原油端核心矛盾未解决，现货普遍上涨

1. Report Industry Investment Rating - Unilateral: Neutral, mainly on short - term wait - and - see [2] - Inter - period: None [2] - Inter - variety: None [2] - Spot - futures: None [2] - Options: None [2] 2. Core View of the Report - The core contradiction on the crude oil end remains unresolved, and spot prices have generally increased. Although the IEA agreed to release 400 million barrels of strategic oil reserves, the market's core contradiction has not been resolved. Middle - East geopolitical conflicts continue, and the number of oil tankers passing through the Strait of Hormuz remains low, leading to a significant tightening of Middle - East oil supply. If the strait is blocked for too long, domestic refineries may face raw material shortages after inventory depletion [1] 3. Summary by Relevant Catalog Market Analysis - On March 12, the closing price of the main BU2604 asphalt futures contract in the afternoon session was 4002 yuan/ton, up 225 yuan/ton or 5.967% from the previous day's settlement price. The open interest was 46,805 lots, down 6,109 lots from the previous day, and the trading volume was 196,327 lots, down 20,536 lots from the previous day [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast, 4256 - 4430 yuan/ton; Shandong, 3800 - 4150 yuan/ton; South China, 3900 - 4200 yuan/ton; East China, 3890 - 3890 yuan/ton. The asphalt spot price in the Northwest region was relatively stable yesterday, while prices in other regions increased to varying degrees [1] Strategy - Unilateral: The strategy is neutral, with a focus on short - term wait - and - see. Inter - period, inter - variety, spot - futures, and options strategies are not provided [2]