Report Industry Investment Rating - Not provided Core View - Last week, the asphalt operating rate dropped 1.2 percentage points to 21.8% week-on-week, lower than the same period last year and at a multi - year low. After the Spring Festival, downstream industries gradually resumed work, with most downstream operating rates rising. The road asphalt operating rate increased 1 percentage point to 10% week - on - week but was still below the end - of - January level. The national asphalt shipment volume decreased 37.6% to 10.99 tons week - on - week. The asphalt refinery inventory rate decreased slightly week - on - week and remained at a multi - year low. The price of asphalt in Shandong increased, but the basis was still low. China's import of Venezuelan crude oil is expected to be significantly lower than before the US intervention, and the Middle East raw material supply will be affected by the US - Israel attack on Iran. Although the supply - demand situation of asphalt has improved, due to the uncertain US - Iran negotiations and the unresolved supply - side pressure, it is recommended to stay on the sidelines and pay attention to the development of the Middle East situation [1] Summary by Relevant Content 1. Futures and Spot Market - Futures: The asphalt 2606 contract rose 4.17% to 4,543 yuan/ton today, above the 5 - day moving average, with a minimum price of 4,361 yuan/ton, a maximum price of 4,599 yuan/ton, and an increase in open interest of 34,506 to 275,580 lots [2] - Basis: The mainstream market price in Shandong rose to 4,330 yuan/ton, and the basis of the asphalt 06 contract fell to - 213 yuan/ton, at a relatively low level [3] 2. Fundamental Tracking - Supply: Refineries such as Tahe Petrochemical shut down or reduced their loads, and the asphalt operating rate dropped 1.2 percentage points to 21.8% week - on - week, 4.7 percentage points lower than the same period last year, at a multi - year low. From January to February 2026, the cumulative year - on - year growth rate of the actual completed investment in fixed assets in the road transport industry was - 0.6%, an improvement from - 6.0% in the same period of 2025 but still showing a year - on - year decline. From January to February 2026, the cumulative year - on - year growth rate of the completed investment in fixed assets for infrastructure construction (excluding electricity) was 11.4%, a significant increase from - 2.2% in the same period of 2025. As of the week of March 20, after the Spring Festival, downstream industries gradually resumed work, and most downstream operating rates rose, with the road asphalt operating rate increasing 1 percentage point to 10% week - on - week but still below the end - of - January level [1][4] - Inventory: As of the week of March 20, the asphalt refinery inventory rate fell 0.1 percentage point to 17.6% week - on - week compared with the week of March 13, remaining at a multi - year low [1][4]

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints of the Report - The asphalt market rebounded after a decline. Although the supply - side pressure has not been substantially alleviated and the Middle East situation is unstable, the asphalt's own supply - demand situation has improved. It is recommended to stay on the sidelines and participate with caution, while paying attention to the development of the Middle East situation [1] 3. Summary by Relevant Catalogs 3.1行情分析 (Market Analysis) - Supply side: Last week, the asphalt operating rate dropped by 1.2 percentage points to 21.8% week - on - week, 4.7 percentage points lower than the same period last year, at the lowest level in recent years. After the Spring Festival holiday, the downstream gradually resumed work, and the operating rates of most downstream industries of asphalt increased. The operating rate of road asphalt increased by 1 percentage point to 10% week - on - week, still lower than the level at the end of January. In the East China region, refinery supply decreased, and high prices suppressed transactions, resulting in a significant decline in shipments. The national shipments decreased by 37.6% to 109,900 tons week - on - week, still at a low level. The asphalt refinery inventory rate decreased slightly week - on - week, still at the lowest level in recent years. The asphalt price in Shandong region dropped, and the basis fell to a low level again. China's imports of Venezuelan crude oil are expected to be significantly lower than before the US intervention, and due to the US - Israel attack on Iran, Middle East raw material supply will be affected, and the market is worried about the shortage of raw materials for domestic refineries. Although China's imports of Iranian asphalt are not much, imports from other Middle Eastern countries such as the UAE and Iraq account for about half of the total asphalt imports, but only about 6% compared to China's asphalt production. This week, Qilu Petrochemical resumed production, but the main refineries in East and South China reduced their loads. It is expected that the asphalt operating rate will decrease slightly. The Strait of Hormuz is still not navigable, increasing the expectation of refinery production cuts. After the Lantern Festival, terminal demand will gradually recover slowly, and the supply - demand situation of asphalt itself will improve. However, there is a possibility of negotiations between Iran and the US, and the Middle East situation is volatile. At the same time, the supply - side pressure of asphalt has not been substantially alleviated [1] 3.2期现行情 (Futures and Spot Market) - Futures: Today, the asphalt futures 2606 contract fell 1.10% to 4,410 yuan/ton, below the 5 - day moving average, with a minimum price of 4,198 yuan/ton and a maximum price of 4,504 yuan/ton. The open interest increased by 610 to 241,074 lots [2] 3.3基差方面 (Basis) - In Shandong region, the mainstream market price dropped to 4,280 yuan/ton, and the basis of the asphalt 06 contract dropped to - 130 yuan/ton, at a low level [3] 3.4基本面跟踪 (Fundamental Tracking) - Supply side: Refineries such as Tahe Petrochemical suspended production or reduced their loads. The asphalt operating rate dropped by 1.2 percentage points to 21.8% week - on - week, 4.7 percentage points lower than the same period last year, at the lowest level in recent years. From January to February 2026, the cumulative year - on - year growth rate of the actual completed fixed - asset investment in the road transportation industry was - 0.6%, an improvement from - 6.0% from January to December 2025, but still showing a year - on - year negative growth. From January to February 2026, the cumulative year - on - year growth rate of the fixed - asset investment in infrastructure construction (excluding electricity) was 11.4%, a significant improvement from - 2.2% from January to December 2025. As of the week of March 20, after the Spring Festival holiday, the downstream gradually resumed work, and the operating rates of most downstream industries of asphalt increased. The operating rate of road asphalt increased by 1 percentage point to 10% week - on - week, still lower than the level at the end of January. - Inventory: As of the week of March 20, the asphalt refinery inventory rate dropped by 0.1 percentage point to 17.6% compared to the week of March 13, still at the lowest level in recent years [4]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - **Supply - side**: In March 2026, the total domestic asphalt production plan was 2.187 million tons, a month - on - month increase of 251,000 tons (13.0%), and a year - on - year decrease of 43,000 tons (1.9%). The capacity utilization rate of domestic petroleum asphalt samples this week was 22.7709%, a month - on - month decrease of 1.80 percentage points. The output of sample enterprises was 380,000 tons, a month - on - month decrease of 7.31%. The estimated maintenance volume of sample enterprise equipment was 1.163 million tons, a month - on - month increase of 4.96%. Refineries reduced production this week to ease supply pressure, and the supply pressure may decrease next week [7]. - **Demand - side**: The construction of heavy - traffic asphalt, building asphalt, and modified asphalt is generally below the historical average level. The current demand is