Front-month fuel oil held at CNY 4,434/t (+0.36%) while bitumen fell 3.50% to CNY 5,013/t, flipping the spread to a CNY 579/t discount. Residue yield and IMO2020 set bunker direction.

Fuel oil edges up while bitumen slides; the fuel-to-bitumen spread widens to ¥579/t as refiners shift residue yield to VLSFO, firming delivered discounts on heavy crude transfers.

Fuel oil settled at ¥4,434/t (+0.36%) while bitumen dropped 3.5% to ¥5,013/t, splitting residue between bunker and road demand. The VLSFO-HSFO spread is approaching the level where open-loop scrubber fleets must reprice their advantage.

Bitumen's 3.5% drop flipped its premium over fuel oil into a -¥579/t discount; refiners push residue yield to VLSFO, forcing transshipment desks to reschedule heavy-barrel title delivery.

On Sept 27 fuel oil front-month settled at ¥4,363/t (+6.00) and bitumen at ¥5,256/t (+5.35), an inverted spread of -¥893/t. Refiners are shifting residue yield toward very-low-sulphur bunker (VLSFO); the IMO2020 sulphur cap still sets the floor.