石油沥青日报：现货整体持稳，市场氛围平淡-20251121

Report Summary 1) Report Industry Investment Rating - Unilateral: Neutral, waiting for the market bottom to consolidate [2] - Inter - period: None [2] - Inter - variety: None [2] - Spot - futures: None [2] - Options: None [2] 2) Core View of the Report - The asphalt futures market is in a low - level oscillation state. The cost side of crude oil is weak, and the fundamentals lack positive stimuli. Although there are some bottom signals, the rebound momentum is insufficient. The spot market is generally stable, with a weak trading atmosphere and no clear positive signals [1]. 3) Summary by Related Catalogs Market Analysis - On November 20, the closing price of the main BU2601 contract of asphalt futures in the afternoon session was 3058 yuan/ton, up 10 yuan/ton or 0.33% from the previous settlement price. The open interest was 191,962 lots, down 2,515 lots from the previous day, and the trading volume was 317,665 lots, up 135,611 lots from the previous day [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast, 3156 - 3650 yuan/ton; Shandong, 3030 - 3520 yuan/ton; South China, 3090 - 3210 yuan/ton; East China, 3200 - 3400 yuan/ton [1]. - The asphalt futures market maintains a low - level oscillation. The crude oil cost is weak, and the fundamentals lack positive stimuli. There are bottom signals but insufficient rebound momentum. In the spot market, the price in North China decreased slightly yesterday, while prices in other regions were relatively stable. Although the supply in some areas is tight, the overall terminal demand is weak, resource consumption is slow, the willingness of market participants to buy at the bottom is limited, and the trading atmosphere is poor [1]. Strategy - Unilateral: Adopt a neutral strategy and wait for the market bottom to be consolidated [2]. - Inter - period: No strategy [2]. - Inter - variety: No strategy [2]. - Spot - futures: No strategy [2]. - Options: No strategy [2].