The 23:04 snapshot shows fuel oil at 4,775 yuan (-0.44%) and bitumen at 4,485 yuan (-0.53%) both pulling back, unwinding the earlier intraday premium of fuel oil over bitumen. Refiners are shifting vacuum residue between delayed coking and bonded bunkering, reshuffling yields and crack spreads.

Fuel oil closed at 4,747/t CNY (-1.02%) and bitumen at 4,472/t CNY (-0.82%). Both fell, yet fuel oil moved back above bitumen, flipping the FO-BIT spread from -579/t CNY at the month's start to +275/t CNY. Feeding fuel oil into delayed cokers becomes less economic, and the marginal supply of petroleum coke and paraffin shifts with it.