1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No core viewpoints explicitly stated in the provided content 3. Summary by Relevant Catalogs Futures Data - The closing prices of BU main contract, BU06, BU09, BU12, and BU03 on September 11 were 3463, 3383, 3450, 3413, and 3382 respectively, with daily changes of 13, 13, 30, 14, and 8, and weekly changes of -87, -71, -85, -73, and -73 [4]. - The trading volume on September 11 was 268,488, a daily increase of 45,671 and a weekly increase of 24,191. The open interest was 443,831, a daily increase of 7,774 and a weekly decrease of 49,369. The futures inventory was 26,490, a daily decrease of 400 and a weekly decrease of 3,300 [4]. Spot Market - On September 11, the market prices in Shandong, East China, South China, North China, and Northeast China were 3540, 3640, 3500, 3650, and 3850 respectively. The daily changes were 0, 0, -20, 0, and -20, and the weekly changes were -10, -60, -30, 0, and -20 [4]. - The price differences between Shandong - East China, Shandong - Northeast, and East China - South China on September 11 were -100, -310, and 140 respectively, with daily changes of 0, 20, and 20, and weekly changes of 50, 10, and -30 [4]. Basis and Calendar Spread - The basis in Shandong, East China, and South China on September 11 were 77, 177, and 37 respectively, with daily changes of -13, -13, and -33, and weekly changes of 77, 27, and 57 [4]. - The calendar spreads of 03 - 06, 06 - 09, 09 - 12, and 12 - 03 on September 11 were 2, -67, 37, and 28 respectively, with daily changes of -5, -17, 16, and 6, and weekly changes of -2, 14, -12, and 0 [4]. Crack Spread and Profit - The asphalt - Brent crack spread on September 11 was 32, a daily decrease of 57 and a weekly decrease of 31. The asphalt - Ma Rui profit was -39, a daily decrease of 52 and a weekly decrease of 28 [4]. - The comprehensive profit of ordinary refineries and Ma Rui - type refineries on September 11 were 416 and 702 respectively, with daily changes of -43 and -46, and weekly changes of -19 and -23. The import profits from South Korea - East China and Singapore - South China were -101 and -940 respectively, with daily changes of 0 and -18, and weekly changes of -49 and -21 [4]. Related Prices - The price of Brent crude oil on September 11 was 67.5, a daily increase of 1.1 and a weekly increase of 0.5. The market prices of gasoline, diesel, and residue oil in Shandong on September 11 were 7557, 6478, and 3575 respectively, with daily changes of 10, 8, and 0, and weekly changes of 4, 8, and 40 [4].

Core Insights - Azerbaijan's oil product output value reached 30.6 billion manats (18 billion USD) from January to July this year, reflecting a year-on-year growth of 1.4% [1] Production Summary - Gasoline production totaled 811,000 tons, showing a year-on-year decrease of 3.8% [1] - Kerosene production was 405,000 tons, marking a year-on-year increase of 10.6% [1] - Diesel production reached 1,386,000 tons, with a year-on-year growth of 3.9% [1] - Heavy oil production was 57,000 tons, demonstrating a significant year-on-year increase of 3.3 times [1] - Lubricating oil production amounted to 22,000 tons, reflecting a year-on-year increase of 42.2% [1] - Liquefied gas production was 134,000 tons, with a year-on-year growth of 16.7% [1] - Asphalt production totaled 141,400 tons, showing a year-on-year decrease of 4.5% [1] - Petroleum coke production reached 127,500 tons, marking a year-on-year increase of 5.8% [1] Inventory Summary - As of August 1, gasoline inventory stood at 54,000 tons, kerosene inventory at 54,000 tons, and diesel inventory at 144,000 tons [1] - Fuel oil inventory was 900 tons, lubricating oil inventory was 2,200 tons, liquefied gas inventory was 3,200 tons, asphalt inventory was 8,700 tons, and petroleum coke inventory was 39,000 tons [1]

燃料油日报 2025 年 9 月 11 日 燃料油日报 第一部分 相关数据 研究员： 吴晓蓉 期货从业证号： F03108405 投资咨询从业证号： Z0021537 ： 021-65789108 ： wuxiaorong_qh @chinastock.com.cn | | 2025/9/11 | 2025/9/10 | 2025/9/4 | 2025/8/14 | Δ日 | | --- | --- | --- | --- | --- | --- | | FU主力 | 2802 | 2786 | 2760 | 2700 | 16 | | FU主力持仓(万手) | 20.2 | 19.6 | 20.0 | 13.3 | 0.6 | | FU仓单(吨) | 101500 | 101500 | 108300 | 80710 | 0 | | LU主力 | 3374 | 3383 | 3412 | 3449 | - 9 | | LU主力持仓(万手） | 7.5 | 7.4 | 7.0 | 4.9 | 0.1 | | LU仓单 | 10020 | 10020 | 34500 | 16080 | 0 | | FU10-1 ...

