FX split three ways today. The dollar fell against the yuan (6.678), the yen (158.15) and the won (1,326.84) at once — the yuan, yen and won all strengthened versus the dollar — but the euro moved the other way. EUR/USD closed at 1.1212 (-0.0267%) and EUR/CNY also slipped to 7.4859 (-0.0414%); the euro weakened against the yuan as well.

That cross-rate pattern reshuffles the arithmetic for SNSUC's seven-variety transshipment book. ESPO, Dubai, Oman, Brent and WTI are all dollar-settled. A stronger yuan directly lowers the yuan-denominated landed cost: on the day's roughly 1.1% move in USD/CNY, Brent's yuan-equivalent arrival cost dropped about 8 yuan/bbl. A weaker euro means European refiners pay more euros for the same dollar crude, handing Asian buyers back a notch of relative price edge.

The number to track is whether the yuan or the euro moves harder against the dollar. Both strengthened versus the dollar today, but the euro fell against the yuan, so the yuan outran the euro. When a cargo settles in non-dollar terms — a small slice of European-benchmark grades — converting yuan directly beats routing through the euro. We price arrival cost on both USD/CNY and EUR/CNY rails in real time and take the cheaper track.