Today's board splits SNSUC's thirteen categories into two halves. On the heavy-oil side, fuel oil prints 5,362 yuan/tonne, down 2.06% from the prior day, while bitumen holds at 5,107 yuan, essentially flat. On the rubber side, natural rubber eases to 19,165 yuan, off 0.54%, and butadiene rubber ticks up a hair to 16,790 yuan, plus 0.06%.

The two curves run on different engines. Fuel oil tracks the Singapore 380cst spot and Zhoushan bonded-stock drawdown; after the National Day holiday, independent refiners lifted run rates and slowed procurement, so the price gave back gains. Bitumen is capped by the tail of the infrastructure season, yet refinery inventories sit low and provide a floor, so it stays flat rather than falling. Rubber runs on a third logic: tire-plant operating rates are steady, but replacement demand at the retail end is soft, Thai latex supply peaks and pins feedstock low, and on the synthetic side looser butadiene cost lets butadiene rubber cover little more than conversion.

For the desk, the lesson is to stop running one macro narrative across every grade. Heavy oil reads on refinery runs and inventories; rubber reads on regional weather and tire orders. The two datasets need separate screens.