石油沥青日报 | 2026-01-08 现货持稳为主，盘面震荡运行 市场分析 1、1月7日沥青期货下午盘收盘行情：主力BU2603合约下午收盘价3160元/吨，较昨日结算价下跌4元/吨，跌幅0.13%； 持仓222253手，环比上涨12839手，成交309749手，环比上升85312手。 2、卓创资讯重交沥青现货结算价：东北，3306—3500元/吨；山东，3050—3190元/吨；华南，3100—3150元/吨； 华东，3100—3200元/吨。 昨日国内沥青现货整体持稳为主，华北、山东地区出现小幅上涨。目前来看，市场在定价委油收紧预期后进入震 荡阶段，在南美局势升级、美国加强意图控制委内瑞拉资源的背景下，委内瑞拉原油对国内炼厂供应收紧的预期 尚未证伪，未来炼厂可以从中东、加拿大、南美等地寻找替代重质原料，成本的增加或难以避免，市场短期存在 支撑。 策略 单边：谨慎偏多，逢低多BU主力合约，不宜过度追涨 跨期：逢低多BU2303/2306价差（正套） 跨品种：无 期现：无 期权：无 风险 原油价格大幅波动、宏观风险、海外原料供应风险、沥青终端需求变动、装置开工负荷变动等 2026年期货市场研究报告 第1页 ...

相关品种：沥青 昨日国内石油沥青期货出现大幅上涨，截至下午收盘时，主力合约BU2602涨幅达到3.95%。 从背后的驱动因素来看，主要是周末美国空袭委内瑞拉并控制委现任总统马杜罗，市场对沥青原料的担 忧加剧，稀释沥青贴水上涨。由于委内瑞拉马瑞原油是国内沥青生产的主要原料（占比40%左右），原 料问题发酵导致市场情绪升温，现货价格普遍大幅反弹，与期货盘面形成共振。 往前看，虽然委内瑞拉局势暂未完全确定，但在美国已控制委总统马杜罗的情况下，委内瑞拉对亚洲地 区的石油物流预计将持续受到阻断。参考船期跟踪数据来看，12月份中旬之后基本没有发往亚洲地区的 船货。再结合近期美国对国家战略的调整，美国对邻近南美地区（包括委内瑞拉在内）的力量投入与影 响程度或将进一步增加，这意味着委内瑞拉石油资源可能会更多受到美国控制，尤其考虑到美国自身缺 乏重油的油种结构。那么对于国内炼厂买家而言，马瑞原油供应的收紧可能会成为中期趋势，导致沥青 成本中枢抬升。 结合沥青基本面现实与预期，可以继续关注逢低多BU与正套机会，但不宜过度追涨。 投资咨询业务资格： 证监许可【2011】1289号 热点栏目 自选股 数据中心 行情中心 资金流向 模 ...

12月31日，上期所能源 化工仓单及变化数据：1.纸浆 期货仓库仓单98487吨，环比上个交易日增加497 吨；2.纸浆期货厂库仓单6000吨，环比上个交易日持平；3.胶版纸期货仓库仓单0吨，环比上个交易日持 平；4.胶版纸期货厂库仓单1120吨，环比上个交易日持平；5.燃料油期货仓单201390吨，环比上个交易 日持平；6. 石油沥青期货仓库仓单8260吨，环比上个交易日持平；7.石油沥青期货厂库仓单16660吨， 环比上个交易日持平；8.中质含硫原油期货仓单3464000桶，环比上个交易日持平；9.低硫燃料油期货仓 库仓单55230吨，环比上个交易日增加35190吨；10.低硫燃料油期货厂库仓单0吨，环比上个交易日持 平。 ...

