N500 base oil spot premium over futures narrowed to +780 CNY/t (prev. +820), driven by delayed Sinopec Maoming maintenance and clustered import vessel arrivals. Fuel oil futures rose 3.71% to 4,947 CNY/t, lifting blending cost; asphalt fell 0.36%, signaling weaker lubricating grease plant procurement intent.

East China base oil refineries undergoing concentrated October maintenance: domestic N500 spot at ¥6,270/t, +CNY820 above import benchmark ¥5,450/t; fuel oil +3.71% signals rising heavy-feedstock cost; USD/CNY down 0.05%, slightly easing import settlement pressure.