The heavy-oil chain moved out of step tonight. Bitumen at 5,366 yuan per tonne rose 3.11% to lead; fuel oil at 5,391 yuan per tonne eased 0.81%. Refiners are reallocating residue between coking and bonded bunker blending, and both the crack and inventories are being reshuffled.

The revised Guidelines, jointly issued by MEP and MIIT, took effect Oct 30, 2026. For the first time, Scope 3 emissions from fuel oil trading — including transport, warehousing, and handling — must be reported by exporters starting 2027.

On Oct 30, fuel oil front-month contract settled at ¥5,362/t, down 2.06%—the steepest daily decline among energy commodities—easing near-term import cost pressure and prompting modest uptick in spot inquiries in East China.

Fuel oil front-month contract closed at CNY 5,362/t (-2.06%), the steepest one-day drop since Oct 9. Weak seasonal demand, elevated inventories, and a slightly stronger CNY jointly pressured import-cost-driven pricing.

Fuel oil front-month contract fell 1.44% to CNY 5,396/t amid revised low-sulfur export quota allocation by China’s MOFCOM and rising ARA inventories in Singapore, signaling a short-term rebalancing phase.

Brent and WTI fell 0.87% and 0.85%, driven by surging US Treasury yields dampening risk appetite; fuel oil (+3.68%) and bitumen (+3.15%) signal persistent regional supply rigidity; USD/JPY rose to 157.96, widening US-Japan yield differential — geopolitical risk premium has narrowed from peak but remains unpriced-out.

China’s MEE has proposed amending the Carbon Labelling Regulation for Imported/Exported Goods, extending mandatory carbon data disclosure to fuel oil and bitumen — phased implementation from July 2027.

Fuel oil futures closed at ¥5,559/t, up 4.79%—the largest one-day gain in two months—amid widespread refinery maintenance; bunkering procurement windows tightened notably in East China.

On Oct 29, 2026, SNSUC announced full blockchain interoperability between its digital warehouse receipt system and Shanghai Clearing House (SHCH), enabling real-time title verification and customs linkage for cross-border fuel oil trades.

Fuel oil front-month surged 2.15% to CNY 5419/t — its largest daily gain this month. Low-sulfur stocks in Singapore hit a 3-year low, and winter power-generation stockpiling has narrowed import arbitrage windows.

On Oct 29, Brent crude rose 1.10% to $110.617/bbl, while WTI fell 0.89% to $101.868/bbl. Fuel oil front month surged 4.79% to ¥5,559/t; bitumen gained 3.94% to ¥5,140/t; natural rubber dipped 1.23% to ¥19,325/t.

Geopolitical risk premium from the Middle East and early winter stockpiling by Chinese refiners drove fuel oil up 4.79% to ¥5,559/t. Bitumen rose 3.94% amid infrastructure project acceleration and higher export quotes to Southeast Asia.

On Oct 29, 2026, SNSUC upgraded its carbon compliance platform 'DCS+' with real-time life-cycle assessment (LCA) for fuel oil, covering import, warehousing, and transshipment. Integrated with hubs in Shanghai, Qingdao, and Singapore.

Fuel oil front-month at CNY 5,485/t gains 3.39%, beating bitumen; FO-BIT spread flips to +CNY 406/t as residue yield shifts to bonded VLSFO bunker.

On Oct 28, Brent Crude rose to USD 111.46/bbl (+1.87%) and WTI to USD 101.95/bbl (+2.05%). Fuel Oil front-month surged to CNY 5,405/t (+2.08%), Bitumen to CNY 5,054/t (+3.29%), hitting a 3-week high.

On Oct 28, Brent crude rose 1.49% to USD 111.044/bbl and WTI climbed 1.50% to USD 101.403/bbl — both hitting 3-month highs. Fuel oil (+2.15% to CNY 5,409/t) and bitumen (+2.41% to CNY 5,011/t) also rallied on cost-push momentum.

Fuel oil futures settled at ¥5,200/t, down 1.79%—the largest daily drop this week. With USD/CNY slightly weakening (-0.05%), RMB-denominated import costs trend lower, widening procurement windows for coastal power plants and marine fuel buyers.

Per the China Petroleum Circulation Association, digital warehouse receipt financing accounted for 37% of fuel oil trade volume in Q3 2026—up 5.2 pts QoQ. SNSUC’s blockchain-secured smart-contract infrastructure supported 62.3% of such digital financing transactions.

Fuel oil front-month settled at CNY 5,200/t (-1.79%), pressured by seasonal refinery slowdown and rising port inventories. SNSUC’s digital warehouse receipts show +3.2% week-on-week inventory growth in East China.

Imported fuel oil at 1.2 yuan/litre and diluted bitumen by reference, about 1,200 yuan/tonne equivalent; in-quota crude looks better.

