石油沥青日报：成本端指引不明确，现货观望情绪浓厚-20250718

Report Summary 1) Report Industry Investment Rating - The report does not provide an industry investment rating. 2) Core Viewpoints - The cost - end guidance for asphalt is unclear, and the spot market has a strong wait - and - see sentiment. The current situation of crude oil prices is volatile, with a pattern of strong reality and weak expectations, resulting in limited cost - end direction guidance for asphalt. The overall supply - and - demand of asphalt remains weak, inventory is at a low level, and market contradictions are relatively insignificant. There are growth expectations for both supply and demand of asphalt in the future, and attention should be paid to changes in inventory trends [1]. 3) Summary by Related Catalogs Market Analysis - On July 17, the closing price of the main asphalt futures contract BU2509 in the afternoon session was 3,628 yuan/ton, up 11 yuan/ton or 0.3% from the previous day's settlement price. The open interest was 226,709 lots, a net increase of 1,229 lots, and the trading volume was 185,709 lots, an increase of 77,446 lots [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast: 3,900 - 4,086 yuan/ton; Shandong: 3,660 - 4,070 yuan/ton; South China: 3,600 - 3,630 yuan/ton; East China: 3,660 - 3,800 yuan/ton. The spot price of asphalt in the North China market decreased slightly yesterday, while prices in other regions remained stable [1]. Strategy - Unilateral: Oscillation; Inter - delivery spread: None; Inter - commodity spread: None; Futures - spot: None; Options: None [2]