Brent settled at $111.71/bbl and WTI at $102.41/bbl, down $1.52 and $1.64 on the day — a near-synchronized retreat. The Brent–WTI spread compressed from $10.59 to $9.30, so the light-sweet premium over heavy grades stopped widening.

The yuan strengthened to 6.6558 per dollar, up 0.0631, dragging dollar-denominated import cost lower. At Brent × FX × 7.33, the pre-tax landed cost works out near RMB 5,450/t — roughly RMB 200/t cheaper than the $113/bbl print two weeks back.

Short-haul light-sweet grades — ESPO, Dubai, Oman — carry lower freight and a 14-day arrival cycle, so they capture the FX dividend fully. US Gulf cargoes need 30–45 days; the hedging cost dilutes over time and their price edge reshuffles.

On the books, refiners are rewriting the feedstock math: the same barrel costs less in yuan than in dollars, and the procurement window for short-haul grades has reopened.