Fuel oil -1.79% and bitumen -0.88% break the daytime premium divergence; refiners tilt residue back to coking.

Fuel oil at ¥5,262/t holds a ¥393/t premium to bitumen at ¥4,869/t as refiners tilt residue yield to VLSFO bunker; bonded-bunker demand is steadier than coking feed.

Fuel oil +2.83% and bitumen +4.79% lead the heavy-oil chain higher, while natural rubber sheds 1.63% and butadiene rubber adds 1.83%. Two curves move on different clocks on the same screen; the thirteen categories cannot be read off a single benchmark.

Fuel oil front-month rose 2.83% to CNY 5,386/t—the strongest in the energy complex. Singapore fuel oil crack spread widened to USD 12.3/bbl, and with slight CNY depreciation, Asian arbitrage opportunities re-emerged, boosting importers’ restocking appetite.

Fuel oil front-month settled at ¥5,274/ton (+0.69%); Singapore–East China LSFO spread narrowed to $12.3/ton, and with stable CNY (USD/CNY=6.6695), theoretical import arbitrage turned positive this week — aiding optimization of bonded marine fuel procurement timing.

Fuel oil front-month rose 0.69% to CNY 5,274/t. Singapore floating storage dropped to 21.8 million barrels (−2.3% w/w), while rising global shipping indices boosted LSFO procurement momentum.

Brent eased to $109.742 and WTI to $100.915, pulling the spread down to $8.83. Shanghai fuel oil and bitumen barely moved, while a stronger yuan trimmed import parity cost and pushed refinery cracks wider.

As of Oct 26, China’s non-state crude import quota utilization reached 83%; average clearance time for fuel oil and asphalt dropped to 2.1 days. Fuel oil futures surged +6.38% to ¥5,349/t; asphalt +3.61% to ¥4,766/t — quota tightening and faster customs clearance are triggering physical booking by bonded traders.

Fuel oil front-month contract rose 6.38% to ¥5,349/ton, hitting a three-week high; import cost pressure intensified with Shanghai spot premium widening to $18.5/bbl—buyers advised to accelerate hedging.

Fuel oil front-month contract rose 5.31% to CNY 5,295/t — its highest in three weeks — driven by early winter stockpiling from independent refiners in East & South China and strength in Singapore paper markets.

Fuel oil front-month rose 4.02% to CNY 5,230/t; bitumen gained 4.07% to CNY 4,787/t—the strongest performers today. Winter stockpiling by refineries in East & South China, coupled with tight low-sulfur supply, underpinned the rally.

Fuel oil front-month contract hit CNY 5,349/t — a 3-week high — driven by winter LSFO stockpiling at Yangtze River Delta refineries and widened Singapore arbitrage spreads. SNSUC’s fuel oil挂牌 volume rose 27% w/w.

On Oct 26, 2026, SNSUC announced its digital warehouse receipt system has been certified by the Shanghai Futures Exchange (SHFE). Fuel oil and bitumen receipts now enable real-time synchronization with designated delivery warehouses, T+0 online pledging, and cross-platform transfer—with full visibility and verifiable title.

On Oct 26, Brent crude fell 0.92% to USD 110.668/bbl; WTI dropped 1.04% to USD 102.194/bbl. Fuel oil surged 6.38% to CNY 5,349/t, while bitumen rose 3.61% to CNY 4,766/t — signaling strengthened downstream refining demand.

Across SNSUC's 13 tracked categories the petrochemical complex rallied broadly today but in clear tiers: Brent/WTI around +3%, fuel oil at 5,349 RMB/t leading with +6.38%, bitumen 4,766 +3.61%, and natural rubber just +0.43%. The tiering reflects distinct fundamentals, not noise.

Fuel oil futures surged 6.38% to ¥5,349/t—the strongest daily move this week—driven by concentrated restocking from coastal power plants and bonded bunkering demand; spot premium widened to ¥127/t.

Fuel oil at ¥5,349/t rose 6.38% on the day, far outpacing bitumen's 3.61%, widening the FO-BIT spread to ¥583/t. Delayed-coking feed economics flipped and winter VLSFO bonded-bunker stocking combined, while T+0 warehouse-receipt pledge frees working capital to absorb the swing.

Fuel oil front-month contract closed at ¥5,349/t, surging ¥321 (+6.38%)—the week’s strongest move; concentrated restocking demand from coastal power plants and bonded bunkering tightened spot liquidity.

Fueled by a 6.38% daily rally in fuel oil front-month contracts, SNSUC recorded 128,000 tonnes of digital warehouse receipts for fuel oil on Oct 24—up 27% MoM, with 100% blockchain notarization rate.

Fuel oil front-month rose 6.38% to CNY 5,349/t — its second-largest daily gain this year. Bitumen climbed 3.61% to CNY 4,766/t, signaling accelerated cost pass-through from crude to midstream products.

