Lightly coat asparagus with olive oil. Roast in a 400F oven 15 to 20 minutes or until tender. Cut off asparagus tips; set aside.
Cut stems into 1-inch pieces. In a food processor or blender combine the asparagus stems and 3/4 cup of the chicken broth. Cover and process or blend until smooth; set aside.
In a medium saucepan melt butter. Stir in flour, nutmeg, salt, and pepper. Add 1 cup milk all at once. Cook and stir until slightly thickened and bubbly. Cook and stir 1 minute more.
Stir the blended asparagus mixture, and the remaining 3/4 cup broth. Cook and stir until heated through. If necessary, stir in additional milk to reach desired consistency. Season to taste with additional salt and pepper. Top soup with asparagus tips.