原油端延续强势，沥青期现价格受到支撑

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The crude oil end remains strong, supporting the spot and futures prices of asphalt. The continuous rise of crude oil prices and asphalt futures has boosted the sentiment in the asphalt spot market. Some refineries and traders are reluctant to sell, and the circulation of asphalt spot has decreased. The main contradiction in the market lies in the geopolitical situation in the Middle East, with the core being the navigation situation in the Strait of Hormuz. The supply of raw materials for domestic refineries is tightening, and the cost - end support for asphalt remains strong [1][2] 3. Summary According to Related Contents Market Analysis - On March 4, the closing price of the main BU2604 contract of asphalt futures in the afternoon session was 3,660 yuan/ton, up 84 yuan/ton or 2.3% from the previous settlement price. The open interest was 96,594 lots, down 14,266 lots compared with the previous day, and the trading volume was 423,643 lots, down 12,781 lots compared with the previous day [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast: 3,766 - 3,930 yuan/ton; Shandong: 3,400 - 3,600 yuan/ton; South China: 3,500 - 3,550 yuan/ton; East China: 3,330 - 3,400 yuan/ton [1] - The spot prices of asphalt in various domestic regions increased to different extents yesterday. The continuous rise of crude oil prices and asphalt futures has boosted the sentiment in the asphalt spot market. Some refineries and traders are reluctant to sell, and the circulation of asphalt spot has decreased. The main contradiction in the market lies in the Middle East geopolitical situation, with the core being the navigation situation in the Strait of Hormuz. Although the US will escort ships, the situation has not been substantially resolved. The number of oil tankers passing through the strait is extremely low, and the supply of raw materials for domestic refineries is tightening. If this situation persists, refineries may face passive production cuts after inventory depletion, and the cost - end support for asphalt remains strong [2] Strategy - Unilateral: Short - term trend is oscillating upward, and attention should be paid to the development of the Iranian situation. - Inter - period: Not applicable. - Inter - variety: Not applicable. - Futures - spot: Not applicable. - Options: Not applicable. [3]