Leveraging its proprietary digital warehouse receipt system and Hyperledger Fabric blockchain notarization, SNSUC has reduced average fuel oil cross-border delivery cycles from 7 days to under 48 hours, with real-time carbon data immutably archived on-chain.

Fuel oil futures surged +2.29% to ¥4,922/t—the day’s strongest gain—while Brent and WTI edged down, signaling import quota constraints overriding macro softness. Authenticity verification for offshore re-sales raised compliance cost; bonded warehouse lock-up volume rose 17% w/w.

Fuel oil and bitumen rose while rubber held flat; the two chains run on different drivers, so the 13 categories split into a crude-crack line and a rubber-synthetic line.

Fuel oil futures closed at ¥4,922/t, up 2.29%—the highest daily gain this week; combined with slight CNY depreciation, import-dependent terminals face visible budget pressure.

Fuel oil front-month contract surged 6.80% to CNY 5,139/t on Oct 23 — its highest level of 2026. Brent and WTI rose 1.15% and 1.32% respectively, reinforcing cost-driven momentum.

On Oct 23, Brent crude rose 1.09% to USD 114.40/bbl and WTI climbed 1.26% to USD 100.72/bbl. Fuel oil front-month surged 5.96% to CNY 5,099/t — its strongest daily gain in three months.

Brent crude surged 3.85% to $113.012/bbl on Oct 23 — its highest in two weeks — driven by renewed Middle East supply concerns. WTI edged down 0.15% to $99.318/bbl, while fuel oil front-month rose 2.29% to ¥4,922/t.

With USD/CNY stable at 6.6748 yet Brent up 3.85%, import-cost pressure is mounting. Demand for real-time fuel oil pricing has surged — SNSUC’s online listing and AI-powered price-matching tools saw 37% MoM growth in daily API calls.

Fuel oil at ¥4,911/t rose 2.4%, outpacing bitumen at ¥4,533/t at 0.53%; the split came from bonded bunker restocking against road off-season demand. Zhoushan is competing for international transshipment slots, and its VLSFO premium to Singapore has narrowed.

Brent above $110 and slower CNY depreciation triggered clustered arrivals; East China port tank utilization tight; fuel oil futures fell but demurrage rose sharply; slow asphalt drawdown collapsed inter-regional arbitrage — Shanghai-Ningbo freight premium hit ¥185/ton.

Fuel oil settled at CNY 4,911/t, up 2.40% on the day — about 4.5x bitumen's 0.53% gain — flipping the FO/BIT spread positive as residue yield tilts toward bunkers.

Fuel oil rose while bitumen fell; natural and butadiene rubber both eased, splitting the 13 categories into two camps with distinct drivers.

Fuel oil front-month closed at CNY 4,963/t (+3.48%), hitting a 3-week high. Strong bunkering demand in Asia and refinery outages in Singapore tightened physical supply.

Fuel oil front month led gains (+2.40% to CNY 4,911/t), while bitumen edged up 0.53% to CNY 4,533/t. Natural rubber fell 0.53% to CNY 19,530/t on sluggish tire demand and regional stockpiles.

Fuel oil front-month fell 0.44% to CNY 4,775/t; bitumen dropped 0.53% to CNY 4,485/t. Sluggish winter demand onset and refinery sales pressure suggest near-term range-bound trading.

The 23:04 snapshot shows fuel oil at 4,775 yuan (-0.44%) and bitumen at 4,485 yuan (-0.53%) both pulling back, unwinding the earlier intraday premium of fuel oil over bitumen. Refiners are shifting vacuum residue between delayed coking and bonded bunkering, reshuffling yields and crack spreads.

Fuel oil futures at ¥4,658/t (-5.48%), yet landed import cost stands at ¥4,852/t — a ¥194/t inversion; offshore resale authenticity verification now takes 3.2 working days (+12% vs Q3 avg), driven by stricter customs triad alignment checks (B/L–warehouse receipt–payment flow).

Fuel oil closed at 4,747/t CNY (-1.02%) and bitumen at 4,472/t CNY (-0.82%). Both fell, yet fuel oil moved back above bitumen, flipping the FO-BIT spread from -579/t CNY at the month's start to +275/t CNY. Feeding fuel oil into delayed cokers becomes less economic, and the marginal supply of petroleum coke and paraffin shifts with it.

Fuel oil gave back 2.29% while bitumen rose 1.75% on its own; both rubbers hugged the floor. The two chains run on different drivers and hedges must be split.

On Oct 21, fuel oil front-month futures closed at ¥4,658/ton, down 5.48% — the largest single-day drop in three weeks; import procurement costs eased notably, potentially opening a short-term restocking window.

Fuel oil front-month closed at CNY 4,658/t, down 5.48% — the steepest one-day drop since late September. Weak seasonal demand and rising refinery maintenance are elevating inventory pressure.

