石油沥青日报：终端需求维持弱势，等待地缘局势明朗-20260227

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Terminal demand for asphalt remains weak, and the market is waiting for the geopolitical situation to become clear. The current market contradiction mainly comes from the cost side, and short - term crude oil pricing is concentrated on the geopolitical level. If the US - Iran conflict escalates, it will pose a huge upside risk; if the situation eases, the price of asphalt may face a callback due to weak terminal consumption [1] - The short - term strategy for asphalt is to be oscillating and slightly bullish, and attention should be paid to the development of the Iran situation [2] 3. Summary According to Relevant Catalogs Market Analysis - On February 26, the closing price of the main BU2604 asphalt futures contract in the afternoon session was 3,357 yuan/ton, a decrease of 4 yuan/ton or 0.12% from the previous day's settlement price. The open interest was 116,226 lots, a decrease of 25,224 lots compared to the previous day, and the trading volume was 163,182 lots, an increase of 42,098 lots compared to the previous day [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are: 3,506 - 3,700 yuan/ton in Northeast China; 3,230 - 3,300 yuan/ton in Shandong; 3,220 - 3,350 yuan/ton in South China; 3,250 - 3,300 yuan/ton in East China. The spot prices of asphalt in North China and Shandong decreased yesterday, while those in other regions remained basically stable [1] - After the Spring Festival, the rigid demand for asphalt has been generally sluggish, the spot market is full of wait - and - see sentiment, and actual transactions are dull [1] Strategy - Unilateral: Short - term oscillating and slightly bullish, pay attention to the development of the Iran situation - Inter - period: None - Inter - commodity: None - Spot - futures: None - Options: None [2] Figures - The report includes figures on various aspects of asphalt, such as spot prices in different regions (Shandong, East China, South China, North China, Southwest, Northwest), futures index and contract closing prices, trading volume and open interest of futures, weekly production of domestic asphalt, production of independent refineries and in different regions, and asphalt consumption and inventory [3]