lower than the historical average level [7]. - **Cost - side**: The daily processing asphalt profit was - 686.52 yuan/ton, a month - on - month decrease of 6.00%. The weekly delayed coking profit in Shandong refineries was 769.12 yuan/ton, a month - on - month increase of 48.92%. The asphalt processing loss decreased, and the profit difference between asphalt and delayed coking increased. Crude oil weakened, and it is expected that the support will weaken in the short term [7]. - **Inventory**: Social inventory was 1.195 million tons, a month - on - month increase of 1.36%; factory inventory was 788,000 tons, a month - on - month increase of 0.25%; port diluted asphalt inventory was 600,000 tons, a month - on - month decrease of 25.00%. Social and factory inventories continued to accumulate, while port inventory continued to decline [7]. - **Market Outlook**: It is expected that the market will fluctuate in a narrow range in the short term, and the asphalt 2606 contract will fluctuate in the range of 4,292 - 4,510 [7]. 3. Summary According to the Directory 3.1 Daily Viewpoints - **Likely to Rise**: The relatively high cost of crude oil provides some support [9]. - **Likely to Fall**: High - priced goods have insufficient demand; overall demand is declining, and the expectation of an economic recession in Europe and the United States is strengthening [10]. - **Main Logic**: On the supply side, the supply pressure remains high; on the demand side, the recovery is weak [11]. 3.2 Asphalt Market Overview - **Futures Closing Price**: Most contracts showed a downward trend. For example, the 06 contract closed at 4,401, a decrease of 260 from the previous value, with a decline of 5.58% [13]. - **Basis**: On March 24, the spot price in Shandong was 4,370 yuan/ton, and the basis of the 06 contract was - 31 yuan/ton, indicating that the spot price was at a discount to the futures price [7]. - **Inventory and Other Data**: Social inventory was 1.195 million tons, factory inventory was 788,000 tons, and port diluted asphalt inventory was 600,000 tons. The weekly output of sample enterprises was 380,000 tons, and the weekly maintenance volume was 1.163 million tons [7][15]. 3.3 Asphalt Futures Market - Basis Trend - The report presents the historical trends of the Shandong and East China basis of asphalt from 2020 to 2026, which helps to analyze the price relationship between the spot and futures markets [18][20]. 3.4 Asphalt Futures Market - Spread Analysis - **Main Contract Spread**: The report shows the spread trends of the 1 - 6 and 6 - 12 contracts of asphalt from 2020 to 2026, which is useful for spread trading analysis [22][23]. - **Asphalt - Crude Oil Price Trend**: It shows the price trends of asphalt, Brent crude oil, and West Texas Intermediate (WTI) crude oil from 2020 to 2026, reflecting the relationship between asphalt and crude oil prices [26]. - **Crude Oil Crack Spread**: It presents the crack spread trends of asphalt and different types of crude oil (SC, WTI, Brent) from 2020 to 2026, which is important for analyzing the profitability of refining [29][30]. - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: It shows the price ratio trends of asphalt, crude oil, and fuel oil from 2020 to 2026, which helps to analyze the relative value of different products [33]. 3.5 Asphalt Spot Market - Market Price Trends in Different Regions - The report shows the price trends of heavy - traffic asphalt in East China and Shandong from 2020 to 2026, which helps to understand the regional price differences of asphalt [36]. 