Fuel oil front-month contract closed at ¥3,999/t (+2.72%), the highest in three weeks; Brent rose 2.96% to $100.82/bbl. Dynamic import quota adjustments and customs clearance compressed to <48 hours have elevated evidentiary rigor for offshore re-sales. Per SNSUC platform data, compliance pass rate for fuel oil offshore documentation declined 5.3 pts MoM to 87.1% in early September.

Non-state crude quota utilization at 78.3% (+5.1 pt MoM); remaining quota scarce—move now if you hold barrels. Shanghai FTZ clearance down to 14.2h. USD/CNY 6.7219 lifts hedging cost; re-export docs must withstand scrutiny.

As of Sep 2, 2026, national non-state-owned crude import quota utilization reached 87.3%, up 2.1 ppt MoM; meanwhile, average customs clearance time for imported fuel oil at Yangshan Port shrank to 2.1 hours, down 0.8 hours from Q2 average. Fuel oil futures at ¥3,929/t (-1.06%) reflect accelerated quota release and streamlined documentation flows.