Group 1: Report Information - Report title: Asphalt Daily Report [1] - Report date: March 11, 2026 [2] - Research team: Energy and Chemical Research Team [4] - Researchers: Li Jie, Ren Junchi, Peng Jinglin, Liu Youran, Feng Zeren [4] Group 2: Market Review and Operation Suggestions - Futures market: BU2604 opened at 4,153 yuan/ton, closed at 3,746 yuan/ton, with a high of 4,153 yuan/ton, a low of 3,523 yuan/ton, a decline of 4.78%, and a trading volume of 377,100 lots; BU2606 opened at 4,032 yuan/ton, closed at 3,730 yuan/ton, with a high of 4,065 yuan/ton, a low of 3,518 yuan/ton, a decline of 4.19%, and a trading volume of 348,300 lots [6] - Spot market: Today, asphalt spot prices in the Northwest and East China regions rose slightly, while prices in other regions fell to varying degrees. The sharp decline in asphalt futures today dampened the sentiment in the asphalt spot market [6] - Market analysis: The continuous blockade of the Strait of Hormuz has led to successive production cuts by Middle Eastern oil-producing countries, and the market's panic has amplified price fluctuations. There has been no significant improvement in asphalt demand, which is mainly supported by tightened raw materials. Although oil prices have adjusted in the short term, they remain strong before the blockade is lifted, driving up asphalt prices [6] Group 3: Industry News - Shandong market: The mainstream intended price of 70 A-grade asphalt is 3,600 - 3,800 yuan/ton, a decrease of 525 yuan/ton from the previous working day. The decline in international oil prices and asphalt futures has dampened the sentiment in the spot market and facilitated the sales of futures-spot traders, leading to a significant reduction in the contract sales prices of futures-spot traders and the spot sales prices of traders, which has driven down the market price in Shandong [7] - South China market: The mainstream intended price of 70 A-grade asphalt is 3,700 - 4,200 yuan/ton, a decrease of 150 yuan/ton from the previous working day. Major refineries still limit or do not supply goods, and there is still an expectation of price increases. However, due to the significant correction in asphalt futures prices, the selling prices of some futures-spot traders have been reduced, driving down the low-end prices in the South China market [7] Group 4: Data Overview - Figures: The report includes figures on South China asphalt spot prices, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [9][13][14][19]

Group 1: Report Information - Report Name: "Asphalt Daily" [1] - Date: March 10, 2026 [2] - Research Team: Energy and Chemical Research Team [4] - Researchers: Li Jie, Ren Junchi, Peng Jinglin, Liu Youran, Feng Zeren [4] Group 2: Market Review and Operation Suggestions - **Market Review**: - Contract BU2604 opened at 3,550 yuan/ton, closed at 4,075 yuan/ton, with a high of 4,075 yuan/ton, a low of 3,870 yuan/ton, a price increase of 8.99%, and a trading volume of 1.9 million lots. - Contract BU2606 opened at 3,853 yuan/ton, closed at 4,054 yuan/ton, with a high of 4,054 yuan/ton, a low of 3,831 yuan/ton, a price increase of 8.98%, and a trading volume of 1.5 million lots [6]. - **Spot Market**: Domestic asphalt spot prices in all regions rose across the board. The continuous rise in crude oil prices and the daily limit of asphalt futures during trading provided strong support for the atmosphere of the asphalt spot market [6]. - **Market Analysis**: The continuous blockade of the Strait of Hormuz and the successive production cuts by Chinese oil - producing countries, combined with the amplification of market panic, led to price fluctuations. Although asphalt demand did not improve significantly, it was mainly supported by tightened raw materials. It is expected to operate strongly in the short term [6]. Group 3: Industry News - **Shandong Market**: The mainstream intended price of 70A - grade asphalt was 4,000 - 4,150 yuan/ton, an increase of 550 yuan/ton from the previous working day. The continuous rise in international oil prices and the daily limit of asphalt futures were beneficial to asphalt spot prices from the cost side and market sentiment. From last weekend to today, the quotations of local refineries and traders continued to rise, driving up the market price, and there was still some rigid demand for transactions [7]. - **East China Market**: The mainstream transaction price of 70A - grade asphalt was 3,610 - 3,700 yuan/ton, an increase of 145 yuan/ton from the previous working day. The significant increase in international oil prices and the daily limit of asphalt futures continued to be beneficial to asphalt spot prices from the cost side and market sentiment. The prices of refineries and traders rose, and the mainstream price of asphalt in the East China market increased [7]. Group 4: Data Overview - **Data Sources**: Wind, Research and Development Department of CCB Futures [9][12][15] - **Data Charts**: Include charts on asphalt cracking, social inventory, daily operating rate, comprehensive profit in Shandong, spot price in South China, basis in Shandong, manufacturer inventory, and warehouse receipts [12][13][18][21]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The asphalt market is