Asphalt Daily: BU-Brent Crack Diverges from Oil Price, Weak Fundamentals Priced In

Deep News

Nov 19, 2025

【1】Market Performance: The BU main contract 2601 rose in early trading but quickly retreated, with a 1.41% intraday fluctuation, closing flat at 3,032 yuan/ton—down 0.5% over seven days. The next-month contract 2602 edged up 0.03%, maintaining a Contango structure (near-term lower, long-term higher).

【2】Spot Market: ① Shandong heavy asphalt spot price rose 0.3% to 3,030 yuan/ton (down 0.6% weekly), with basis narrowing to -2 yuan/ton (weekly -4 yuan/ton). ② East China heavy asphalt spot traded at 3,270 yuan/ton (premium to futures), with basis at 238 yuan/ton (weekly -104 yuan/ton).

【3】Crack Spread: ① BU-Brent crack widened to -284 yuan/ton (weekly -6 yuan/ton), diverging from Brent’s flat trend due to weak asphalt fundamentals. BU fell 0.5% while Brent rose 0.2% (as of 3 PM close). ② BU-SC/BU-LU/BU-FU spreads moved -5/-11/+35, with BU-LU underperforming.

【4】Fundamentals: - **Supply**: Refineries may cut output amid thinning margins. - **Demand**: Seasonal chill dampens regional demand; low downstream uptake persists. - **Inventory**: High social stocks pressure prices amid slow destocking. - **Cost**: Weaker oil prices leave asphalt lagging in the energy-chemical sector.

【5】Short-Term Outlook: Weak demand and inventory overhang cap upside. Year-end OPEC+ supply risks may drag prices lower, though downside appears limited technically.

【6】Strategy: ① Partial profit-taking on 2601 short positions. ② Sell 2601 put options. ③ BU-Brent crack shorts to exit on dips.

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One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/1108365826"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"1108365826\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/1108365826?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2025-11-19 07:10","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1108365826","market":"sh","top_or_hot":-1,"title":"Asphalt Daily: BU-Brent Crack Diverges from Oil Price, Weak Fundamentals Priced In","media":"Deep News","content":"<p>【1】Market Performance: The BU main contract 2601 rose in early trading but quickly retreated, with a 1.41% intraday fluctuation, closing flat at 3,032 yuan/ton—down 0.5% over seven days. The next-month contract 2602 edged up 0.03%, maintaining a Contango structure (near-term lower, long-term higher).</p>\n<p>【2】Spot Market:  \n① Shandong heavy asphalt spot price rose 0.3% to 3,030 yuan/ton (down 0.6% weekly), with basis narrowing to -2 yuan/ton (weekly -4 yuan/ton).  \n② East China heavy asphalt spot traded at 3,270 yuan/ton (premium to futures), with basis at 238 yuan/ton (weekly -104 yuan/ton).</p>\n<p>【3】Crack Spread:  \n① BU-Brent crack widened to -284 yuan/ton (weekly -6 yuan/ton), diverging from Brent’s flat trend due to weak asphalt fundamentals. BU fell 0.5% while Brent rose 0.2% (as of 3 PM close).  \n② BU-SC/BU-LU/BU-FU spreads moved -5/-11/+35, with BU-LU underperforming.</p>\n<p>【4】Fundamentals:  \n- **Supply**: Refineries may cut output amid thinning margins.  \n- **Demand**: Seasonal chill dampens regional demand; low downstream uptake persists.  \n- **Inventory**: High social stocks pressure prices amid slow destocking.  \n- **Cost**: Weaker oil prices leave asphalt lagging in the energy-chemical sector.</p>\n<p>【5】Short-Term Outlook:  \nWeak demand and inventory overhang cap upside. 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BU fell 0.5% while Brent rose 0.2% (as of 3 PM close).  \n② BU-SC/BU-LU/BU-FU spreads moved -5/-11/+35, with BU-LU underperforming.</p>\n<p>【4】Fundamentals:  \n- **Supply**: Refineries may cut output amid thinning margins.  \n- **Demand**: Seasonal chill dampens regional demand; low downstream uptake persists.  \n- **Inventory**: High social stocks pressure prices amid slow destocking.  \n- **Cost**: Weaker oil prices leave asphalt lagging in the energy-chemical sector.</p>\n<p>【5】Short-Term Outlook:  \nWeak demand and inventory overhang cap upside. Year-end OPEC+ supply risks may drag prices lower, though downside appears limited technically.</p>\n<p>【6】Strategy:  \n① Partial profit-taking on 2601 short positions.  \n② Sell 2601 put options.  \n③ BU-Brent crack shorts to exit on dips.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BU","symbol_name":"Defiance Daily Target 2X Long B ETF","start_time":0,"source_url":"","article_id":"1108365826","we_media_id":"1039043262","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1108365826","pubTimestamp":1763507435,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Deep News","introduction":"Global Stock Market Deep Analysis","home_visible":1,"id":"1039043262","head_image":"https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922"},"summary":"【1】Market Performance: The BU main contract 2601 rose in early trading but quickly retreated, with a 1.41% intraday fluctuation, closing flat at 3,032 yuan/ton—down 0.5% over seven days. The...","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BU":"Defiance Daily Target 2X Long B ETF"},"translate_title":"沥青日报：BU-布伦特裂解与油价背离，基本面疲软已被消化","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BU":1},"content_text":"【1】Market Performance: The BU main contract 2601 rose in early trading but quickly retreated, with a 1.41% intraday fluctuation, closing flat at 3,032 yuan/ton—down 0.5% over seven days. The next-month contract 2602 edged up 0.03%, maintaining a Contango structure (near-term lower, long-term higher).\n【2】Spot Market:  \n① Shandong heavy asphalt spot price rose 0.3% to 3,030 yuan/ton (down 0.6% weekly), with basis narrowing to -2 yuan/ton (weekly -4 yuan/ton).  \n② East China heavy asphalt spot traded at 3,270 yuan/ton (premium to futures), with basis at 238 yuan/ton (weekly -104 yuan/ton).\n【3】Crack Spread:  \n① BU-Brent crack widened to -284 yuan/ton (weekly -6 yuan/ton), diverging from Brent’s flat trend due to weak asphalt fundamentals. BU fell 0.5% while Brent rose 0.2% (as of 3 PM close).  \n② BU-SC/BU-LU/BU-FU spreads moved -5/-11/+35, with BU-LU underperforming.\n【4】Fundamentals:  \n- **Supply**: Refineries may cut output amid thinning margins.  \n- **Demand**: Seasonal chill dampens regional demand; low downstream uptake persists.  \n- **Inventory**: High social stocks pressure prices amid slow destocking.  \n- **Cost**: Weaker oil prices leave asphalt lagging in the energy-chemical sector.\n【5】Short-Term Outlook:  \nWeak demand and inventory overhang cap upside. Year-end OPEC+ supply risks may drag prices lower, though downside appears limited technically.\n【6】Strategy:  \n① Partial profit-taking on 2601 short positions.  \n② Sell 2601 put options.  \n③ BU-Brent crack shorts to exit on dips.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}