石油沥青日报：现货区域流通量增加，行情延续偏弱震荡-20250821

Report Industry Investment Rating - The rating for unilateral trading is weakly oscillating, while there are no ratings for inter - period, cross - variety, spot - futures, and options trading [2] Core Viewpoints - The spot regional circulation volume of asphalt has increased, and the market continues to oscillate weakly. The current supply - demand pattern remains weak. Under the influence of weather and capital factors, the improvement of rigid demand is limited, speculative demand is also weak, the decline of social inventory is weaker than the seasonal level, and the overall supply is relatively abundant. If oil prices continue to fall in the future, asphalt prices will also weaken further. In the short term, attention should be paid to the additional impact of the progress of the Russia - Ukraine peace talks on the oil market sentiment [1] Market Analysis - On August 20, the closing price of the main BU2510 asphalt futures contract in the afternoon session was 3,454 yuan/ton, a decrease of 4 yuan/ton or 0.01% compared to the previous settlement price. The open interest was 217,538 lots, a decrease of 2,214 lots compared to the previous day, and the trading volume was 146,021 lots, an increase of 4,045 lots compared to the previous day [1] - The spot settlement prices of heavy - traffic asphalt according to Zhuochuang Information are as follows: 3,856 - 4,086 yuan/ton in Northeast China; 3,450 - 3,870 yuan/ton in Shandong; 3,480 - 3,530 yuan/ton in South China; 3,580 - 3,750 yuan/ton in East China. The prices in North China and South China markets decreased slightly yesterday, while the prices in other regions remained stable for the time being [1] Strategy - Unilateral: Weakly oscillating - Inter - period: None - Cross - variety: None - Spot - futures: None - Options: None [2] Figures - The report includes figures on asphalt spot prices in various regions (Shandong, East China, South China, North China, Southwest, and Northwest), asphalt futures prices (index, main contract, near - month contract, near - month spread), trading volume and open interest of asphalt futures, domestic and regional asphalt production, domestic asphalt consumption in different fields (road, waterproofing, coking, ship fuel), and asphalt inventories (refinery and social inventories) [3]