Both benchmarks closed soft tonight: Brent at $108.50/bbl, down 1.24%, and WTI at $97.67/bbl, down 1.36%. WTI fell harder, so the Brent–WTI spread still sits at $10.83. For SNSUC's transfer quotes the spread is not the headline — the denominator of the listing formula is.

Our listed price keys off Brent × FX × 7.33 × grade. With USD/CNY at 6.681 and Brent at 108.503, the landed base works out to 108.503 × 6.681 × 7.33 ≈ ¥5,313/t at a grade factor of 1.0. That is roughly ¥80/t below the ¥5,390 area we saw when Brent pushed past $109 last week.

The seven transfer grades reprice off that base. ESPO, Dubai and Oman sit about ¥100/t above base; Basrah Light about ¥110; Bonny Light ¥151; Lula ¥50; Urals, being a light-sour discount grade, comes in ¥101 below. Tonight that puts ESPO landed near ¥5,414/t, Urals near ¥5,212/t and Bonny Light near ¥5,464/t. A buyer fixing now saves roughly one tank-rent per tonne versus the Brent-high quotes.

The operational read is plain: both benchmarks eased but the spread did not compress, so the refinery preference for light-low-sulfur stays intact and the transfer window stays open. Put the load port and routing tier explicitly on the quote — STS transshipment changes the vessel, not the load port. With the base down tonight, roll the seven-grade quotes posted at the 08:00 slot down one notch so customers are not comparing against stale prices.