3.6 Asphalt Fundamental Analysis - **Profit Analysis**: - **Asphalt Profit**: It shows the historical profit trends of asphalt from 2019 to 2026, reflecting the profitability of asphalt production [38]. - **Coking - Asphalt Profit Spread**: It presents the spread trends between coking and asphalt profits from 2020 to 2026, which is important for analyzing the profit distribution between different production processes [41][42]. - **Supply - side Analysis**: - **Shipment Volume**: It shows the weekly shipment volume of asphalt from 2020 to 2026, which reflects the supply situation in the market [44]. - **Diluted Asphalt Port Inventory**: It presents the domestic diluted asphalt port inventory from 2021 to 2026, which helps to understand the inventory level of raw materials [47]. - **Production Volume**: It shows the weekly and monthly production volume of asphalt from 2019 to 2026, which reflects the overall supply capacity [50]. - **Maya Crude Oil Price and Venezuelan Crude Oil Monthly Production Trend**: It shows the price of Maya crude oil and the monthly production of Venezuelan crude oil from 2018 to 2026, which is related to the cost of asphalt production [55]. - **Refinery Asphalt Production**: It shows the asphalt production of refineries from 2019 to 2026, which reflects the production capacity of refineries [57]. - **Capacity Utilization Rate**: It shows the weekly capacity utilization rate of asphalt from 2023 to 2026, which reflects the production efficiency [60]. - **Maintenance Loss Estimation**: It presents the estimated maintenance loss trends from 2018 to 2026, which is related to the supply interruption caused by maintenance [63]. - **Inventory Analysis**: - **Exchange Warehouse Receipts**: It shows the historical trends of exchange warehouse receipts (total, social inventory, and factory inventory) from 2019 to 2026, which reflects the inventory situation in the futures market [66]. - **Social Inventory and Factory Inventory**: It shows the social and factory inventory trends of asphalt from 2022 to 2026, which reflects the overall inventory level [70]. - **Factory Inventory - to - Stock Ratio**: It shows the factory inventory - to - stock ratio from 2018 to 2026, which reflects the inventory management efficiency of factories [73]. - **Import and Export Situation**: It shows the export and import trends of asphalt from 2019 to 2026, as well as the import price spread trend of South Korean asphalt from 2020 to 2026, which reflects the international trade situation of asphalt [76][79]. - **Demand - side Analysis**: - **Petroleum Coke Production**: It shows the petroleum coke production from 2019 to 2026, which is related to the demand for asphalt in the production process [82]. - **Apparent Consumption**: It shows the apparent consumption of asphalt from 2019 to 2026, which reflects the overall market demand [85]. - **Downstream Demand**: It includes the trends of highway construction traffic fixed - asset investment, new local special bonds, infrastructure investment completion year - on - year, and the sales volume trends of asphalt concrete pavers, domestic excavators, and road rollers, as well as the monthly working hours of excavators from 2019 to 2026, which reflects the downstream demand for asphalt [88][93][95]. - **Asphalt开工率**: It shows the historical trends of heavy - traffic asphalt, building asphalt, and modified asphalt开工率 from 2019 to 2026, as well as the开工率 of downstream products such as shoe - material SBS modified asphalt, road - modified asphalt, and waterproofing membrane modified asphalt from 2021 to 2026, which reflects the production enthusiasm of the asphalt industry [97][100][102]. - **Supply - Demand Balance Sheet**: It shows the monthly supply - demand balance sheet of asphalt from 2024 to 2026, including production, import, export, downstream demand, and inventory, which helps to analyze the overall supply - demand situation of the asphalt market [107].

Key Points - The article discusses various important news and developments in the investment and business sectors, including stock offerings, government initiatives, and market trends. Group 1: Stock Offerings and Corporate Actions - Morning Light Electric will open for subscription on March 25, with an issue price of 15.50 yuan and a price-to-earnings ratio of 14.96 times, allowing a single account to subscribe up to 930,000 shares [2] - Ningbo Energy's stock price has shown unusual fluctuations, but its main business remains unchanged [11] - Xiamen Tungsten plans to acquire 69% of Jiujiang Dadi Mining for 295 million yuan [11] - Biwen Storage signed a procurement contract worth 1.5 billion USD with a storage manufacturer [14] - Companies like New Link Electronics