沥青早报-20250620

Report Information - Report Name: Asphalt Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Date: June 20, 2025 [3] 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - No core view is explicitly stated in the provided content. 3. Summary by Relevant Catalog Futures Contracts - Prices: The BU main contract price increased from 3519 on May 21 to 3738 on June 19, with a daily change of 43 and a weekly change of 277. Other contracts like BU06, BU09, BU12, and BU03 also showed various price changes during the period [4]. - Volume and Open Interest: The trading volume on June 19 was 412,737, with a daily increase of 53,393 and a weekly increase of 110,941. The open interest on June 19 was 549,599, with a daily increase of 4,534 and a weekly increase of 67,306 [4]. Spot Market - Prices: Low - end prices in different regions such as Shandong, East China, South China, North China, and Northeast China all showed upward trends. For example, the Shandong market low - end price rose from 3450 on May 21 to 3620 on June 19, with a daily increase of 20 and a weekly increase of 130 [4]. - Price Differentials: The price differentials between regions (e.g., Shandong - East China, Shandong - Northeast, East China - South China) also changed. For instance, the Shandong - East China differential increased from - 70 on May 21 to - 60 on June 19, with a daily increase of 20 and a weekly increase of 30 [4]. Basis and Calendar Spreads - Basis: The basis values for different regions (Shandong, East China, South China) changed over time. For example, the Shandong basis decreased from - 69 on May 21 to - 118 on June 19, with a daily decrease of 23 and a weekly decrease of 147 [4]. - Calendar Spreads: The spreads between different contract months (03 - 06, 06 - 09, 09 - 12, 12 - 03) also had fluctuations. For example, the 03 - 06 spread increased from - 288 on May 21 to 31 on June 19, with a daily increase of 13 and a weekly increase of 310 [4]. Crack Spreads and Profits - Crack Spreads and Profits: The asphalt Brent crack spread decreased from 12 on May 21 to - 405 on June 19, with a daily increase of 7 and a weekly decrease of 260. The asphalt Marrow profit decreased from - 55 on May 21 to - 436 on June 19, with a daily increase of 6 and a weekly decrease of 237. The ordinary refinery's comprehensive profit decreased from 431 on May 21 to 158 on June 19, with a daily decrease of 4 and a weekly decrease of 145 [4]. Related Prices - Related Commodity Prices: Brent crude oil price increased from 65.4 on May 21 to 76.7 on June 19, with a daily increase of 0.3 and a weekly increase of 7.3. The gasoline market price in Shandong increased from 7405 on May 21 to 7947 on June 19, with a daily increase of 6 and a weekly increase of 401 [4].