石油沥青日报：需求改善有限，现货均价持续下跌-20251014

Group 1: Report Investment Rating - Unspecified Group 2: Core Viewpoints - Demand improvement is limited, and the average spot price continues to decline [1] - Although some northern regions' weather cleared up and road projects resumed construction, the overall demand for asphalt increased minimally, and the market has a weak outlook on future demand. The low - level oscillation of asphalt futures also negatively affects the spot market sentiment. Considering the increased macro - risks, the volatility of the crude oil end may significantly increase, disturbing the asphalt market. Short - term caution is advised [2] Group 3: Market Analysis - On October 13, the closing price of the main BU2511 asphalt futures contract in the afternoon session was 3302 yuan/ton, down 44 yuan/ton or 1.32% from the previous day's settlement price. The open interest was 103,287 lots, a decrease of 4,913 lots from the previous day, and the trading volume was 109,080 lots, a decrease of 44,528 lots [2] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are: 3706 - 4086 yuan/ton in the Northeast, 3400 - 3720 yuan/ton in Shandong, 3430 - 3490 yuan/ton in South China, and 3510 - 3600 yuan/ton in East China. Spot prices in the Northeast, North China, and Shandong decreased, while those in other regions remained relatively stable [2] Group 4: Strategy - Unilateral: Cautiously bearish, mainly on the sidelines in the short term - Inter - delivery spread: None - Cross - variety: None - Futures - cash: None - Options: None [3]