本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【多地沥青市场供需及价格现分化，9月旺季价格上涨受限】华南区域核心炼厂沥青产量持续偏低，库 存低位运行，供需紧平衡支撑当地沥青价格，暂未松动。 华东区域主营炼厂高价位沥青出货难，库存 上升。今日中石化旗下沥青船运与汽运报价下调100元/吨，拉低区域均价，市场活跃度减弱。 华北区 域核心炼厂对70#沥青限量供应，管控资源投放支撑当地价格，保持稳定。 山东区域沥青需求平稳，中 下游企业按需采购，供需匹配度高，价格稳定。 市场对8 - 10月旺季有期待，多数炼厂与贸易商看好9 月需求，但9月地炼增量大。因原油配额产沥青利润可观、原料充裕，短期内产量不下滑。 库存上，炼 厂中低水平，社会库存高，终端消化不佳。下游资金是问题，年底国检冲量或证伪。9月需求有起色， 但受供给和库存制约，价格难大幅上涨。 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report presents the current situation of the asphalt market, including the changes in production capacity utilization, shipment volume, and price differences. The production capacity utilization has increased due to the resumption of production in some refineries, while the shipment volume has decreased in some regions due to various factors such as changes in downstream demand and project suspension [13]. 3. Summary by Related Catalogs Fundamental Tracking - **Futures Data**: The closing prices of BU2510 and BU2511 are 3,463 yuan/ton and 3,450 yuan/ton respectively, with daily changes of 0.64% and 0.88%. The trading volume of BU2510 is 31,559 lots, with an increase of 2,446 lots, and the position is 35,992 lots, with a decrease of 3,341 lots. The trading volume of BU2511 is 150,423 lots, with an increase of 37,975 lots, and the position is 244,770 lots, with an increase of 2,860 lots. The total market asphalt warehouse receipts are 64,860 lots, with no change [1]. - **Price Difference Data**: The basis (Shandong - 10) is 77 yuan/ton, with a decrease of 12 yuan compared to the previous day. The 10 - 11 inter - period price difference is 13 yuan/ton, with a decrease of 8 yuan. The Shandong - South China price difference is 20 yuan/ton, with an increase of 20 yuan. The East China - South China price difference is 120 yuan/ton, with an increase of 10 yuan [1]. - **Spot Market Data**: The Shandong wholesale price is 3,540 yuan/ton, with an increase of 10 yuan. The Yangtze River Delta wholesale price is 3,640 yuan/ton, with no change. The refinery operating rate is 39.59%, with a decrease of 0.63%, and the refinery inventory rate is 27.11%, with an increase of 0.66% [1]. Market Information - **Production Capacity Utilization**: From September 4 - 10, 2025, the production capacity utilization of 77 domestic heavy - traffic asphalt enterprises was 34.9%, a 6.8% increase from the previous period. This was due to the resumption of asphalt production at Hebei Xinghai's large - scale plant and Ningbo Keyuan, along with stable production at major refineries [13]. - **Shipment Volume**: From September 3 - 9, 2025, the total shipment volume of 54 domestic asphalt enterprises was 39.7 tons, a 3.6% decrease from the previous period. The shipment volume decreased significantly in the Northeast and Shandong regions. In the Northeast, the increase in the price of low - sulfur asphalt led to a decrease in downstream purchasing enthusiasm, and in Shandong, the suspension of surrounding projects led to a decline in terminal demand [13]. - **Modified Asphalt Production Capacity Utilization**: From September 3 - 9, 2025, the production capacity utilization of 69 domestic modified asphalt sample enterprises was 18.5%, a 2.6% increase from the previous period and a 0.2% decrease year - on - year. The supply of modified asphalt increased significantly, reaching a new high for the year and approaching the same - period level [13]. Trend Intensity The trend intensity of asphalt is 0, indicating a neutral market sentiment [7].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - High - sulfur supply and inventory in Asia remain high in the near - term, with supply pressure in Q3 lower than expected. High - sulfur seasonal power generation demand is gradually declining, but feedstock demand is still supported. New high - sulfur warehouse receipts generation and subsequent inventory digestion rhythm should be noted. Low - sulfur fuel oil spot premium is continuously decreasing, with supply rising and no specific downstream demand drivers. Attention should be paid to low - sulfur export trends, quota adjustment and issuance rhythm [7] Group 3: Summary According to the Table of Contents Part 1: Relevant Data - FU main contract price on September 10, 2025, was 2786, up 20 from the previous day; its main contract position was 196,000 lots, down 4,000 lots; and its warehouse receipts were 101,500 tons, unchanged from the previous day. LU main contract price was 3383, down 2 from the previous day; its main contract position was 74,000 lots, up 2,000 lots; and its warehouse receipts were 10,020 tons, unchanged from the previous