石油沥青日报：局部现货上涨，关注委内瑞拉局势-20251212

1. Report Industry Investment Rating - Unilateral: Neutral, waiting for the bottom to consolidate [2] - Cross-variety: None [2] - Cross-period: None [2] - Spot-futures: None [2] - Options: None [2] 2. Core View of the Report - Crude oil prices continue to be weak, with insufficient support at the cost end of asphalt. The market is in a state of oscillating bottom-building, and the rebound momentum is temporarily limited. Although the rigid demand for asphalt remains weak, the reduction in the circulation of asphalt spot resources in some areas today has driven up local prices. There are currently some winter storage contracts being released in the north, and although the downstream receiving sentiment is still cautious, there are some bottoming signals. Additionally, attention should be paid to the recent changes in the situation in Venezuela, as the US seized a Venezuelan oil tanker the day before yesterday, and there are signs of a decline in Venezuelan oil shipments according to shipping schedule data. Although there were many arrivals of diluted asphalt in the early stage and the current resources are relatively abundant, with the discount continuously decreasing, attention should be paid to the risk of raw material tightening caused by future geopolitical factors [1] 3. Summary by Relevant Catalogs Market Analysis - On December 11, the closing price of the main BU2602 contract of asphalt futures in the afternoon session was 2,960 yuan/ton, up 27 yuan/ton or 0.92% from the previous day's settlement price. The open interest was 208,301 lots, a net increase of 2,329 lots, and the trading volume was 256,002 lots, a net increase of 114,769 lots [1] - The spot settlement prices of heavy-traffic asphalt from Zhuochuang Information are as follows: Northeast, 3,156 - 3,500 yuan/ton; Shandong, 2,880 - 3,370 yuan/ton; South China, 2,930 - 3,150 yuan/ton; East China, 3,100 - 3,220 yuan/ton [1] - Yesterday, the spot prices of asphalt in Shandong and North China increased, while those in East China and Sichuan and Chongqing decreased. The spot prices of asphalt in other regions were generally stable [1] Charts - The report includes charts showing the spot prices of heavy-traffic asphalt in various regions (Shandong, East China, South China, North China, Southwest, Northwest), the closing prices of the petroleum asphalt futures index, the main contract, and the near-month contract, the near-month spread, the unilateral trading volume and open interest, the main contract trading volume and open interest, the weekly output of domestic asphalt, the output of independent refineries, the output in Shandong, East China, South China, and North China, the consumption of domestic asphalt in roads, waterproofing, coking, and shipping fuel, and the inventory of asphalt refineries and social inventory (all with corresponding units) [3]