石油沥青日报：盘面持续上涨，基本面驱动有限-20251024

Report Summary 1) Report Industry Investment Rating - Unilateral: Neutral, short - term wait - and - see [2] - Inter - period: None [2] - Cross - variety: None [2] - Futures - spot: None [2] - Options: None [2] 2) Core View of the Report - The asphalt futures market has seen a continuous rise, mainly driven by the rebound of crude oil prices due to the news of increased US sanctions on Russia. However, the fundamental support for asphalt is limited. The rigid demand for asphalt is weak as road projects in some northern regions are nearing completion, and downstream buyers are reluctant to purchase. Considering that important macro - events are yet to be finalized, oil prices may fluctuate, and it is recommended to wait and see in the short term [1] 3) Summary by Related Catalogs Market Analysis - On October 23, the closing price of the main BU2601 asphalt futures contract in the afternoon session was 3,277 yuan/ton, up 74 yuan/ton or 2.31% from the previous settlement price. The open interest was 194,697 lots, a net increase of 7,848 lots, and the trading volume was 282,988 lots, a net increase of 13,484 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast 3,406 - 4,086 yuan/ton; Shandong 3,250 - 3,620 yuan/ton; South China 3,330 - 3,550 yuan/ton; East China 3,410 - 3,500 yuan/ton [1] - Driven by the rebound of crude oil prices, the asphalt futures market rose. In the spot market, prices in North China, Shandong, and South China increased, while those in the Northeast decreased significantly, and prices in other regions remained relatively stable. The continuous rise of crude oil and asphalt futures has limited impact on the sentiment of the asphalt spot market [1] Strategy - Unilateral strategy: Adopt a neutral stance and wait and see in the short term [2] - Other strategies (inter - period, cross - variety, futures - spot, options): None [2]