石油沥青日报：原油端弱势运行，盘面维持低位震荡-20251216

Report Summary 1) Report Industry Investment Rating - Unilateral: Neutral. Wait for clear bottom signals and consider left - side buying opportunities at low prices. No recommendations for cross -品种, cross - period, spot - futures, and options [3] 2) Core View of the Report - The crude oil end is running weakly, with insufficient cost - side support. The asphalt spot and the futures market are oscillating at a low level. There are bottom signals, but the rebound momentum is still insufficient. The downward space of the asphalt market may be limited at present, but more stimulating factors are needed for a bottom rebound. Potential positive factors may come from an increase in crude oil costs. If the Venezuelan crisis continues to ferment, it may lead to a trend decline in heavy oil supply and drive up the asphalt cost center [2] 3) Summary by Related Content Market Analysis - On December 15, the closing price of the main BU2602 contract of asphalt futures in the afternoon session was 2,963 yuan/ton, up 16 yuan/ton or 0.54% from the previous day's settlement price. The open interest was 207,121 lots, a decrease of 7,296 lots compared to the previous period, and the trading volume was 210,957 lots, a decrease of 100,624 lots compared to the previous period [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast: 3,156 - 3,500 yuan/ton; Shandong: 2,850 - 3,370 yuan/ton; South China: 2,930 - 3,150 yuan/ton; East China: 3,100 - 3,220 yuan/ton [1] - On the previous day, the spot price of asphalt in North China rose slightly, while those in Shandong and Sichuan - Chongqing areas dropped significantly. The spot prices in other regions were generally stable. Although the spot circulation of asphalt in the North China market was tight, the supply of asphalt spot resources in most regions was relatively abundant, and the overall rigid demand for asphalt was weak, making it difficult to improve the fundamentals [2] Strategy - Unilateral: Neutral. Wait for clear bottom signals and pay attention to left - side buying opportunities at low prices. No strategies for cross -品种, cross - period, spot - futures, and options [3]