石油沥青日报：市场利好不足，盘面低位震荡-20251022

Report Summary 1) Report Industry Investment Rating - Unilateral: Cautiously bearish, mainly on short - term wait - and - see [2] - Inter - period: None [2] - Inter - variety: None [2] - Futures - spot: None [2] - Options: None [2] 2) Core View of the Report - The market has insufficient positive factors, and the market fluctuates at a low level. The asphalt futures and spot markets are affected by multiple factors, with a current pattern of weak supply and demand. The market lacks upward momentum, and it is necessary to wait for the implementation of major macro - events [1]. 3) Summary by Related Catalogs Market Analysis - On October 21, the closing price of the main BU2601 contract of asphalt futures in the afternoon session was 3,157 yuan/ton, up 13 yuan/ton or 0.41% from the previous settlement price. The open interest was 182,020 lots, a net increase of 14,315 lots, and the trading volume was 168,391 lots, a net increase of 8,384 lots [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: 3,506 - 4,086 yuan/ton in the Northeast, 3,260 - 3,620 yuan/ton in Shandong, 3,340 - 3,550 yuan/ton in South China, and 3,410 - 3,500 yuan/ton in East China. The spot prices of asphalt in North China, Shandong, East China, and Sichuan - Chongqing continued to decline yesterday, slightly increased in South China, and remained relatively stable in other regions [1]. - Crude oil and asphalt futures maintained weak fluctuations, which was negative for the sentiment of the asphalt spot market. The current pattern of weak supply and demand in the asphalt market continues, but the sharp drop in oil prices boosts refinery profits, and the supply side has certain elasticity. At the same time, the overall rigid demand for asphalt is weak, the downstream purchasing sentiment is weak, and most market prices continue to decline. Currently, the market still lacks the impetus to rebound [1]. Figures - There are a series of figures in the report, including spot prices of heavy - traffic asphalt in different regions (Shandong, East China, South China, North China, Southwest, and Northwest), closing prices of asphalt futures indices, main contracts, and near - month contracts, trading volume and open interest of asphalt futures, weekly domestic 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 in refineries and society [3].