and Sanquan Foods announced significant profit growth and share repurchase plans [14] Group 2: Government Initiatives and Economic Policies - The State-owned Assets Supervision and Administration Commission emphasized accelerating the layout of high-tech industries and guiding central enterprises to establish research institutions and high-tech companies in Xiong'an New Area [3] - The People's Bank of China will conduct a 500 billion yuan MLF operation on March 25 to maintain liquidity in the banking system [4] - Shanghai signed a strategic cooperation framework agreement with the National Social Security Fund Council to enhance collaboration in equity investment funds and major strategic projects [6] - The market regulatory authority held a meeting to focus on price supervision and anti-unfair competition, aiming to enhance the domestic market and promote high-quality development [8] Group 3: Market Trends and Industry Developments - Recent surges in oil prices have led to significant cost pressures on downstream paint companies, with over 20 major companies announcing price increases across various categories [9] - The first industry standard for embodied intelligent engineering robots was initiated in Chengdu, aiming to establish unified standards for product evaluation and safety [7]

【冠通期货研究报告】 沥青日报：低开后震荡上行 发布日期：2026年3月24日 【行情分析】 供应端，上周沥青开工率环比回落1.2个百分点至21.8%，较去年同期低了4.7个百分点，处于近 年同期最低水平。上周，春节假期结束后，下游逐步复工，沥青下游各行业开工率多数上涨，其中 道路沥青开工环比上涨1个百分点至10%，仍低于1月底水平。上周，华东地区炼厂供应减少，加上高 价抑制成交，其出货量下降较多，全国出货量环比减少37.6%至10.99万吨，仍处于偏低水平。沥青厂 库库存率环比略有下降，仍处于近年来同期的最低位。山东地区沥青价格继续上涨，基差有所修复， 处于中性偏低水平。中国进口委内瑞拉原油预计还是较美国介入前大幅下降，加上现如今美以袭击 伊朗，中东原料供给将受影响，市场担忧国内炼厂原料短缺，关注国内炼厂原料短缺情况。中国进 口伊朗沥青不多，进口阿联酋、伊拉克等中东沥青占比沥青进口量的一半，不过相比于中国沥青产 量也仅有6%左右。本周齐鲁石化复产，但华东华南主力炼厂降负荷，预计沥青开工率小幅减少，元 宵节后，终端需求陆续缓慢恢复，沥青自身供需好转，虽然因特朗普关于伊朗谈判的言论使得原油 价格高位下跌，但局势 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The contradiction on the supply side in the Middle East has not been alleviated, and the market volatility is extremely high [1]. - The fundamentals of high - and low - sulfur fuel oils are tightening, and the market structure is operating strongly due to the blocked navigation in the Strait of Hormuz and the accumulated damage to Middle East energy facilities [2]. - High - sulfur fuel oil has a high supply share from the Middle East and a large risk exposure to geopolitical conflicts. As of now, the maintenance volume of Middle East refineries exceeds 2.5 million barrels per day, and local refined oil supply may not recover quickly even if the strait resumes navigation in the short term [2]. - For low - sulfur fuel oil, although the direct export share from the Middle East is not high, the production has declined passively due to the reduced load of refineries in the Asia - Pacific region caused by raw material shortages. The high premium on the diesel side boosts the low - sulfur fuel oil market, and its market structure has strengthened significantly. The crack spread of low - sulfur fuel oil has more room to reach the historical high compared to high - sulfur fuel oil [2]. - Trump's remarks on postponing the attack on Iran were regarded as a signal of easing, causing the night trading of FU and LU to plunge following the crude oil market. The situation in Iran remains unclear, and the market is highly volatile, so both long and short positions lack a safety margin and caution is needed [2]. 3. Summary by Related Content Market Analysis - The main contract of Shanghai Futures Exchange fuel oil futures closed up 5.99% during the day session, at 5,060 yuan per ton; the main contract of INE low - sulfur fuel oil futures closed up 3.51% during the day session, at 5,980 yuan per ton [1]. Strategy - High - sulfur fuel oil: In the short term, it is oscillating strongly with high market volatility. It is recommended to mainly wait and see [3]. - Low - sulfur fuel oil: In the short term, it is oscillating strongly with high market volatility. It is recommended to mainly wait and see [3]. - Cross - variety: No strategy provided [3]. - Cross - period: No strategy provided [3]. - Spot - futures: No strategy provided [3]. - Options: No strategy provided [3].