mainly supported by tightened raw materials, and it is expected to be strong in the short term. The US military action against Iran has blocked the passage of the Strait of Hormuz, supporting the rapid rise of oil prices. Although asphalt demand has not improved significantly, the rising oil prices and asphalt futures have a positive impact on the asphalt spot market sentiment [6]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: For BU2604, the opening price was 3,530 yuan/ton, the closing price was 3,639 yuan/ton, the highest was 3,676 yuan/ton, the lowest was 3,502 yuan/ton, the increase was 4.69%, and the trading volume was 436,400 lots. For BU2606, the opening price was 3,563 yuan/ton, the closing price was 3,653 yuan/ton, the highest was 3,689 yuan/ton, the lowest was 3,522 yuan/ton, the increase was 4.28%, and the trading volume was 266,300 lots [6]. - **Spot Market**: The asphalt spot prices in the northwest and south China regions remained stable, while those in other regions increased to varying degrees. The rising oil prices and asphalt futures have a positive impact on the asphalt spot market sentiment [6]. 3.2 Industry News - **Shandong Market**: The mainstream intended price of 70A grade asphalt was 3,390 - 3,550 yuan/ton, an increase of 25 yuan/ton from the previous working day. The tense situation in the Middle East has not eased, and the international oil prices and asphalt futures have continued to rise, which has a positive impact on the asphalt price from the cost side and market sentiment. Some refineries and traders have raised their quotes, driving up the market price [7]. - **South China Market**: The mainstream intended price of 70A grade asphalt was 3,350 - 3,400 yuan/ton, remaining stable from the previous working day. The rising international oil prices and asphalt futures have boosted the spot market atmosphere. Although the terminal demand for asphalt is weak, traders are more inclined to hold prices. In addition, the market is waiting for the results of the Guangzhou Petrochemical road - transport tender [7]. 3.3 Data Overview - The report provides multiple data charts, including asphalt cracking, social inventory, daily operating rate, comprehensive profit in Shandong, spot price in South China, basis in Shandong, manufacturer inventory, and warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [12][13][18][21].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The asphalt market is in a situation of weak supply and demand. The price is expected to fluctuate with oil prices due to the uncertainty of the US - Iran negotiation results. It is recommended to focus on reverse arbitrage [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - Supply side: Before the Spring Festival, the asphalt operating rate dropped 2.8 percentage points to 21.7% month - on - month, 0.4 percentage points lower than the same period last year. In February 2026, the domestic asphalt production is expected to be 1.936 million tons, a month - on - month decrease of 64,000 tons (3.2%) and a year - on - year decrease of 135,000 tons (6.5%). Venezuelan heavy crude oil supply to domestic refineries is restricted, but the possibility of domestic refineries obtaining Venezuelan crude oil has increased. It is expected that domestic refineries still have raw material inventory available before March [1]. - Demand side: During the Spring Festival, most downstream industries of asphalt shut down. The road asphalt operating rate dropped 2 percentage points to 0% week - on - week. The national shipment volume decreased 14.59% to 131,700 tons week - on - week, at a low level. The asphalt market transaction was light during the Spring Festival [1]. - Inventory: During the Spring Festival, asphalt factory inventories increased significantly, but the asphalt refinery inventory rate remained at the lowest level in the same period in recent years [1]. 3.2 Futures and Spot Market - Futures: The asphalt futures 2604 contract fell 0.50% to 3,358 yuan/ton today, above the 5 - day moving average. The lowest price was 3,341 yuan/ton, and the highest was 3,373 yuan/ton. The open interest decreased by 4,543 to 141,450 lots [2]. - Basis: The mainstream market price in Shandong region remained at 3,300 yuan/ton. The basis of the asphalt 04 contract dropped to - 58 yuan/ton, at a relatively low - to - neutral level [3]. 3.3 Fundamental Tracking - Supply: Some refineries such as Sinochem Quanzhou and Shandong Shengxing switched to producing residual oil. The asphalt operating rate dropped 2.8 percentage points to 21.7% month - on - month, 0.4 percentage points lower than the same period last year. From January to November, national highway construction investment decreased 5.9% year - on - year. In 2025, from January to December, the fixed - asset investment in road transportation decreased 6.0% year - on - year, and the infrastructure construction investment (excluding electricity) decreased 2.2% year - on - year. As of the week of February 6, the operating rates of most downstream asphalt industries declined [4]. - Inventory: As of the week of February 24, the asphalt refinery inventory rate increased 2.4 percentage points to 16.4% compared with the week of February 13 [4].

