On 7 November the dollar pressed every counterpart. USD/CNY printed 6.6763, a touch higher on the week; USD/JPY 158.45 and USD/KRW 1363.21, both Asian currencies weaker; and EUR/USD 1.1143 also lower. In short, the dollar beat all of them today.

For delivered cost at SNSUC this means the denominator grows when a dollar-priced barrel is converted into yuan, yen or won. In transit trades where dollars are collected on the export side and local currency pays freight and port fees, the FX leg must be reworked on its own, or the rate move hides behind the spread swing.

A weaker yuan raises cost for domestic refiners, but for an offshore-signing entity like SNSUC the dollar collection side actually thickens. On a quotation sheet the FX window and the load-port window must be locked separately, never bundled.