① About Huaxia Petroleum Offline

The Ministry of Commerce announced that the domestic crude oil market needs a new round of license certification. No exchange can trade crude oil without a license. Although Huaxia oil is not crude oil but fuel oil, it is controversial. In order to actively respond to the national policy, Huaxia Petroleum was specially removed and Huaxia Asphalt was introduced.

Asphalt itself is a petroleum derivative product, and its property trend and active crude oil are very close to those before, and it will be the key guiding product in the future.

② What is asphalt?

Many investors are full of imagination about asphalt. What is asphalt? What is asphalt like? Can you invest? Thirdly, asphalt is also a kind of spot, which is extracted from crude oil;

Asphalt is mainly divided into three types: coal tar asphalt, petroleum asphalt and natural asphalt;

1. Coal tar pitch: Coal tar pitch is a by-product of coking, that is, the black substance left in the distiller after tar distillation. Coal tar pitch mainly contains anthracene, phenanthrene, pyrene, ■ and other substances that are difficult to volatilize. These substances are toxic, and the properties of coal tar pitch are different due to the different contents of these components. The change of temperature has a great influence on coal tar pitch, which is easy to crack in winter and soften in summer.

2. Petroleum asphalt: Petroleum asphalt is the residue after crude oil distillation. Depending on the degree of refining, it will become liquid, semi-solid or solid at room temperature. Petroleum asphalt is black and shiny, and has high temperature sensitivity. Because it has been distilled to above 400℃ in the production process, it contains few volatile components.

3. Natural asphalt: Natural asphalt is stored underground, and part of it forms a seam or accumulates on the surface of the earth's crust. Most of this asphalt has undergone natural evaporation and oxidation, and generally does not contain any toxins.

③ What is the trend of asphalt since its listing?

Since 200 1 year, the average annual growth rate of asphalt consumption in China has been 10.6%, of which the domestic asphalt consumption reached 2.2 1× 107t in 2006 54 38+03, a historical record. As the main asphalt suppliers, China Petroleum, China Petrochemical and China Offshore Oil Company have generally increased their market share and market concentration. With the continuous improvement of domestic asphalt quality, the external dependence of asphalt generally shows a downward trend. The next 5 ~ 10 years will still be a period of great development of road traffic in China, especially under the impetus of favorable factors such as the deepening of urbanization, the continuous upgrading of road quality, and the continuous overhaul cycle of expressways, it is estimated that the annual asphalt consumption in China will reach and maintain at a high level of 2.2×107 ~ 2.3×107 t.

Since listing, asphalt futures prices have gone out of two waves as a whole. The first wave of the market dropped from 4598 yuan/ton on the first day of listing to 4250 yuan/ton at the end of 10, with a drop of about 8%. Since then, the second wave of market has started from June 165438+ 10, and the futures price has now entered a volatile trend. Personal guidance, similar to Shan's medical experience. Due to the uncertain demand next year, it is expected that the terminal demand of domestic asphalt market will further shrink in the later period. If it is difficult to stimulate the enthusiasm of the market for winter storage after this price reduction, it means that the price of asphalt is still relatively overvalued and the price may be further lowered.

As the futures price reflects the market's expectation for the future, investors are generally bearish on the winter demand of the asphalt market, pushing the futures price down sharply. However, the asphalt price in the spot market remained basically stable in the same period. Judging from the domestic mainstream quotations of reconnection, the range of 10 and 1 10 is basically maintained at 4500-4700 yuan/ton, and the maximum term spread is around 300 yuan/ton. Obviously, investors in the futures market are too bearish on the market outlook, which leads to the oversold of the market, and the subsequent price rebound is only a correction to the previous market.

④ About the activity of Huaxia asphalt

Although Huaxia asphalt is not crude oil, it is an extension of crude oil, and its fluctuation is positively related to crude oil. In other words, the fluctuation of asphalt is similar to that of crude oil.

⑤ Why did crude oil replace asphalt?

In order to avoid policy risks, a new variety of asphalt was ushered in after crude oil was delisted. The Ministry of Commerce informed the country that it is not allowed to make spot crude oil, not in the commodity trading market, but in all trading platforms, and the Ministry of Commerce has no qualification to make crude oil for any platform. In response to national policies, our platform will gradually remove crude oil from the shelves and launch a new compliant product-asphalt. The new product 1 1.5 is officially launched and can be operated. Please consult me for specific operation.