1. Report Information - Report Title: Asphalt Morning Report [2] - Research Team: Research Center's Energy and Chemicals Team [3] - Report Date: September 29, 2025 [3] 2. Core Data Summary Futures Contracts - **Prices**: For BU10, the price on August 28 was 3517, and on September 26 it was 3450, with a daily change of 10 and a weekly change of 23. Similar data is provided for other contracts like BU11, BU12, etc. [4] - **Volume and Open Interest**: On September 26, the trading volume was 348,568, an increase of 72,570 from the previous day and 137,960 from the previous week. The open interest was 366,558, a decrease of 28,019 from the previous day and 42,198 from the previous week [4]. Spot Prices - **Regional Market Prices**: The Shandong market price remained at 3500 from September 24 - 26, with no daily change and a -20 change from the previous week. The East China market price was stable at 3560 during the same period, with no daily change and a -30 change from the previous week. Other regions like South China, North China, and Northeast China also had their respective price data [4]. - **Warehouse Prices**: The Zhenjiang warehouse price increased from 3420 on September 24 to 3490 on September 26, a daily increase of 70 and a weekly increase of 20. The Foshan warehouse price remained at 3450 during the same period, with no daily change and a -20 change from the previous week [4]. Basis and Spread - **Basis**: The Shandong basis (+80) decreased from 168 on September 24 to 100 on September 26, a daily decrease of 30 and a weekly decrease of 43. The East China basis increased from -20 on September 25 to 40 on September 26, a daily increase of 60 and a -3 change from the previous week [4]. - **Spread**: The 10 - 11 spread decreased from 20 on September 25 to 19 on September 26, a daily decrease of 1 and a 10 change from the previous week. Other spreads like 10 - 12, 11 - 12, etc., also had their respective changes [4]. Crack Spread and Profit - **Crack Spread**: The asphalt Brent crack spread decreased from -109 on September 25 to -116 on September 26, a daily decrease of 7 and a -174 change from the previous week [4]. - **Profit**: The asphalt Ma Rui profit decreased from -166 on September 25 to -172 on September 26, a daily decrease of 6 and a -157 change from the previous week. Other profit indicators like the general refinery comprehensive profit, Ma Rui - type refinery comprehensive profit, etc., also had their respective changes [4]. Other Related Prices - **Crude Oil Price**: The Brent crude oil price increased from 69.3 on September 25 to 69.4 on September 26, a daily increase of 0.1 and a 2.7 increase from the previous week [4]. - **Refined Product Prices**: The Shandong market price of gasoline decreased from 7517 on September 25 to 7513 on September 26, a daily decrease of 4 and a 2 change from the previous week. The Shandong market price of diesel decreased from 6467 on September 25 to 6466 on September 26, a daily decrease of 1 and a 37 change from the previous week [4][5].