Group 1: Report Information - Report Name: Asphalt Daily Report [1] - Date: February 25, 2026 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Investment Rating - No investment rating information provided. Group 3: Core View - The asphalt market continues to have weak supply and demand, mainly driven by the Middle East situation. There are still core differences between the two sides, and the market rumors that the US may strike Iran, which could drive up oil prices and lead to an increase in asphalt prices. Attention should be paid to the situation in Iran. [6] Group 4: Market Review and Operation Suggestions - Futures Market: BU2604 opened at 3359 yuan/ton, closed at 3348 yuan/ton, with a high of 3408 yuan/ton, a low of 3346 yuan/ton, a daily change of 1.67%, and a trading volume of 154,400 lots. BU2606 opened at 3380 yuan/ton, closed at 3372 yuan/ton, with a high of 3414 yuan/ton, a low of 3366 yuan/ton, a daily change of 2.24%, and a trading volume of 65,800 lots. [6] - Spot Market: Today, asphalt spot prices in North China, Shandong, East China, and South China increased, while those in Sichuan and Chongqing decreased, and prices in other regions remained stable. The high - level fluctuations of crude oil prices and asphalt futures supported the spot market atmosphere. [6] Group 5: Industry News - No industry news information provided. Group 6: Data Overview - Shandong Market: The mainstream intended price of 70A grade asphalt was 3270 - 3340 yuan/ton, an increase of 65 yuan/ton from the previous working day. During the holiday, the increase in international oil prices supported asphalt prices from the cost side. The asphalt futures opened higher and fluctuated, which was beneficial to the spot market sentiment, and the spot and contract quotes of traders increased. [9] - East China Market: The mainstream transaction price of 70A grade asphalt was 3250 - 3300 yuan/ton, an increase of 10 yuan/ton from the previous working day. Although crude oil prices declined, they were still at a six - month high, providing some support on the cost side. The asphalt futures opened and closed higher, boosting the spot price. During the Spring Festival holiday, Sinopec slightly raised prices, driving up the mainstream transaction price. [9]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The asphalt market is expected to fluctuate within a range in the short - term, and it is recommended to use reverse arbitrage as the main strategy. The supply is at a low level in the same period in recent years, the demand is limited in the short - term, the raw material situation is uncertain, and the base - spread is at a moderately low level [1] Group 3: Summary by Related Catalogs 1.行情分析 - Supply side: Last week, the asphalt operating rate dropped 1.3 percentage points to 25.5%, 2.6 percentage points lower than the same period last year. In February 2026, the domestic asphalt production is expected to be 1.936 million tons, a decrease of 64,000 tons (3.2%) month - on - month and 135,000 tons (6.5%) year - on - year. The national asphalt shipment decreased 5.80% to 214,500 tons. Shandong Shengxing Petrochemical plans to switch to producing residual oil this week, and the asphalt operating rate will remain low [1] - Demand side: The rigid demand in the north is basically stagnant but there is inventory - arbitrage demand, and southern projects are gradually coming to an end. The downstream operating rates of asphalt industries mostly declined last week, and road asphalt operating rate remained flat at 14% due to capital and weather constraints [1] - Raw materials: The flow of Venezuelan heavy crude oil to domestic refineries is severely restricted. Although the possibility of domestic refineries obtaining Venezuelan crude oil has increased, it is still expected to be significantly lower than before the US intervention. It is expected that domestic refineries will still have raw material inventory available before March [1] - Price and base - spread: The asphalt price in Shandong is stable, and the base - spread has been repaired but is at a moderately low level. Crude oil prices have rebounded, and the short - term asphalt is expected to fluctuate within a range [1] 2. 期现行情 - Futures: The asphalt futures contract 2603 fell 0.36% to 3,339 yuan/ton, below the 5 - day moving average. The lowest price was 3,336 yuan/ton, the highest was 3,382 yuan/ton, and the open interest decreased by 13,038 to 85,907 lots [2] - Base - spread: The mainstream market price in Shandong remained at 3,250 yuan/ton, and the base - spread of the asphalt 03 contract rose to - 89 yuan/ton, at a moderately low level [3] 3. 