石油沥青日报：去库偏慢，利好驱动不足-20250919

Report Summary 1) Report Industry Investment Rating - The investment rating for the asphalt industry is "shockingly weak" for the unilateral strategy, while there are no ratings for the inter - period, cross - variety, spot - futures, and options strategies [2] 2) Core View of the Report - The asphalt market has slow inventory reduction and insufficient positive drivers. The overall fundamentals are average, and the market may continue to operate with weak shocks. The cost - side drive is limited due to the weak fundamentals of crude oil, and locally, the supply growth is stronger than the terminal demand, leading to a thick market wait - and - see sentiment [1] 3) Summaries According to Related Contents Market Analysis - On September 18, the closing price of the main asphalt futures contract BU2511 in the afternoon session was 3,427 yuan/ton, down 12 yuan/ton or 0.35% from the previous settlement price. The open interest was 233,261 lots, a decrease of 329 lots from the previous day, and the trading volume was 151,997 lots, an increase of 10,727 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: 3,886 - 4,086 yuan/ton in the Northeast, 3,480 - 3,770 yuan/ton in Shandong, 3,480 - 3,540 yuan/ton in South China, and 3,550 - 3,650 yuan/ton in East China. The asphalt prices in the Northwest and North China markets rose yesterday, while the prices in other regions remained generally stable [1] Strategy - Unilateral: Shockingly weak; Inter - period: None; Cross - variety: None; Spot - futures: None; Options: None [2] Graphical Data - There are multiple graphs showing various aspects of the asphalt market, including spot prices in different regions (Shandong, East China, South China, North China, Southwest, and Northwest), futures prices (index, main contract, near - month contract, and near - month spread), trading volume and open interest of futures, domestic weekly asphalt production, production from 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 inventories in refineries and society (according to Longzhong's data) [3]