沥青早报-20251015

Report Overview - Report Name: Asphalt Morning Report [2] - Release Date: October 15, 2025 [3] - Author: Energy and Chemicals Team of the Research Center [3] 1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - No clear core view is presented in the provided content. It mainly contains various data on asphalt, including futures prices, trading volumes, inventories, market prices, and profit margins. 3. Summary by Relevant Catalogs Futures Prices and Trading Data - Futures prices of different asphalt contracts (BU10, BU11, BU12, BU01, BU03) decreased on October 14 compared to the previous day, with daily changes ranging from -11 to -15, and weekly changes from -176 to -235 [4]. - Trading volume on October 14 was 243,804, a decrease of 97,298 from the previous day and 21,306 from the previous week [4]. - Open interest on October 14 was 346,909, an increase of 5,700 from the previous day and 4,574 from the previous week [4]. - The number of combined contracts remained unchanged at 13,040 on October 14, a decrease of 890 from September 15 [4]. Market Prices - Market prices of asphalt in different regions (Shandong, East China, South China, North China, Northeast China) generally decreased. For example, the Shandong market price dropped from 3,520 on September 15 to 3,460 on October 14, a decrease of 40 [4]. - Price differences between regions also changed. For instance, the Shandong - East China price difference decreased from -60 on September 29 to -70 on October 14 [4]. Basis and Spread - Basis values in different regions (Shandong, East China, South China) showed various changes. The Shandong basis (+80) increased from 84 on September 29 to 190 on October 14, an increase of 106 [4]. - Spread values between different contract months (10 - 11, 10 - 12, 11 - 12, etc.) generally increased. For example, the 10 - 11 spread increased from 19 on September 29 to 180 on October 14, an increase of 161 [4]. Crack Spread and Profit - The asphalt Brent crack spread decreased from 214 on October 13 to 163 on October 14, a decrease of 51 [4]. - Asphalt Marrow profit decreased from 127 on October 13 to 81 on October 14, a decrease of 45 [4]. - Comprehensive profits of ordinary refineries and Marrow - type refineries also showed some fluctuations. The comprehensive profit of ordinary refineries decreased by 26 on October 14 compared to the previous day, while the comprehensive profit of Marrow - type refineries decreased by 33 [4]. - Import profits from South Korea to East China and from Singapore to South China were negative and continued to decline. The import profit from South Korea to East China decreased from -171 on September 29 to -265 on October 14, a decrease of 94 [4]. Other Related Data - Brent crude oil price was 63.3 on October 14, an increase of 0.6 from the previous day and a decrease of 2.1 from the previous week [4]. - Market prices of gasoline and diesel in Shandong also decreased. The gasoline market price in Shandong decreased from 7,505 on September 15 to 7,387 on October 14, a decrease of 105 [4].