石油沥青日报：盘面延续弱势，市场缺乏利好-20251106

Report Summary 1) Report Industry Investment Rating - The report does not provide an industry investment rating. 2) Core View of the Report - The asphalt market is in a weak state with a lack of positive factors. The crude oil price has turned into a weak oscillation, resulting in insufficient cost - side support. The release of low - price forward resources from northern refineries has led to a pessimistic outlook for future asphalt demand, putting pressure on the spot market sentiment. The trading strategy suggests a cautious and bearish stance, with short - term waiting and seeing as the main approach [1][2]. 3) Summary by Related Catalogs Market Analysis - On November 5th, the closing price of the main asphalt futures contract BU2601 in the afternoon session was 3166 yuan/ton, down 50 yuan/ton or 1.55% from the previous day's settlement price. The position was 203,527 lots, a decrease of 3,433 lots compared to the previous period, and the trading volume was 178,534 lots, an increase of 4,477 lots [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast 3306 - 3750 yuan/ton, Shandong 3100 - 3620 yuan/ton, South China 3330 - 3520 yuan/ton, and East China 3410 - 3500 yuan/ton. The spot prices in the Northeast, North China, Shandong, and South China regions have declined, while those in other regions are relatively stable [1]. Strategy - Unilateral: Cautiously bearish, mainly wait and see in the short term. There are no strategies for inter - period, inter - variety, spot - futures, and options [2]. Figures - The report includes figures related to asphalt spot prices in different 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 asphalt weekly 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]