石油沥青日报：基本面与成本端双重压力下，盘面连续走低-20251016

Group 1: Report Industry Investment Rating - The investment rating for the asphalt industry is cautiously bearish, with a short - term recommendation of waiting and seeing [2] Group 2: Core Viewpoints - On October 15, the closing price of the main asphalt futures contract BU2511 in the afternoon session was 3,250 yuan/ton, down 36 yuan/ton or 1.1% from the previous settlement price. The open interest was 82,783 lots, a decrease of 16,325 lots from the previous day, and the trading volume was 112,815 lots, an increase of 12,090 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information were: 3,506 - 4,086 yuan/ton in Northeast China, 3,320 - 3,670 yuan/ton in Shandong, 3,350 - 3,550 yuan/ton in South China, and 3,450 - 3,550 yuan/ton in East China. The spot prices in the Northwest, Northeast, and East China remained relatively stable, while those in other regions declined to varying degrees [1] - The overall rigid demand for asphalt was weak, and the actual trading volume in the spot market was average. The peak - season characteristics on the demand side were not obvious. With the downward shift of oil prices and the weak fundamentals of asphalt itself, the market was driven downward, causing the asphalt futures prices to decline continuously. Considering the uncertainties in the macro and geopolitical aspects, crude oil prices may fluctuate repeatedly and disrupt the asphalt market [1] Group 3: Summary by Related Catalogs Market Analysis - The asphalt futures prices declined, and the open interest decreased while the trading volume increased. The spot prices in most regions dropped, and the demand was weak, leading to a downward - driven market [1] Strategy - The unilateral strategy is to be cautiously bearish and wait and see in the short term. There are no strategies for inter - period, cross - variety, spot - futures, or options trading [2] Figures - There are multiple figures showing various data related to asphalt, such as spot prices in different regions (Shandong, East China, South China, North China, Southwest, and Northwest), futures contract prices (index, main, and near - month), trading volume and open interest, production volume (domestic weekly, independent refineries, and in different regions), consumption volume (road, waterproof, coking, and ship - fuel), and inventory volume (refinery and social) [3]