石油沥青日报 | 2025-12-12 1、12月11日沥青期货下午盘收盘行情：主力BU2602合约下午收盘价2960元/吨，较昨日结算价上涨27元/吨，涨幅 0.92%；持仓208301手，环比上涨2329手，成交256002手，环比上涨114769手。 2、卓创资讯重交沥青现货结算价：东北，3156—3500元/吨；山东，2880—3370元/吨；华南，2930—3150元/吨； 华东，3100—3220元/吨。 原油价格延续弱势，沥青成本端支撑不足，盘面则维持震荡筑底状态，反弹动力暂时有限。现货方面，昨日山东 和华北地区沥青现货价格出现上涨，华东以及川渝地区沥青现货价格有所下跌，其余地区沥青现货价格大体企稳。 虽然沥青刚性需求表现仍然偏弱，但由于今日局部地区沥青现货资源流通量减少，带动局部价格回升。目前北方 有部分冬储合同释放，虽然下游接货情绪仍偏谨慎，但开始有一些底部信号。此外，需要关注近期委内瑞拉局势 的变化，美国前日扣压委内瑞拉油轮，根据船期数据委油发货有下滑迹象。虽然前期稀释沥青到港较多，当前资 源较为充裕，贴水连续下降，但需要注意未来地缘政治所导致的原料收紧风险。 策略 单边：中性，等待底部夯 ...

同日，上期所子公司上期能源发布通知，自2025年12月9日收盘结算时起，原油、低硫燃料油期货合约 的涨跌停板幅度调整为7%，套保持仓交易保证金比例调整为8%，一般持仓交易保证金比例调整为9%。 （齐宣） （文章来源：期货日报网） 本报讯上期所12月5日发布通知，自2025年12月9日收盘结算时起， 燃料油、石油沥青期货合约的涨跌 停板幅度调整为7%，套保持仓交易保证金比例调整为8%，一般持仓交易保证金比例调整为9%。 ...

Core Viewpoint - The 14th China International Petroleum Trade Conference highlighted the rapid construction of a new energy system in China, emphasizing the shift towards low-carbon energy consumption and the role of the Shanghai Futures Exchange (SHFE) in supporting this transition. Group 1: Energy Transition Support - The SHFE is enhancing its product offerings to support the green development of the oil and gas industry, focusing on traditional energy products such as crude oil, fuel oil, and asphalt, with a total trading volume of 285 million contracts in the first three quarters of the year, an increase of 18.4% year-on-year, and a transaction value of 24.2 trillion yuan [1][2] - The exchange is accelerating the development of liquefied natural gas futures and options to support the growth of the clean and efficient energy industry and to help achieve the "dual carbon" goals [1] Group 2: Open Platform Development - The SHFE is enhancing its global service capabilities by including all energy products in the Qualified Foreign Institutional Investor (QFI) trading category, thereby expanding pathways for foreign investors to participate [1] Group 3: Strengthening Market Linkages - The SHFE is promoting targeted promotional activities for oil and gas enterprises through its "Strong Source Assisting Enterprises" service brand, and is deepening cooperation with spot oil and gas trading platforms to integrate futures prices into actual trading scenarios [2] Group 4: Market Stability Maintenance - The SHFE is focused on improving the regulatory framework for futures trading in China, enhancing regulatory effectiveness to create a fair and orderly market environment, effectively preventing and mitigating market risks, and maintaining stable market operations [2]

Core Viewpoint - The Shanghai Futures Exchange (SHFE) is accelerating the formation of a low-carbon energy consumption transformation in China, positioning itself as a crucial financial infrastructure to support stable operations of energy enterprises and facilitate the green upgrade of the energy industry [1][2]. Group 1: Product Development - SHFE has established a comprehensive range of products in traditional energy, including crude oil, fuel oil, and asphalt futures and options, while also accelerating the development of liquefied natural gas futures and options to support the clean and efficient energy industry and achieve carbon neutrality goals [1][2]. - The exchange has included all energy varieties in the Qualified Foreign Institutional Investor (QFII) trading scope, broadening the participation pathways for foreign investors [1]. Group 2: Market Participation - The internationalization of crude oil futures has seen participation from investors across over 30 countries and regions, including various types of enterprises such as traders and transportation companies, effectively managing price risks in multiple scenarios [2]. Group 3: Market Integration and Stability - SHFE is enhancing its services for oil and gas enterprises through targeted promotional activities, with the number of listed companies announcing hedging plans increasing from 34 in 2020 to 63 in 2024 [2]. - The exchange is deepening cooperation with spot oil and gas trading hubs to integrate futures prices into actual trading scenarios, creating a pricing system that aligns with trading habits [2]. - SHFE is focused on strengthening regulation and risk prevention to maintain a stable market environment, having withstood various extreme market conditions and providing rational price signals to global clients [2]. Group 4: Future Goals - SHFE aims to become a world-class exchange by optimizing products, prices, and services while reinforcing regulatory frameworks to better serve the national energy strategy [3].

