Fuel oil at ¥5,262/t holds a ¥393/t premium to bitumen at ¥4,869/t as refiners tilt residue yield to VLSFO bunker; bonded-bunker demand is steadier than coking feed.

Fuel oil closed at ¥4,976/t, a ¥477 premium over bitumen at ¥4,499/t, flipping the earlier bitumen premium. Independents push residue yields toward low-sulphur bunker as IMO2020 compliance and the bonded bunker spread do the work.

On Oct 16 fuel oil closed at ¥4,743/t (-1.92%) against bitumen at ¥4,500/t (+0.11%). The spread reversed from a discount to a 243 yuan premium for fuel oil. Refiners are steering residue yield toward VLSFO bunker blending under the IMO2020 0.5% sulfur cap, which keeps the structure bid.