News summary
Increased operating rate at asphalt supply endonlinegamesearncrypto, Shandong and the Yangtze River Delta region are growing, and many regions have resumed production or reduced production. Shipments on the demand side increased, and shipments in major regions were significant. At the inventory end, refineries accumulate warehouses, and social warehouses destock them. Asphalt prices are weak and oscillating. Please wait and see for arbitrage and option strategies and pay attention to risk control.
Newsletter text
The supply of asphalt market has grown, and the demand side has rebounded. According to the latest data, the operating rate of petroleum asphalt units nationwide increased by 1% in the week of May 24.onlinegamesearncrypto.97 percentage points, reaching 31.02%.
Regional production trends The 3 million tons/year atmospheric and vacuum distillation unit of Heze Dongming Petrochemical in Shandong Province has resumed asphalt production on May 11, and it is expected that there may be a maintenance plan for the second quarter. Currently, its daily asphalt production remains at 3000 to 4000 tons.
Maintenance arrangements Dongfang Hualong is expected to carry out maintenance of the entire plant at the end of May, and there is no plan to produce asphalt in June.
Production in other regions, East China Jiangsu Xinhai is expected to produce asphalt products around May 28. During normal production, the daily output will be 3500 to 4000 tons, and it is planned to produce about 60,000 tons in June.
Analysis of demand growth In the most recent week, domestic asphalt shipments rose to 213,200 tons, an increase of 11,000 tons month-on-month. The operating rate of road modified asphalt increased to 25.64%, while the operating rate of waterproofing membrane asphalt also climbed to 32.17%.
Increase in shipments Observe that asphalt shipments in the three regions of East China, North China and South China have increased significantly in the past week.
Changes in inventory end Refinery asphalt inventories showed a cumulative trend, while social inventories showed signs of a slight decrease.
Market analysis The current asphalt price is showing a weak oscillation trend, and the cracking price difference and related arbitrage opportunities are currently on the sidelines.
The options strategy market recommends continuing to hold BU2409 put options of 3600 yuan, but attention should be paid to risk control.
