Brent at $109.85 and WTI at $100.42 accelerated crude arrivals; fuel oil at ¥5,230/t (-1.23%) and bitumen at ¥4,863/t (-0.61%) both weakened, signaling deteriorating regional tank turnover. East China bonded tank utilization hit 92%, up 3.7ppts w/w; VLCC demurrage surged to $38,500/day (+21% w/w).

Brent up 1.15% at $114.47/bbl, WTI up 1.32% at $100.78/bbl: $13.69 spread — widest since Aug 2025. Fuel oil +6.80%, signaling extended Middle East–Red Sea voyage legs and re-priced war risk insurance. USD/CNY down 0.04%, but EUR/CNY down 0.34%, transmitting hedging pressure to European importers.

Brent up 1.06% to $109.98, WTI up 0.94% to $98.06; Brent-WTI spread widens to $11.92 — widest since Nov 2025. USD/CNY dips 0.02%, insufficient to offset oil surge. Geopolitical risk premium now lifts ESPO and Urals transshipment cost floors.

Brent rises to $109.53/bbl and USD/CNY at 6.6781 lift landed base oil cost to ¥5,280/t; domestic N350–fuel oil spread widens to ¥1,120/t (¥4,658 → ¥5,778), highest in 3 months. Refinery maintenance concentrated in East China cuts regional base oil output; industry-average开工率 falls to 68% (industry norm). Import substitution pressure surges.

Fuel oil futures surged +4.61% to ¥4,990/t — largest one-day gain in 3 weeks; Brent fell -1.75% to $107.94, opening arbitrage window. East China bonded tank utilization hit 92%; Ningbo-Zhoushan demurrage rose to $32,500/day (+18% w/w). Regional haulage breakeven now requires freight + demurrage ≤ ¥185/t.