The EU will announce a proposal for a ban on Russian oil imports on April 15th.

The EU plans to ban Russian oil imports, which will significantly reduce global oil supply and push up prices of crude oil and related downstream products. This is a significant positive for the spot price of petroleum asphalt, due to the expected increase in raw material costs and tight supply. Based on futures data, the recent contract for petroleum asphalt, such as 2604 (settlement price of 3,361 RMB/ton, up and down -14), shows fluctuations. However, the announcement of the ban proposal may strengthen bullish sentiment and push futures prices further up.

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