石油沥青日报：利好因素匮乏，盘面弱势运行-20251015

Report Industry Investment Rating - The unilateral strategy is cautiously bearish, with a short - term focus on waiting and seeing. There are no strategies for inter - period, cross - variety, spot - futures, and options [2] Core View - The asphalt market has few positive factors and the market is running weakly. The asphalt futures and spot prices are showing a downward trend. The overall supply - demand situation of asphalt remains weak, with insufficient demand growth momentum and local pressure emerging. The market may fluctuate repeatedly due to the impact of crude oil trends and increased macro - level disturbances, so caution is recommended [1] Market Analysis - On October 14, the closing price of the main BU2511 contract of asphalt futures in the afternoon session was 3,290 yuan/ton, a decrease of 20 yuan/ton or 0.6% from the previous day's settlement price. The open interest was 99,108 lots, a decrease of 4,179 lots from the previous day, and the trading volume was 100,725 lots, a decrease of 41,232 lots from the previous day [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are: 3,506 - 4,086 yuan/ton in the Northeast, 3,330 - 3,670 yuan/ton in Shandong, 3,380 - 3,550 yuan/ton in the South China, and 3,450 - 3,550 yuan/ton in the East China [1] - The asphalt market has been on a continuous downward trend recently. The spot prices of asphalt in the Northwest, Northeast, and South China remained relatively stable yesterday, while those in other regions decreased to varying degrees [1] Figures - There are figures showing the spot prices of heavy - traffic asphalt in different regions (Shandong, East China, South China, North China, Southwest, Northwest), the closing prices of the asphalt futures index, main contract, and near - month contract, the monthly spread of the near - month asphalt futures, the trading volume and open interest of the asphalt futures, the weekly domestic asphalt production, the asphalt production of independent refineries and in different regions (Shandong, East China, South China, North China), the domestic asphalt consumption in different fields (road, waterproofing, coking, ship fuel), and the asphalt refinery and social inventories [3]