石油沥青日报：国内大规模降温，需求改善乏力-20251021

Report Summary 1) Report Industry Investment Rating - Unilateral: Cautiously bearish, with a short - term recommendation to stay on the sidelines [2] - Inter - period: None [2] - Cross - variety: None [2] - Futures - spot: None [2] - Options: None [2] 2) Core View of the Report - The supply - demand weakness pattern of asphalt continues. After the sharp drop in oil prices, refinery profits are relatively attractive, and the supply side may have greater elasticity. In terms of demand, affected by cold air in the north, the temperature has dropped significantly, the rigid demand for asphalt is weak overall, and there is a lack of positive driving factors in the market. Short - term investors are advised to stay on the sidelines [1] 3) Summary by Related Catalog Market Analysis - On the afternoon of October 20th, the closing price of the main BU2601 asphalt futures contract was 3141 yuan/ton, up 4 yuan/ton from the previous settlement price, a rise of 0.01%. The open interest was 167,705 lots, a net increase of 14,182 lots compared to the previous period, and the trading volume was 160,007 lots, a decrease of 3,854 lots compared to the previous period [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast: 3506 - 4086 yuan/ton; Shandong: 3300 - 3670 yuan/ton; South China: 3350 - 3550 yuan/ton; East China: 3450 - 3550 yuan/ton. The spot prices of asphalt in North China, Shandong, and Sichuan - Chongqing regions continued to fall yesterday, while those in other regions remained relatively stable [1] - Crude oil and asphalt futures continued to be weak, which had a negative impact on the sentiment of the asphalt spot market [1] Strategy - Unilateral: Cautiously bearish, short - term recommendation to stay on the sidelines [2] - Inter - period: None [2] - Cross - variety: None [2] - Futures - spot: None [2] - Options: None [2] Figures - The report includes figures related to asphalt spot prices in various regions (Shandong, East China, South China, North China, Southwest, Northwest), asphalt futures prices (index, main contract, near - month contract, near - month spread), trading volume and open interest of asphalt futures (unilateral, main contract), domestic weekly asphalt production, asphalt production of independent refineries and in different regions (Shandong, East China, South China, North China), domestic asphalt consumption in different fields (road, waterproofing, coking, ship fuel), and asphalt inventories (refinery, social) [3]