沥青早报-20251021

Report Overview - Report Title: Asphalt Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: October 21, 2025 [3] 1. Futures Contract Information - Price Changes: The closing price of the BU main contract on September 19 was 3420, dropping to 3156 on October 17, a daily change of -44 and a weekly change of -314. Different contract months (BU10 - BU03) also showed varying degrees of price declines [4]. - Volume and Open Interest: The trading volume increased from 246,616 on September 19 to 312,542 on October 17, with a daily increase of 43,198 and a weekly increase of 68,738. The open interest rose from 409,431 to 358,277, with a daily increase of 4,924 and a weekly increase of 11,368 [4]. 2. Spot Market Information - Market Prices: Market prices in different regions (Shandong, East China, South China, North China, Northeast) all declined to varying degrees. For example, the Shandong market price decreased from 3520 on September 19 to 3380 on October 17, a daily decrease of 40 and a weekly decrease of 80 [4]. - Warehouse Prices: Prices at various warehouses (Zhenjiang, Foshan, Hongrun, Jingbo) also declined. For instance, the Zhenjiang warehouse price dropped from 3470 to 3320, a daily decrease of 30 and a weekly decrease of 30 [4]. 3. Basis and Calendar Spread Information - Basis: The basis in different regions (Shandong, East China, South China) generally increased. For example, the Shandong basis (+80) climbed from 149 to 285, with a daily increase of 114 [4]. - Calendar Spread: Calendar spreads between different contract months (10 - 11, 10 - 12, etc.) showed different trends, with some spreads narrowing and others widening. For example, the 10 - 11 spread decreased from 180 to -78, a weekly decrease of 258 [4]. 4. Crack Spread and Profit Information - Crack Spread: The asphalt - Brent crack spread decreased from 244 to 193, a daily decrease of 52 [4]. - Profit: Profits of different types of refineries (asphalt - Ma Rui, ordinary refineries, Ma Rui - type refineries) also showed different trends. For example, the asphalt - Ma Rui profit decreased from 155 to 109, a daily decrease of 46 [4]. 5. Related Product Price Information - Crude Oil: The price of Brent crude oil decreased from 63.3 to 61.3, a daily increase of 0.2 and a weekly decrease of 2.0 [4]. - Gasoline and Diesel: The Shandong market prices of gasoline and diesel also declined. The gasoline price dropped from 7387 to 7281, a daily decrease of 39 and a weekly decrease of 106 [4].