Real Estate - In January-February 2026, the supply of residential land in 100 cities decreased by 17% year-on-year, while the transaction area dropped by 34%, and the average transaction floor price fell by 24% year-on-year [5] - In the core 30 cities, 9 plots of land were sold with a premium rate exceeding 20%, accounting for 11.1%, while 68 plots were sold at zero premium, making up 84.0% [5] - The article emphasizes the need to improve and stabilize real estate expectations, with ongoing policies further deepening regional differentiation [5] Chow Tai Fook (1929.HK) - Chow Tai Fook, the largest gold and jewelry company in China, faced challenges in retail due to weak consumer demand and rising gold prices, leading to a noticeable reduction in franchise stores [5] - The company is optimizing inefficient stores to enhance efficiency, and by the second half of 2025, same-store sales in mainland China showed positive year-on-year growth [5] Zijin Mining (601899.SH) - Zijin Mining announced its 2025 annual report, achieving revenue of 349.1 billion yuan, a 15% year-on-year increase, and a net profit attributable to shareholders of 51.8 billion yuan, up 62% year-on-year [5] - The company plans to increase its production of gold, copper, and lithium carbonate by 50%, 42%, and 1057%, respectively, by 2028 compared to 2025 [5] Sinopec (600028.SH/0386.HK) - Sinopec reported total revenue of 2.7836 trillion yuan in 2025, a decrease of 9% year-on-year, with a net profit attributable to shareholders of 31.8 billion yuan, down 37% year-on-year [7] - The company expects net profits for 2026-2028 to be 40.3 billion, 47.1 billion, and 55.6 billion yuan, respectively, with anticipated growth as new production capacity comes online and investments in the new energy sector materialize [7] China National Glass (600176.SH) - In 2025, China National Glass achieved revenue of 18.88 billion yuan, a year-on-year increase of 19.1%, and a net profit attributable to shareholders of 3.29 billion yuan, up 34.4% [7] - The company plans to distribute a cash dividend of 1.43 billion yuan, with a dividend payout ratio of 44% and a dividend yield of 2.1% [7] Jinhuijiu (603919.SH) - Jinhuijiu reported total revenue of 2.918 billion yuan in 2025, a decline of 3.4% year-on-year, with a net profit of 354 million yuan, down 8.7% [8] - The company saw growth in revenue from products priced over 100 yuan, indicating ongoing optimization of its product structure [8] Tongrentang (300146.SZ) - Tongrentang achieved revenue of 6.27 billion yuan in 2025, a decrease of 8.4% year-on-year, while net profit attributable to shareholders rose by 19.8% to 780 million yuan [8] - The company is focusing on stabilizing its online channels and improving its product structure, aiming for double-digit revenue growth in 2026 [8]

Group 1: Report Industry Investment Rating - No relevant information found Group 2: Core Viewpoints of the Report - The supply of asphalt decreased last week, with the start - up rate dropping to 21.8%, and the national shipment volume decreasing by 37.6% to 10.99 tons. After the Spring Festival, downstream demand gradually recovered, and the start - up rates of most downstream industries increased. The inventory rate of asphalt plants decreased slightly, remaining at the lowest level in the same period in recent years. The basis in Shandong was still low. Due to concerns about raw material shortages in domestic refineries and the tense situation in the Middle East, the price of asphalt is expected to be strong and volatile in the near future [4]. Group 3: Summary by Related Catalogs Supply - The asphalt start - up rate decreased by 1.2 percentage points to 21.8% week - on - week, 4.7 percentage points lower than the same period last year, at the lowest level in the same period in recent years, mainly because some refineries such as Tahe Petrochemical stopped work or reduced their loads [4][21]. - The national asphalt shipment volume decreased by 37.6% to 10.99 tons week - on - week due to reduced supply from refineries in East China and high - price suppression of transactions [4][26]. Demand - In January - February 2026, the cumulative year - on - year growth of the actual completed investment in fixed assets of road transportation was - 0.6%, showing a negative growth but an improvement compared with - 6.0% in January - December 2025. The cumulative year - on - year growth of fixed - asset investment in infrastructure construction (excluding electricity) was 11.4%, a significant rebound from - 2.2% in January - December 2025 [31]. - After the Spring Festival, the start - up rates of most downstream asphalt industries increased. The start - up rate of road asphalt increased by 1 percentage point to 10% week - on - week, still lower than the level at the end of January [4][31]. Inventory - As of the week of March 20, the inventory rate of asphalt refineries decreased by 0.1 percentage point to 17.6% week - on - week, remaining at the lowest level in the same period in recent years [36]. Price - The ratio of asphalt to crude oil rose to 5.76 [13]. - The mainstream market price in Shandong rose to 4,210 yuan/ton, and the basis of the asphalt 04 contract dropped to - 247 yuan/ton, at a low level [16].

