1. A CONTINUOUS PROCESS FOR PRODUCING A PETROLEUMDERIVED PITCH WHICH IS SUITABLE FOR USE AS A BINDER IN THE MANUFACTURE OF MOLDED CARBONACEOUS MATERIALS WHICH COMPRISES CONTACTING A PETROLEUM HYDROCARBON FRACTION HAVING AN INITIAL BOILING POINT ABOVE ABOUT 400*F. AND AN END BOILING POINT OF ABOUT 1200*F. WITH A CRACKING CATALYST UNDER CATALYTIC CRACKING CONDITIONS; REMOVING FROM THE RESULTING PRODUCT A CATALYTICALLY CRACKED HYDROCARBON FRACTION BOILING PREDOMINATELY ABOVE ABOUT 500* F. AND HAVING AN ATOMIC CARBON TO HYDROGEN RATIO IN THE RANGE FROM ABOUT 0.6 TO ABOUT 0.91; SUBJECTING SAID CATALYTICALLY CRACKED HYDROCARBON FRACTION TO THERMAL CRACKING UNDER CONDITIONS THAT INCLUDE A TEMPERATURE IN THE RANGE FROM ABOUT 850*F. TO ABOUT 1050*F. PRODUCING A THERMAL ASPHALT HAVING A SOFT POINT IN THE RANGE FROM ABOUT 130*F. TO ABOUT 180*F. AND A SPECIFIC GRAVITY IN THE RANGE FROM ABOUT 1.10 TO ABOUT 1.20; PASSING SAID THERMAL ASPHALT THROUGH A HEAT SOAKING ZONE AT PRESSURES IN THE RANGE FROM ABOUT 30 TO ABOUT 400 POUNDS PER SQUARE INCH GAUGE AND AT TEMPERATURES IN THE RANGE FROM ABOUT 900*F. TO ABOUT 1100*F. AT A RESIDENCE TIME FROM ABOUT 4 TO ABOUT 20 MINUTES.