基本面跟踪 - Supply: The asphalt operating rate dropped 1.3 percentage points to 25.5%, 2.6 percentage points lower than the same period last year. From January to November, the national highway construction investment decreased by 5.9% year - on - year. In 2025, the fixed - asset investment in road transportation and infrastructure construction (ex - electricity) both showed negative year - on - year growth [4] - Inventory: As of the week of January 30, the asphalt refinery inventory rate remained flat at 13.6% compared with the week of January 23, near the lowest level in the same period in recent years [4]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply of asphalt is decreasing, with the start - up rate at a low level and expected production in February 2026 decreasing both month - on - month and year - on - year. The downstream demand is weak, with most downstream industries' start - up rates falling, and the overall market is affected by factors such as raw material supply and geopolitical situation. It is expected that asphalt will fluctuate in the short term, and the strategy of reverse arbitrage is recommended [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - Supply side: Last week, the asphalt start - up rate decreased by 1.3 percentage points to 25.5% week - on - week, 2.6 percentage points lower than the same period last year. In February 2026, the domestic asphalt is expected to be produced 193.6 million tons, a month - on - month decrease of 6.4 million tons (3.2%) and a year - on - year decrease of 13.5 million tons (6.5%). Shandong refineries' production and shipments decreased. This week, Shandong Shengxing Petrochemical plans to switch to producing residual oil, keeping the asphalt start - up at a low level [1] - Demand side: The start - up rates of most downstream industries of asphalt fell last week. Road asphalt start - up remained flat at 14% week - on - week, restricted by funds and weather. Northern rigid demand is basically stagnant, but there is inventory - arbitrage demand, and southern projects are gradually coming to an end [1] - Inventory: The asphalt refinery inventory rate remained flat week - on - week and is near the lowest level in recent years [1][4] - Raw materials: Venezuelan heavy crude oil supply to domestic refineries is severely restricted. Although the possibility of domestic refineries obtaining Venezuelan crude oil has increased, it is still expected to be much lower than before the US intervention [1] - Price: The asphalt price in Shandong is stable, and the basis has been repaired but is still at a low level. It is expected that domestic refineries will still have raw material inventory available before March. Due to the repeated geopolitical situation in Iran and the rebound of crude oil prices, asphalt is expected to fluctuate in the short term [1] 3.2 Futures and Spot Market Quotes - Futures: The asphalt futures 2603 contract rose 1.69% to 3361 yuan/ton today, below the 5 - day moving average. The lowest price was 3311 yuan/ton, the highest was 3384 yuan/ton, and the open interest decreased by 11,833 to 98,945 lots [2] - Basis: The mainstream market price in Shandong remained at 3250 yuan/ton, and the basis of the asphalt 03 contract dropped to - 111 yuan/ton, at a low level [3] 3.3 Fundamental Tracking - Supply: The start - up rate of asphalt decreased by 1.3 percentage points to 25.5% week - on - week, 2.6 percentage points lower than the same period last year, at a low level in recent years [1][4] - Investment data: From January to November, the national highway construction investment decreased by 5.9% year - on - year. From January to December 2025, the fixed - asset investment in road transport decreased by 6.0% year - on - year, and the infrastructure construction investment (excluding electricity) decreased by 2.2% year - on - year [4] - Downstream start - up: As of the week of January 30, most downstream industries' start - up rates of asphalt fell, and the road asphalt start - up remained flat at 14% week - on - week, restricted by funds and weather [1][4] - Social financing: From January to December 2025, the social financing stock increased by 8.3% year - on - year, and the growth rate slowed down by 0.2 percentage points compared with that from January to November [4] - Inventory: As of the week of January 30, the asphalt refinery inventory rate remained flat at 13.6% week - on - week, near the lowest level in recent years [4]