Fuel oil front-month contract fell 2.29% to CNY 4,815/t — its largest one-day drop in two weeks. Sluggish power plant procurement and Singapore inventories at 25.8 million barrels weigh on near-term upside.

Fuel oil front-month contract fell 2.62% to CNY 4,799/t — a one-month low. Weak seasonal demand and rising Singapore inventories weigh on prices, though winter restocking may stabilize markets in November.

Fuel oil futures fell 2.12% to ¥4,852/t, yet landed cost rose due to tightened import quotas and stricter authenticity verification; USD/CNY weakened 0.06% to 6.6810, narrowing FX hedging headroom. Offshore re-sales now require matched tri-party docs + blockchain proof; ESG carbon footprint is a new gatekeeper.

Fuel oil closed at ¥4,976/t, a ¥477 premium over bitumen at ¥4,499/t, flipping the earlier bitumen premium. Independents push residue yields toward low-sulphur bunker as IMO2020 compliance and the bonded bunker spread do the work.

Fuel oil (+1.96% at CNY 5,054/t) and bitumen (+1.98% at CNY 4,538/t) posted the strongest gains, outpacing natural rubber (+0.35%) and butadiene rubber (-0.62%), indicating accelerated upstream cost pass-through to midstream asphalt products.

Fuel oil futures surged sharply — largest one-day gain in 3 weeks; Brent fell -1.75% to $107.94, opening arbitrage window. East China bonded tank utilization is tight; Ningbo-Zhoushan demurrage has risen notably. Regional haulage breakeven threshold has accordingly moved higher. Major East China bonded oil terminals (Yangshan, Ningbo, Zhoushan) are experiencing tight tank availability. Four VLCCs carrying fuel oil have arrived but not secured immediate berthing, leading to markedly extended waiting times. Demurrage quotations have risen significantly from levels observed on October 12. Extended laytime + bonded transfer dual advantage. Price trigger for strategic shift: demurrage breaches conventional levels significantly, or fuel oil daily gain reaches a notable magnitude.

Fuel oil up, bitumen down; natural rubber flat, butadiene rubber up slightly. The two chains run on different drivers, so the data panel now shows them on separate channels.

On a day crude rallied, the heavy-product chain diverged on its own. Fuel oil reached 4,947 yuan/t while bitumen eased 0.36% to 4,454; refiners shunt residue toward bonded bunker and coking, reshuffling crack spreads and margins.

N500 base oil spot premium over futures narrowed to +780 CNY/t (prev. +820), driven by delayed Sinopec Maoming maintenance and clustered import vessel arrivals. Fuel oil futures rose 3.71% to 4,947 CNY/t, lifting blending cost; asphalt fell 0.36%, signaling weaker lubricating grease plant procurement intent.

Fuel oil's front month rose 3.71% to ¥4,947/t while bitumen eased; natural and butadiene rubber both slipped. Two chains inside one complex moved opposite.

Brent up 3.78% to $109.93/bbl, WTI up 3.96% to $101.85/bbl; fuel oil up 3.71% to ¥4,947/t; tank tightness in Ningbo–Shanghai bonded zones drives notable increase in demurrage costs; regional arbitrage breakeven now at fuel oil–asphalt spread ≥ ¥243/t — already met.

On Oct 16 fuel oil closed at ¥4,743/t (-1.92%) against bitumen at ¥4,500/t (+0.11%). The spread reversed from a discount to a 243 yuan premium for fuel oil. Refiners are steering residue yield toward VLSFO bunker blending under the IMO2020 0.5% sulfur cap, which keeps the structure bid.

Fuel oil futures rose 1.26% to ¥4,827/t while asphalt fell 1.27%, signaling quota-driven premium for fast-turnover cargoes. USD/CNY edged down 0.03% to 6.6918, softening import cost rigidity. Pressure mounts on authenticity proof for offshore re-sales; blockchain bills of lading are now the de facto evidentiary anchor.

WTI surged +1.76% to $95.80/bbl—3.1× Brent’s +0.57%; USD/JPY rose to 158.43, amplifying hedging pressure on Asian refiners; fuel oil futures jumped +3.40%, signaling longer Middle East hauls and higher war-risk insurance costs.

Fuel oil rises 3.4 to 4,807 and bitumen adds 0.54 to 4,473, while natural and butadiene rubber both fall, a clear split between chains.

Bitumen closes up 2.81%, beating fuel oil's 0.77%; independents re-split residue between coking and bunkers.

Fuel oil futures surged 4.23% to ¥4,661/t, signaling acute tankage stress in East China; bonded warehouse capacity utilization in the region remains elevated; demurrage fees have risen notably. Asphalt’s -1.57% move confirms deteriorating regional arbitrage economics.