ResearchIndustry Insights2026-10-18
N500 Base Oil Spread Narrows to +780 CNY/t, Import Substitution Threshold Rises
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.