石油沥青日报：需求持续走弱，局部现货下跌-20251107

Report Summary 1. Report Industry Investment Rating - The report suggests a cautious and bearish approach for unilateral trading, advocating short - term observation. There are no specific strategies for inter - period, cross - variety, spot - futures, and options trading [2]. 2. Report's Core View - The demand in the asphalt market continues to weaken, and local spot prices are falling. The asphalt market is in a weak and volatile state, lacking positive driving factors. This is due to the weakening and volatile crude oil prices, insufficient cost - side support, a weak asphalt fundamentals, the entry of northern terminals into the shutdown phase, low enthusiasm for traders to stock up, and the release of low - price forward resources by northern refineries [1]. 3. Summary by Related Catalogs Market Analysis - On November 6th, the closing price of the main asphalt futures contract BU2601 in the afternoon session was 3,109 yuan/ton, down 65 yuan/ton or 2.05% from the previous day's settlement price. The open interest was 201,642 lots, a decrease of 1,885 lots from the previous day, and the trading volume was 232,766 lots, an increase of 54,232 lots [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast: 3,306 - 3,750 yuan/ton; Shandong: 3,050 - 3,620 yuan/ton; South China: 3,270 - 3,520 yuan/ton; East China: 3,410 - 3,500 yuan/ton. The asphalt spot prices in the Northeast, Shandong, and South China regions continued to decline, while those in other regions remained relatively stable [1]. Strategy - Unilateral: Cautiously bearish, with a focus on short - term observation. There are no strategies for inter - period, cross - variety, spot - futures, and options trading [2]. Figures - The report includes figures related to asphalt spot prices in different regions (Shandong, East China, South China, North China, Southwest, and Northwest), asphalt futures prices (index, main contract, near - month contract, near - month spread), trading volume and open interest of asphalt futures (unilateral and main contract), domestic asphalt weekly production, 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 and social) [3].