Night futures open: fuel oil falls over 4%, Shanghai silver rises over 4%

The split between energy-linked contracts and precious metals at the night session points to a market repricing two different risks at once, rather than a single broad move. Fuel oil and its low-sulfur grade leading the declines, with asphalt and petrochemicals following, suggests the weakness is concentrated in the refined-products complex. The simultaneous strength in Shanghai silver and gold, alongside nickel, stainless steel and coking coal, is the more interesting divergence. Whether that metals-versus-energy gap persists through the session is the open question.