2. Changes in spot asphalt inventory (inventory is a buffer between supply and demand. When the futures price is higher than the spot, the commercial inventory will increase, which will stimulate the spot price to rise. Instead, it leads to a drop in spot prices)
3. The Organization of Petroleum Exporting Countries and IEA intervene in the market (they can change the market supply pattern in a short time, thus changing people's expectation of spot asphalt price trend).
4. In the international capital market, hot money flows out or in (when the global financial market lacks investment opportunities, they flood into the international commodity market, especially the spot asphalt market, which inevitably pushes up the international oil price and seriously deviates from the fundamentals).
5. Exchange rate changes (the price changes of spot asphalt are negatively correlated with the exchange rate changes of the US dollar and major international currencies, and the rise of the US dollar puts pressure on the spot asphalt settled in US dollars. When geopolitics is in turmoil, spot asphalt is positively correlated with the US dollar, and the two complement each other)
6. Abnormal weather (abnormal weather may cause damage to spot asphalt production facilities, resulting in supply interruption, thus affecting oil prices)
7, interest rate changes (when the interest rate increases, the capital investment will decrease, resulting in a smaller initial mining scale; High interest rates will also increase the capital cost of alternative technologies, leading to a decline in mining speed)
8, tax policy (tax increase, will reduce the net profit of spot asphalt mining, and correspondingly reduce the enthusiasm of mining period. And taxes will reduce the return on investment of newly discovered reserves)