day. The spread between LU and FU main contracts was 597, down 22 from the previous day [3] Part 2: Market Research and Judgment Market Overview - IIR reported that the preliminary restart plan of the RFCC unit at Nigeria's Dangote refinery has been postponed to December 10 [6] Market Research - High - sulfur: Supply pressure in Q3 is lower than expected due to factors such as attacks on Russian refineries by Ukraine, reduced high - sulfur exports from Mexico, and low - level exports from the Middle East. Seasonal power generation demand is falling, but feedstock demand is supported. Singapore's high - sulfur bunker fuel bunkering volume in July reached the highest level since IMO2020. Low - sulfur: Spot premium is continuously decreasing, supply is rising, and downstream demand lacks specific drivers. Attention should be paid to low - sulfur export trends and quota adjustment and issuance rhythm [7] Other Information - FU warehouse receipts were 101,500 tons, unchanged from the previous day; LU warehouse receipts were 10,020 tons, unchanged from the previous day. In the Singapore paper market, the high - sulfur Sep/Oct monthly spread decreased from 1.2 to 0.6 US dollars per ton, and the low - sulfur Sep/Oct monthly spread remained at 2.3 US dollars per ton [8] Part 3: Relevant Attached Figures - There are figures showing Singapore's high - sulfur and low - sulfur spot premiums, high - and low - sulfur price spreads, LSFO - GO spreads, and high - and low - sulfur fuel oil cracking spreads, with data sources from Galaxy Futures and Reuters [9]

1. Report Industry Investment Rating - No information provided in the content 2. Core View of the Report - The asphalt market is operating weakly, and attention should be paid to shipments in Shandong. The trend strength of asphalt is -1, indicating a bearish outlook [1][7] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: On September 7, 2025, the closing price of BU2510 was 3,467 yuan/ton, down 0.03%, and the night - session closing price was 3,426 yuan/ton, down 1.18%. The closing price of BU2511 was 3,437 yuan/ton, down 0.15%, and the night - session closing price was 3,396 yuan/ton, down 1.19%. The trading volume of BU2510 was 86,667 lots, a decrease of 41,415 lots, and the open interest was 54,826 lots, a decrease of 16,035 lots. The trading volume of BU2511 was 248,029 lots, an increase of 58,519 lots, and the open interest was 241,397 lots, an increase of 3,727 lots. The total market asphalt warehouse receipts were 65,360 lots, with no change [1] - **Spread Data**: The basis (Shandong - 10) was 63 yuan/ton, a decrease of 9 yuan from the previous day; the 10 - 11 inter - period spread was 30 yuan/ton, an increase of 4 yuan; the Shandong - South China spread was 0, a decrease of 10; the East China - South China spread was 170 yuan/ton, with no change [1] - **Spot Market Data**: The Shandong wholesale price was 3,530 yuan/ton, a decrease of 10 yuan; the Yangtze River Delta wholesale price was 3,700 yuan/ton, with no change. As of September 4, the refinery operating rate was 40.22%, an increase of 6.69% from September 1; the refinery inventory rate was 26.45%, a decrease of 0.29% from September 1 [1] 3.2 Market Information - **Production**: From August 29 to September 4, 2025, the weekly total output of domestic asphalt was 526,000 tons, a month - on - month increase of 27,000 tons (5.4%) and a year - on - year increase of 90,000 tons (20.6%). The cumulative output from January to September was 2.1669 billion tons, a year - on - year increase of 201,400 tons (10.2%) [10] - **Inventory**: As of September 4, 2025, the total inventory of 54 domestic asphalt sample refinery warehouses was 717,000 tons, a 4.1% increase from September 1. The refinery warehouses in the East China region had obvious inventory accumulation. The total inventory of 104 domestic asphalt social warehouses was 1.709 million tons, a 0.6% decrease from September 1. The social warehouses in the Northeast region had obvious inventory reduction [10]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report highlights a recent decline in international oil prices, with Brent and WTI prices at $65.50 and $61.87 per barrel respectively as of September 5, 2025, influenced by geopolitical tensions and OPEC+ decisions to increase production [2][8] - OPEC+ has agreed to increase production by 137,000 barrels per day starting in October, which is expected to exert further pressure on oil prices [2][8] - The report notes a slight decrease in U.S. crude oil production to 13.423 million barrels per day, alongside an increase in active drilling rigs