沥青：油价反弹，震荡偏强

Group 1: Report Title and General Outlook - The report is titled "Asphalt: Oil Price Rebound, Oscillating with an Upward Bias" dated May 7, 2025 [1] - The trend strength of asphalt is 1, indicating a moderately positive outlook, with the range of trend strength being integers from -2 (most bearish) to 2 (most bullish) [10] Group 2: Futures Market Data Futures Prices and Changes - BU2506 closed at 3,361 yuan/ton yesterday with a -1.38% change and 3,424 yuan/ton in the night session with a 1.87% change - BU2507 closed at 3,342 yuan/ton yesterday with a -1.42% change and 3,400 yuan/ton in the night session with a 1.74% change [1] Trading Volume and Open Interest - BU2506 had a trading volume of 194,405 lots yesterday with an increase of 23,855 lots and an open interest of 113,918 lots with an increase of 984 lots - BU2507 had a trading volume of 53,094 lots yesterday with an increase of 8,137 lots and an open interest of 111,608 lots with an increase of 3,751 lots [1] Warehouse Receipts - The total asphalt warehouse receipts in the market were 87,690 lots yesterday with no change [1] Spreads - The basis (Shandong - 06) was 209 yuan/ton yesterday, up 57 yuan from the previous day - The 06 - 07 inter - period spread was 19 yuan/ton yesterday, up 1 yuan from the previous day [1] Group 3: Spot Market Data Spot Prices - The Shandong wholesale price was 3,570 yuan/ton yesterday, up 10 yuan, with the factory - warehouse spot equivalent to 3,679 yuan/ton and the warehouse spot equivalent to 3,821 yuan/ton - The Yangtze River Delta wholesale price was 3,570 yuan/ton yesterday, unchanged, with the factory - warehouse spot equivalent to 3,608 yuan/ton and the warehouse spot equivalent to 3,670 yuan/ton [1] Refinery Data - As of May 3, the refinery operating rate was 29.81%, up 2.10% from April 28 - As of May 3, the refinery inventory rate was 29.17%, down 0.42% from April 28 [1] Group 4: Market News - From April 30 to May 5, 2025, the capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 27.0%, a 1.3% decrease from the previous period, mainly due to Jiangsu Xinhai switching to producing residual oil during the holiday and Henan Fengli having no production plan during the holiday [11] - As of May 5, 2025, the total inventory of 54 asphalt sample factory warehouses was 85.6 tons, a 0.7% decrease from April 28. The North China region had the largest de - stocking, mainly because local refineries had a low operating level and shipped goods under contracts [11] - As of May 5, 2025, the total inventory of 104 asphalt social warehouses was 197.3 tons, a 2.0% increase from April 28. The Yangtze River Delta region had obvious inventory accumulation, mainly due to good shipping and some cargoes arriving at ports and entering warehouses [11]