SNSUC prices crude off a fixed formula; with Brent at $110.04 and USD/CNY 6.6613 the benchmark landed cost is about RMB 5,373/t, nearly 2% below a week ago.

The Brent–WTI premium compressed from $13.54 on Oct 23 to $8.61. CIF costs on the seven transshipment grades — ESPO, Dubai, Oman, Urals, Basrah Light, Bonny Light, Lula — must be recalculated on the new spread.

Brent closed at $109.95 and WTI at $98.79, leaving an $11.16 spread. Delivered costs for the seven transshipped grades (ESPO, Dubai, Oman, Urals, Basrah Light, Bonny Light, Lula) are rebuilt against the discount structure.

Brent at $107.774 and WTI at $97.412 push the spread from $8.08 to $10.36. Two market logics diverge, forcing a reset of delivered floors across SNSUC's seven transshipment lines.

The seven transshipment grades — ESPO, Oman, Urals, Basrah Light, Bonny Light, Lula and Dubai — are quoted off their OSP differentials to Dated Brent. Bonded-zone transshipment gets VAT deferral and avoids general-trade quota consumption, a clear line from ordinary trade on tax and documentation. Pre-positioning the three-document consistency check with a SHA-256 title fingerprint moves compliance confirmation ahead of LC issuance.

Brent and WTI both slipped $2.10, holding the spread near $12.6. SNSUC's seven-grade offshore resale (ESPO, Dubai, Oman, Urals, Basrah Light, Bonny Light, Lula) is priced off Brent, and the wide spread opens an arbitrage lane for US grades into Asia.