Report Investment Rating No relevant information provided. Core Viewpoints - The impact of Venezuelan oil prices on the market has been gradually digested, the expectation of tight asphalt raw material supply has eased, and the increase in raw material discounts has not been fully traded. The asphalt is in a high - level shock. With the Iranian situation fluctuating and geopolitical risks expanding, unilateral risks should be noted. In the off - season at the beginning of the year, the weekly supply and demand decreased simultaneously, and the industrial chain inventory remained low. The spot price was relatively firm, and the short - term disk is expected to fluctuate at a high level [7] Summary by Directory Part 1: Relevant Data 1. Futures Prices and Positions - BU2603 (main contract) price rose from 3157 to 3242, an increase of 85 or 2.69%. BU2604 rose from 3170 to 3246, an increase of 76 or 2.40%. BU2605 rose from 3093 to 3247, an increase of 154 or 4.98%. SC2603 rose from 440.8 to 446.4, an increase of 5.6 or 1.27%. Brent first - line rose from 63.65 to 64.46, an increase of 0.8 or 1.27% [2] - The main contract's position increased from 18.7 million lots to 20.3 million lots, an increase of 1.6 million lots or 8.49%. The main contract's trading volume increased from 14.9 million lots to 30.0 million lots, an increase of 15.1 million lots or 101.87%. The warehouse receipt quantity remained unchanged at 45,820 tons [2] 2. Basis and Calendar Spread - BU04 - 05 decreased from 77 to - 1, a decrease of 78 or 101.30%. BU04 - 03 increased from - 13 to - 4, an increase of 9 or - 130.77%. The Shandong - main contract basis decreased from 30 to - 36, a decrease of 66 or 220.00%. The East China - main contract basis decreased from - 20 to - 96, a decrease of 76 or 580.00%. The South China - main contract basis decreased from 10 to - 66, a decrease of 76 or 760.00% [2] 3. Industrial Chain Spot Prices - The Shandong market price rose from 3070 to 3080, an increase of 10 or 0.33%. The East China and South China market prices remained unchanged at 3150 and 3180 respectively. Shandong gasoline rose from 6976 to 6983, an increase of 7 or 0.10%. Shandong diesel rose from 5662 to 5676, an increase of 14 or 0.25%. Shandong petroleum coke remained unchanged at 2890. The diluted asphalt discount remained unchanged at - 13.2, and the exchange - rate mid - price rose slightly by 0.01% [2] 4. Spread and Profit - The asphalt refinery profit decreased from 7.21 to - 20.72, a decrease of 27.94 or 387.22%. The refined oil comprehensive profit decreased from 26.22 to - 3.90, a decrease of 30.12 or 114.89%. The BU - SC crack spread increased from - 412.53 to - 386.15, an increase of 26.38 or 6.39%. The gasoline spot - Brent spread decreased from 720.16 to 683.58, a decrease of 36.58 or 5.08%. The diesel spot - Brent spread decreased from 247.33 to 216.94, a decrease of 30.39 or 12.29% [2] Part 2: Market Analysis 1. Market Overview - On January 22, the average domestic asphalt market price was 3243 yuan/ton, up 3 yuan/ton or 0.09% from the previous day. The higher asphalt futures boosted the market sentiment. Traders in Shandong raised their selling prices. In the South, the main refineries had stable shipments and lower inventory levels, supporting the stable prices of the main asphalt products. Some social warehouses in South China and East China slightly raised their selling prices [5] - In the Shandong market, the mainstream transaction price of heavy - traffic asphalt rose 10 to 3130 - 3220 yuan/ton. The strong futures price drove up the spot price, but the weak terminal demand limited the price increase [5] - In the Yangtze River Delta market, the mainstream transaction price remained stable at 3210 - 3210 yuan/ton. The main refineries' shipments by ship were good, and the inventory was at a medium - low level. However, the cold weather affected the demand, and the social warehouse shipments were average. The Zhenjiang warehouse price was slightly raised by 20 to about 3170 yuan/ton [5] - In the South China market, the mainstream transaction price remained stable at 3110 - 3150 yuan/ton. The sharp rise in the futures price boosted the market sentiment, but most downstream users were cautious, and the high - price resource transactions were average. The local main refineries will keep low production and low inventory, so the mainstream transaction price will remain stable in the short term [6] 2. Market Outlook - The discount of Venezuelan oil raw materials has risen in the market