Core Insights - The 14th China International Oil Trade Conference was held in Shanghai, focusing on cooperation and shared development in oil and gas trade [1] - The Shanghai Futures Exchange (SHFE) is playing a crucial role in supporting the stable operation of energy enterprises and facilitating the green upgrade of the energy industry [3] Group 1: Energy Transition Support - SHFE is enhancing its product offerings to support energy transition, including traditional energy products like crude oil and fuel oil, as well as green energy products such as low-sulfur fuel oil futures launched in 2020 [3] - In the first three quarters of this year, the total trading volume of SHFE's energy products reached 285 million contracts, a year-on-year increase of 18.4%, with a transaction value of 24.2 trillion yuan [3] Group 2: Open Platform Development - SHFE is focusing on institutional openness to enhance its service and leadership capabilities in the global energy supply chain, having included all energy products in the QFI trading category to expand foreign investor participation [3] Group 3: Market Stability and Regulation - SHFE is committed to maintaining market stability through strong regulation, risk prevention, and promoting high-quality development, having improved its regulatory efficiency to create a fair and orderly market environment [3][4] - The number of listed companies in the oil and chemical industry that issued hedging announcements increased from 34 in 2020 to 63 in 2024, indicating a growing engagement with risk management practices [3] Group 4: Future Development Goals - SHFE aims to become a world-class exchange by optimizing products, prices, and services in response to real-world demands while strengthening its regulatory framework to support national energy strategies [4]

Core Insights - The Shanghai Futures Exchange released data on energy and chemical warehouse receipts on October 27, indicating stable inventory levels for certain commodities while showing fluctuations in others [1] Group 1: Warehouse Receipts Data - Medium sulfur crude oil futures warehouse receipts stood at 5,211,000 barrels, remaining unchanged month-on-month [1] - Low sulfur fuel oil futures warehouse receipts totaled 4,960 tons, also unchanged from the previous month [1] - Fuel oil futures warehouse receipts increased by 8,000 tons to reach 37,890 tons [1] - Petroleum asphalt futures warehouse receipts decreased by 2,500 tons to 9,920 tons [1] - Petroleum asphalt futures factory warehouse receipts increased by 3,000 tons to 3,000 tons [1] - Pulp futures warehouse receipts reached 220,003 tons, with a slight increase of 1 ton [1] - Pulp futures factory warehouse receipts remained stable at 6,000 tons [1]

Core Insights - The Shanghai Futures Exchange released data on energy and chemical warehouse receipts on October 24, indicating stable inventory levels for several commodities [1] Group 1: Oil and Fuel Inventory - Medium sulfur crude oil futures warehouse receipts totaled 5,211,000 barrels, remaining unchanged month-on-month [1] - Low sulfur fuel oil futures warehouse receipts stood at 4,960 tons, also unchanged from the previous month [1] - Fuel oil futures warehouse receipts decreased by 1,500 tons to 29,890 tons [1] - Asphalt futures warehouse receipts remained stable at 12,420 tons [1] Group 2: Pulp Inventory - Pulp futures warehouse receipts were reported at 220,002 tons, with no change from the previous month [1] - Pulp futures factory warehouse receipts totaled 6,000 tons, remaining unchanged [1]