石油沥青日报：成本端震荡运行，沥青基本面乏力-20250916

Group 1: Report Investment Rating - The unilateral investment rating for asphalt is weakly fluctuating, while there are no ratings for inter - period, inter - variety, spot - futures, and options [3] Group 2: Core View - The cost side of asphalt is fluctuating, and its fundamentals are weak. The crude oil price fluctuates, providing limited guidance for asphalt price direction. The BU futures market is weak, and the crack spread has declined. Terminal demand is poor, especially in the south, and the supply of local spot resources has increased, suppressing market sentiment. If the rebound of oil prices is insufficient, the upward driving force for the futures market is limited [1][2] Group 3: Market Analysis Summary - Futures Market: On the afternoon of September 15th, the closing price of the main BU2511 asphalt futures contract was 3393 yuan/ton, a decrease of 10 yuan/ton or 0.29% from the previous settlement price. The open interest was 240,677 lots, a decrease of 11,963 lots from the previous day, and the trading volume was 204,310 lots, a decrease of 34,468 lots [2] - Spot Market: The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information vary by region: Northeast 3806 - 4086 yuan/ton, Shandong 3480 - 3820 yuan/ton, South China 3480 - 3540 yuan/ton, and East China 3560 - 3700 yuan/ton. The spot prices in the northwest and north China increased, those in Shandong and Sichuan - Chongqing decreased slightly, and the rest remained stable [2] Group 4: Strategy Summary - Unilateral Strategy: Weakly fluctuating [3] - Other Strategies: There are no strategies for inter - period, inter - variety, spot - futures, and options [3] Group 5: Chart Information Summary - The report includes 24 charts covering aspects such as spot prices in different regions, futures index and contract closing prices, trading volume and open interest, production volume in different regions, consumption in different fields, and inventory data [4]