging playbook no longer fits. The heavy-oil chain tracks crude tightly; the rubber chain is driven more by tire-plant restocking cadence and the tapping season, with a low correlation to crude. Operationally, the heavy-oil side can lock prices to capture the discount, while the rubber side has to watch tire makers' buying pace and avoid building stock into the off season.