Investment Rating - The industry investment rating is "Positive" [1] Core Views - International oil prices are experiencing high volatility due to geopolitical tensions in the Middle East, with Brent and WTI prices at $106.41 and $98.23 per barrel respectively as of March 20, 2026 [2][9] - The oil and petrochemical sector has shown a decline of 4.58% in the past week, while the broader market (CSI 300) fell by 2.19% [10] - The oil and gas extraction sector has increased by 316.29% since 2022, indicating strong long-term growth potential [13] Summary by Sections Oil Price Review - As of March 20, 2026, Brent crude futures settled at $106.41 per barrel, up by $3.27 (3.17%) from the previous week, while WTI crude futures decreased by $0.48 (-0.49%) to $98.23 per barrel [27] - The price of Russian ESPO crude rose by $12.69 (14.07%) to $102.91 per barrel [27] Offshore Drilling Services - The number of global offshore self-elevating drilling rigs is 369, a decrease of 3 from the previous week, while floating drilling rigs increased by 1 to 135 [30] Oil Supply - As of March 13, 2026, U.S. crude oil production was 13.668 million barrels per day, a decrease of 10,000 barrels from the previous week [45] - The number of active drilling rigs in the U.S. increased by 2 to 414 as of March 20, 2026 [45] Oil Demand - U.S. refinery crude processing increased by 63,000 barrels per day to 16.232 million barrels per day, with a refinery utilization rate of 91.40%, up by 0.6 percentage points [54] Oil Inventory - U.S. total crude oil inventory reached 865 million barrels, an increase of 6.156 million barrels (0.72%) from the previous week [64] - The commercial crude oil inventory rose by 6.156 million barrels (1.39%) to 449 million barrels [64] Finished Oil Products - In North America, the average prices for diesel, gasoline, and jet fuel were $173.70, $130.72, and $152.84 per barrel respectively, with significant price increases compared to the previous week [86] - In Europe, the average prices for diesel, gasoline, and jet fuel were $174.85, $140.19, and $228.61 per barrel respectively, also reflecting notable increases [90]

中泰期货成品油周报20260321 ——地缘持续发酵，霍尔木兹海峡仍是当前最大的风险点。 中泰期货股份有限公司 张晓军 从业资格号：F3037698 交易咨询从业证书号：Z0020721 成品油综述 | 供应 | ①主营炼厂开工继续回落，霍尔木兹海峡持续受阻，主营主动降负荷应对，当前继续封堵，4月仍会主动降负荷。地炼 开工平稳，但受伊朗影响巨大，敏感油贴水大涨，虽然当前炼厂利润处于高位，但普遍低价库存维持不到一个月，炼 厂整体供应预计趋于下降，霍尔木兹海峡封堵时间越长，影响越大。 | | --- | --- | | 需求 | ①市场成交:山东地炼汽油产销比周度平均80%，柴油产销率平均为90%。成交以刚需为主，但随着高油价预期不断加 深，汽柴油上调零售价逐步明朗，汽油/柴油终端零售阶段性回温，终端预防性加油，汽油春节过后将进入淡季，柴油 陆续将进入旺季。 | | 库存 | 成品油库存汽油、柴油库存基本稳定，库存稳定，3-4月炼厂降负荷下，预估进入降库。 | | 综述 | 布伦特原油维持100美元以上波动，当前影响市场核心仍是霍尔木兹海峡的通航，本周地缘再度升温，市场对战争预期 为持续更长时间，战争与航运引发的 ...