沥青早报-20250925

Report Information - Report Name: Asphalt Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: September 25, 2025 [3] Key Data Summary Futures Contracts - Prices: The prices of asphalt futures contracts (BU10 - BU03) showed fluctuations from August 26 to September 24. For example, BU10 decreased from 3523 on August 26 to 3392 on September 24 [4]. - Volume and Open Interest: The trading volume on September 24 was 242,519, a decrease of 37,956 compared to the previous period, while the open interest was 413,842, a decrease of 12,020 [4]. Spot Market - Prices: Market prices in different regions had various changes. Shandong's market price dropped from 3540 to 3500, and East China's decreased from 3720 to 3560 [4]. - Price Differences: The price differences between regions also changed. For instance, the difference between Shandong and East China increased from -180 to -60 [4]. Basis and Spread - Basis: The basis values of different regions and contracts showed different trends. For example, Shandong's basis (+80) decreased by 29 to 168 [4]. - Spread: The spreads between different contracts (e.g., 10 - 11, 10 - 12) also changed. The 10 - 11 spread decreased by 11 to 16 [4]. Crack Spread and Profit - Crack Spread: The asphalt - Brent crack spread was -11 on September 24, a significant change compared to previous values [4]. - Profit: Profits of different types of refineries and import profits also changed. For example, the asphalt - Marrow profit decreased by 59 to -77 [4]. Related Commodities - Crude Oil: Brent crude oil price increased from 66.6 on September 23 to 67.6 on September 24 [4]. - Other Products: The prices of gasoline, diesel, and residue oil in Shandong also had minor fluctuations [4][5].