Report Industry Investment Rating - Not provided Core Viewpoints - Saudi Arabia raised the official selling price of its flagship Arab Light crude oil for September sales to Asia to a premium of $3.20 per barrel over the Oman/Dubai average, up $1 from August, citing tight supply and strong demand [1] - The U.S. commercial crude oil inventory decreased by 3 million barrels to 423.7 million barrels in the week ending August 1st, due to an increase in crude oil exports [2] - Trump's envoy's meeting with Putin made "significant progress", but the possibility of further sanctions on Moscow's oil revenue was not ruled out, and Trump signed an executive order to impose an additional 25% tariff on Indian goods [3] - OPEC+ agreed to increase oil production by 547,000 barrels per day in September, and the UAE will increase production by about 2.5 million barrels per day, accounting for about 2.4% of global demand [3] - Russian President Putin and former U.S. President Trump have reached an intention to meet, and the summit is likely to be held next week [3] - In the asphalt market, prices in North China and Shandong decreased by 10 - 70 yuan/ton, while prices in other regions remained stable. The asphalt price in Shandong and Hebei may still have a slight downward space [4] Summary by Related Content Crude Oil Market - **Saudi Price Adjustment**: On August 6th, Saudi Arabia raised the official selling price of its September - bound Arab Light crude oil to Asian customers to a $3.20 - per - barrel premium over Oman/Dubai crude, up $1 from August [1] - **U.S. Inventory Report**: As of August 1st, U.S. commercial crude oil inventory decreased by 3 million barrels to 423.7 million barrels, with exports increasing by 620,000 barrels per day to 3.3 million barrels per day [2] - **Political Uncertainty**: Trump's envoy's meeting with Putin had "significant progress", but further sanctions on Moscow's oil revenue were not excluded, and Trump imposed a 25% tariff on Indian goods [3] - **OPEC+ Production Increase**: OPEC+ agreed to increase September oil production by 547,000 barrels per day, and the UAE will increase production by about 2.5 million barrels per day [3] - **Russia - U.S. Summit**: Putin and Trump are likely to hold a summit next week [3] Asphalt Market - **Price Changes**: North China and Shandong's asphalt prices decreased by 10 - 70 yuan/ton, while other regions' prices were stable. The price in Shandong and Hebei may still decline slightly [4] - **Demand and Inventory**: In the northwest, demand was boosted by key projects; in the south, demand was delayed by rain and funds, and social inventory needed to be digested [4]

News Summary Core Viewpoint - The asphalt market is currently experiencing a weak supply and demand situation, with prices expected to maintain a slight fluctuation in the short term due to low terminal demand and unstable cost support from international crude oil prices [2][3]. Group 1: Market Data - As of July 11, the Shanghai Futures Exchange reported that the asphalt factory warehouse futures inventory remained stable at 39,350 tons, while the warehouse futures inventory was also unchanged at 42,950 tons [1]. - The capacity utilization rate of 92 asphalt refineries in China was 33.9% for the week ending July 9, reflecting a 0.8% increase week-on-week, with a weekly asphalt production of 566,000 tons, up 2.4% from the previous week [1]. - The capacity utilization rate for 77 domestic heavy-duty asphalt enterprises was 32.7%, marking a 1.0% increase week-on-week [1]. - The planned production volume for asphalt refineries nationwide in July is expected to remain consistent with May and June levels, with the East China region experiencing an earlier end to the rainy season compared to previous years, providing a favorable market condition [1]. Group 2: Institutional Perspectives - Donghai Futures indicates that oil prices are operating within a range, and asphalt prices are expected to remain volatile. Recent shipping volumes have significantly decreased, and there are signs of inventory accumulation. The demand during the peak season has not exceeded market expectations, and attention should be paid to inventory depletion in the short term [2]. - Guoxin Futures notes that the current asphalt market is characterized by weak supply and demand. Although the operating load of enterprises is low, changes are limited. The terminal demand remains sluggish, leading to a cautious market sentiment among downstream users and traders. The cost support from international crude oil prices is also unstable, suggesting that asphalt prices will likely continue to fluctuate slightly in the short term [3].

Group 1 - The domestic futures market for asphalt has shown significant activity, with the main contract opening at 3493.00 CNY/ton and reaching a high of 3532.00 CNY, reflecting an increase of approximately 1.44% [1] - As of June 10, the total shipment volume of asphalt from 54 domestic enterprises was 434,000 tons, representing a week-on-week decrease of 4.0%. Notably, the North China and East China regions experienced significant changes in shipment volumes [1] - The total inventory level of asphalt in domestic refineries is at 30.29%, showing a week-on-week decrease of 0.54%, while the social inventory rate is at 34.80%, with a slight increase of 0.09% [1] Group 2 - Market outlook indicates that asphalt futures prices are expected to experience high volatility in the short term, with supply remaining at a low to medium level and demand aligning with seasonal trends [2] - Current operating rates for asphalt enterprises are at a relatively high level for the year, but still low compared to previous years, indicating a subdued overall demand [2] - The recent fluctuations in international crude oil prices are expected to influence asphalt prices, with recommendations for a cautious trading approach focusing on market oscillations [2]

期货投资咨询业务批准文号：证监许可[2011]1446号 01 周度观点 02 数据概览 目录 CONTENTS 沥青周报 跟随成本震荡 姓名：肖彧 投资咨询证号：Z0016296 2025年6月6日 01 周度观点 1.1 周度观点 上周主要观点：当前正值传统旺季开启前夕的准备阶段，厂库处于同期低位，对沥青价格起到提振作用。 不过梅雨季会对需求产生影响，弱化沥青的强势，但预计沥青仍将强于同期的原油油品。 本周走势分析：本周沥青原地震荡，总体跟随成本端原油，未有额外涨势。 本周行业数据：本周炼厂供需双增，厂库社库均处于同期低位，在旺季到来之前对定价有一定支撑。不 过短期需考虑梅雨季对需求影响。 本周主要观点：当前正值传统旺季开启前夕的准备阶段，厂库处于同期低位，对沥青价格起到提振作用。 不过梅雨季会对需求产生影响，叠加近期沥青利润修复后提振开工意愿，预计前期的相对强势有所弱化。 风险提示：成本端波动风险，沥青库存变化 02 数据概览 2.1 沥青期货走势、月差、基差 -200 -100 0 100 200 9-20 11-20 1-20 3-20 5-20 BU2506-BU2509 BU2406-BU240 ...

数据显示，5月26日华东地区沥青现货价格报价3580.00元/吨，相较于期货主力价格（3526.00元/吨）升 水54.00元/吨。 （5月26日）全国沥青价格一 览表 | 商品名 | 规格 | 品牌/产 | 报价 | 报价类 | 交货地 | 交易商 | | --- | --- | --- | --- | --- | --- | --- | | 称 | | 地 | | 型 | | | | 沥青 | 型号:70#;用途分类:重交沥 | 京博石 | 3570元/ | 出厂价 | 山东省/滨州 | 山东京博石油化工有限 | | (70#) | 青; | 化 | 吨 | | 市 | 公司 | | 沥青 | 型号:70#;用途分类:重交沥 | 国产 | 3570元/ | 市场价 | 山东省 | 东营春强化工有限公司 | | (70#) | 青; | | 吨 | | | | | 沥青 | 型号:70#;用途分类:重交沥 | 国产 | 3570元/ | 市场价 | 山东省 | 山东盈邦沥青科技有限 | | (70#) | 青; | | 吨 | | | 公司 | | 沥青 | 型号:70#;用途分类:重交沥 | 东明石 | ...

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