International crude oil futures closed higher on September 7. The settlement price for the U.S. WTI crude oil futures contract for October delivery rose by $1.17 (1.3%) to $92.65 per barrel. The settlement price for the Brent crude oil futures contract for November delivery increased by $1.03 (1.1%) to $97.31 per barrel.
The 1.3% and 1.1% gains in international WTI and Brent crude oil futures directly supported a rise in crude oil spot valuations; domestic crude-related futures contracts followed the trend of overseas markets, showing strength—a generally positive factor.
As gasoline is a direct downstream product of crude oil, the rise in international oil prices increased gasoline production costs and supported spot prices; related futures contracts strengthened due to cost pass-through—a slightly positive factor.
Crude oil is the core raw material for diesel production; rising international oil prices increased cost-side support for diesel, benefiting spot prices; related futures contracts were supported by these cost factors—a slightly positive factor.
Crude oil is the primary raw material for asphalt production; the rise in overseas crude oil prices drove up asphalt costs and supported spot prices; related futures contracts showed strength—a slightly positive factor.
SunSirs has been continuously tracking price data for over 200 commodities for nearly 20 years, please contact support@sunsirs.com for subscription.
【Copyright Notice】In the spirit of openness and inclusiveness of the Internet, SunSirs welcomes all media and institutions to reprint and quote our original content. If reprinted, please mark the source SunSirs.
