ResearchIndustry2026-09-26
Crude Down, Fuel Oil-Bitumen-Rubber Up: What the Crack Decoupling Signals
Brent fell 2.73% on the day, yet fuel oil (+6.00%), bitumen (+5.35%), natural rubber (+2.51%) and butadiene rubber (+5.73%) all firmed together. Feedstock and product moved apart, pointing to three layers: refinery turnarounds, tight East China tank space and tyre-stock building. Re-export and hedging need a different anchor.