石油沥青日报：成本端支撑仍存，盘面窄幅震荡-20250606

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - On June 5, the closing price of the main asphalt futures contract BU2507 in the afternoon session was 3,497 yuan/ton, down 0.4% from the previous settlement price. The open interest was 85,190 lots, a decrease of 4,256 lots compared to the previous day, and the trading volume was 133,237 lots, a decrease of 63,289 lots compared to the previous day [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information were: 3,800 - 4,091 yuan/ton in Northeast China; 3,470 - 3,870 yuan/ton in Shandong; 3,400 - 3,450 yuan/ton in South China; 3,580 - 3,650 yuan/ton in East China [1]. - Crude oil prices rebounded oscillatingly this week, consolidating the cost support for asphalt. Spot prices remained stable overall, with some major refineries in certain regions raising the asphalt settlement price, boosting the sentiment in the asphalt spot market. The futures market continued to fluctuate within a narrow range [1]. - The asphalt market maintained a pattern of weak supply and demand. Terminal demand was generally poor. In June, the temperature in northern regions was suitable for some infrastructure projects to start construction, but there was a lack of supra - seasonal growth momentum. In southern regions, the rainy season hindered road construction and restricted asphalt terminal consumption [1]. - Currently, the increase in market supply was limited. The overall operating rate and inventory were at low levels. With cost support, market pressure was limited, but the weak improvement in demand restricted the market's upward space [1]. Group 3: Strategies - Unilateral: Oscillation [2] - Inter - period: Go long on the spread of BU2507 - 2509 (positive spread) at low levels [2] - Inter - commodity: None [2] - Futures - cash: None [2] - Options: None [2] Group 4: Figures and Their Units - Figures showing the spot prices of heavy - traffic asphalt in different regions (Shandong, East China, South China, North China, Southwest China, Northwest China) are provided, with the unit of yuan/ton [3][10] - Figures showing the closing prices of the petroleum asphalt futures index, main contract, and near - month contract, as well as the near - month spread, are provided, with the unit of yuan/ton [3][18][21] - Figures showing the trading volume and open interest of petroleum asphalt futures (unilateral and main contract) are provided, with the unit of lots [3][23] - Figures showing the production volume of domestic asphalt (weekly, independent refineries, and in different regions like Shandong, East China, South China, North China) are provided, with the unit of 10,000 tons [3][29][31] - Figures showing the consumption of domestic asphalt in different fields (road, waterproofing, coking, ship fuel) are provided, with the unit of 10,000 tons [3][37][38] - Figures showing the inventory of asphalt refineries and social inventory (according to Longzhong data) are provided, with the unit of 10,000 tons [3][39]