quotation but there has been no real transaction. The impact of Venezuelan oil prices on the market has been gradually digested, and the expectation of tight asphalt raw material supply has eased. The asphalt is in a high - level shock. With the Iranian situation fluctuating and geopolitical risks expanding, unilateral risks should be noted. In the off - season at the beginning of the year, the weekly supply and demand decreased simultaneously, and the industrial chain inventory remained low. The spot price was relatively firm, and the short - term disk is expected to fluctuate at a high level [7] Part 3: Relevant Attachments - The report provides several figures including BU main contract closing price, BU main contract position, East China and Shandong asphalt market prices, Shandong refinery gasoline and diesel prices, with data sources from Galaxy Futures, Wind, and Steel Union [9]

Core Viewpoint - The asphalt futures market is experiencing a slight decline in prices, with a weekly drop of 1.11% and a significant reduction in open interest, indicating a potential shift in market dynamics [1]. Market Overview - As of January 15, the spot price of asphalt was reported at 3140 yuan/ton, reflecting a daily increase of 6.67 yuan/ton, or 0.21%. Over the past week, asphalt prices have risen by 40 yuan/ton, a 1.29% increase, and over the past month, prices have increased by 193.33 yuan/ton, or 6.56% [2]. - During the week of January 7 to January 13, the total shipment volume from 54 domestic asphalt manufacturers was 317,000 tons, representing a 1.0% increase compared to the previous week. The capacity utilization rate for 69 sample modified asphalt enterprises was 6.8%, up 0.1% week-on-week and 2.6% year-on-year [2]. Institutional Insights - Dayue Futures notes that recent production cuts by refineries have reduced supply pressure, but overall demand remains weak and below expectations. Inventory levels are stable, and weakening crude oil prices are diminishing cost support in the short term. The market is expected to experience narrow fluctuations, with asphalt prices projected to oscillate between 3138 and 3196 yuan/ton [3]. - Haitong Futures emphasizes that the absolute price trends of asphalt will continue to be influenced by geopolitical developments, particularly regarding the U.S. and Iran. The uncertain situation in Iran is likely to cause volatility in oil prices, which will subsequently affect asphalt prices. The short-term outlook suggests a focus on geopolitical risks, with strategies indicating a preference for buying low in the near term [3].

Market Performance - The BU 2603 main contract experienced high volatility, closing at 3168, an increase of 0.88% from the previous day, with a 7-day cumulative increase of 1.1% [2][37] - The next month contract 2606 also saw a rise of 0.60% compared to the previous day's closing [2][37] Spot Market - The price of heavy asphalt in Shandong is 3100 CNY/ton, reflecting a week-on-week increase of 0.6% and a cumulative increase of 1.0% over the past week [2][37] - In East China, the heavy asphalt price remains stable at 3200 CNY/ton, with a basis of +32 CNY/ton, accumulating a 7-day increase of 35 CNY/ton [2][37] Crack Spread Changes - The BU-Brent spread recorded at -159 CNY/ton, with a 7-day cumulative increase of 47 CNY/ton [2][37] - The main BU contract closed up by 0.9%, while Brent decreased by 0.6% [2][37] Fundamental Changes - According to Longzhong's spot price statistics, the low-end price of heavy asphalt in East China has stabilized at 3150 CNY/ton for four consecutive trading days, with the high-end price rising to 3230 CNY/ton, an increase of 0.3% [3][38] - The net short positions for the 03 contract have been decreasing since January 8, while net long positions have been fluctuating upwards, maintaining a long-short ratio of 0.52 [3][38] Geopolitical Developments - Major traders Vitol and Trafigura have received special licenses from the U.S. to supply Venezuelan oil to Chinese and Indian refiners, aiding in the sale of large amounts of floating and in-transit Venezuelan oil [4][38] - The U.S. government has applied for court orders to seize more oil tankers related to Venezuelan oil trade, which may accelerate the dilution of floating and in-transit inventories [4][38] Short-term Outlook - The near-month contract will continue to focus on geopolitical developments [5][39] - The strategy is to maintain a range-bound approach, with a focus on buying the near-month 03 contract on dips and the far-month 06 contract [6][40]