盘面窄幅波动，弱需求压制现货

1. Report Industry Investment Rating - The unilateral strategy for asphalt is rated as "oscillating weakly." There are no specific ratings provided for inter - period, inter - variety, spot - futures, and options strategies [2] 2. Core View of the Report - The asphalt market shows a narrow - range fluctuation on the盘面, and weak demand suppresses the spot market. The current supply - demand pattern of asphalt remains weak. Under the influence of weather and capital factors, the improvement of rigid demand is weak, speculative demand is also weak, the de - stocking of social inventory is weaker than the seasonal level, and overall supply is relatively abundant, which suppresses the sentiment on the spot side. If oil prices continue to fall in the future, asphalt market prices will also decline further. In the short term, attention should be paid to the additional disturbances to the oil market sentiment caused by the progress of the Russia - Ukraine peace talks [1] 3. Summary by Relevant Catalogs Market Analysis - On August 21, the closing price of the main BU2510 contract of asphalt futures in the afternoon session was 3,465 yuan/ton, up 13 yuan/ton or 0.38% from the previous settlement price. The open interest was 211,461 lots, a decrease of 6,077 lots from the previous day, and the trading volume was 123,366 lots, a decrease of 22,655 lots from the previous day [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: 3,856 - 4,086 yuan/ton in the Northeast, 3,380 - 3,870 yuan/ton in Shandong, 3,460 - 3,530 yuan/ton in South China, and 3,560 - 3,750 yuan/ton in East China. The prices in the Northwest and Northeast markets remained generally stable yesterday, while asphalt spot prices in other regions declined to varying degrees [1] - Recently, the oil price has been weak, and combined with the average fundamentals of asphalt itself, the market has been oscillating weakly. Although the oil price rebounded slightly yesterday and the BU盘面 stabilized, the fluctuation range was still narrow [1] Strategy - Unilateral: Oscillating weakly - Inter - period: None - Inter - variety: None - Spot - futures: None - Options: None [2] Figures - There are multiple figures in the report, including those showing the spot prices of heavy - traffic asphalt in different regions (Shandong, East China, South China, North China, Southwest, and Northwest), the closing prices of the asphalt futures index, main contract, and near - month contract, the monthly spread of the near - month asphalt futures, the trading volume and open interest of asphalt futures, domestic weekly asphalt production, asphalt production of independent refineries and in different regions (Shandong, East China, South China, North China), domestic asphalt consumption in different fields (road, waterproofing, coking, ship fuel), and asphalt refinery and social inventories [3]