The heavy-oil chain did the heavy lifting today. Fuel oil at CNY 5,349 jumped +6.38% and bitumen at CNY 4,766 followed with +3.61% — both rode the crude rebound but outran WTI's +4.04%. Behind the move sits independent-teacher refinery run rates and bonded-warehouse delivery timing, not a clean cost pass-through.

The rubber chain told a different story. Natural rubber at CNY 19,700 edged up just +0.43% and butadiene rubber at CNY 16,170 rose +1.51% — hugging the floor. Tire-maker orders are soft, and synthetic rubber is capped by ample butadiene supply, so rubber's beta to crude is far weaker than the heavy-oil leg.

SNSUC's 13 categories cannot be hedged on a single crude curve. The heavy-oil leg (fuel oil, bitumen) reacts to run rates and inventories; the rubber leg (NR, BR) tracks end-demand and the synthetic-natural spread. Build two separate pricing and hedge curves: a crude-plus-crack two-factor model for heavy oil, and a demand-plus-spread single factor for rubber, so the wrong beta is never applied.