ResearchIndustry2026-09-22
Bitumen leads the slide while fuel oil holds; refiners rebalance resid slate
Bitumen front-month at 5,098 yuan/t (-4.39%) fell far harder than crude, while low-sulphur fuel oil at 4,253 yuan/t (+0.64%) closed green. Independents route more resid to coking; coke stocks (87.3%) stay high; the gap is about 5 points.