and fracturing fleets [2][56] Summary by Sections Oil Price Review - Brent crude futures settled at $65.50 per barrel, down $1.98 (-2.93%) from the previous week, while WTI futures fell to $61.87, down $2.14 (-3.34%) [2][27] - Russian Urals crude remained stable at $65.49 per barrel, while ESPO crude dropped to $62.78, down $0.91 (-1.43%) [27] Offshore Drilling Services - As of September 1, 2025, the number of global offshore self-elevating drilling rigs was 372, a decrease of 1 rig from the previous week [38] - The number of floating drilling rigs increased by 2 to a total of 133 [38] U.S. Crude Oil Supply - U.S. crude oil production was reported at 13.423 million barrels per day, a decrease of 16,000 barrels from the previous week [56] - The number of active drilling rigs in the U.S. increased by 2 to 414 [56] U.S. Crude Oil Demand - U.S. refinery crude processing averaged 16.869 million barrels per day, down 11,000 barrels from the previous week, with a refinery utilization rate of 94.30%, down 0.3 percentage points [66] U.S. Crude Oil Inventory - Total U.S. crude oil inventories reached 825 million barrels, an increase of 2.924 million barrels (+0.36%) from the previous week [75] - Strategic oil reserves were at 405 million barrels, up 509,000 barrels (+0.13%) [75] Related Companies - Key companies mentioned include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and PetroChina [2]

Investment Rating - The industry investment rating is "Neutral" based on the performance of the industry index relative to the benchmark [136]. Core Insights - The report highlights that the "Golden September" season is approaching, leading to improved orders in the downstream long filament sector [1]. - The Brent crude oil average price for the week ending September 5, 2025, was $67.67 per barrel, reflecting a decrease of 0.99% [2]. - Domestic and foreign refining project price differentials were tracked, with domestic projects at 2361.03 CNY/ton (-1.28%) and foreign projects at 1133.43 CNY/ton (+4.45%) [2]. Summary by Sections Refining Sector - Geopolitical risks have increased due to attacks on oil tankers, while U.S. oil demand has decreased, leading to concerns about supply exceeding demand [1]. - Brent and WTI crude oil prices were reported at $65.5 and $61.9 per barrel, respectively, showing declines from the previous week [14]. - The domestic and international product price differentials have widened, with domestic diesel and gasoline prices slightly down [14]. Chemical Sector - The report indicates a mixed trend in refining product price differentials, with olefins showing slight improvement while aromatics have narrowed [1]. - Polyethylene prices fluctuated, while polypropylene prices remained stable with a slight widening of price differentials [53]. - EVA prices increased due to strong demand from the photovoltaic sector, with significant widening of price differentials [53]. Polyester Sector - The cost structure for the polyester industry has shifted downwards, but demand for long filaments has improved as the peak season approaches [1]. - The average price for polyester long filaments has increased, leading to improved profitability [104]. - The report notes a decrease in supply for long filaments, with domestic and foreign orders showing slight increases [104]. Major Refining Companies - The stock performance of six major refining companies was tracked, with notable changes in their stock prices over the past week and month [124]. - The report indicates that the refining index has increased by 41.24% since September 4, 2017, outperforming the broader market indices [125].

Core Insights - The article discusses the production trends of petroleum coke in China, highlighting a decrease in output for the year 2025 compared to previous years [1] Industry Overview - According to the National Bureau of Statistics, China's petroleum coke production in July 2025 is projected to be 2.65 million tons, reflecting a year-on-year decline of 2.1% [1] - Cumulative production from January to July 2025 is reported at 18.282 million tons, which represents a cumulative decrease of 4.4% compared to the same period in the previous year [1] Company Insights - The article lists several companies involved in the petroleum coke industry, including Huajin Co., Yuancheng Energy, Shanghai Petrochemical, Huaxi Energy, Wanhua Chemical, Hengli Petrochemical, Rongsheng Petrochemical, Xin'ao Co., and Sinopec Capital [1] - The report by Zhiyan Consulting provides an analysis of the development trends and investment potential in the petroleum coke industry from 2025 to 2031 [1]