Fuel oil's front-month held at 4,434 yuan/t, up 0.36%, while bitumen fell 3.5% to 5,013 — same refinery source, opposite moves. Bonded bunker suppliers chase international transit laycan while domestic heavy fuel is propped up by bitumen's seasonal glut.

Fuel oil's front month closed at RMB 4,363/t, up 6% on the day; bitumen at RMB 5,256 leaves a RMB 893 gap. Zhoushan's bonded storage and turnaround are keeping foreign owners' bunkering orders onshore, and the laycan math is being redone.