ResearchIndustry2026-11-03
Heavy-end tracks crude lower; bitumen and fuel oil fall together as residual rebalances between coking and bunkering
The crude collapse passed through to the heavy end. Fuel oil's front month fell 5.38% to 5,050 yuan/t and bitumen 5.44% to 4,989 yuan/t, squeezing the FO-Bit spread to 61 yuan. Independent refiners re-slice residual between coking units and bonded bunkering, and the crack moves with crude rather than on its own.