On September 21, international crude oil futures closed lower. The settlement price for the U.S. WTI crude oil futures contract for November delivery was $92.37 per barrel, a decline of $3.71 (3.9%). The settlement price for the Brent crude oil futures contract for December delivery was $103.87 per barrel, a decline of $3.05 (3.1%).
International crude oil futures closed sharply lower on September 21—with the U.S. WTI November contract falling 3.9% and the Brent December contract falling 3.1%—amid strong bearish sentiment. This development exerts significant downward pressure on both spot and futures prices for crude oil in the short term.
As a direct downstream product of crude oil, gasoline faces a weakening of cost-side support due to this sharp drop in crude prices, exerting a strong bearish influence on gasoline spot and futures prices.
Diesel is also a direct downstream product of crude oil; the sharp pullback in crude prices lowers cost support for diesel, exerting a strong bearish influence on diesel spot and futures prices.
Asphalt is a downstream refined product of crude oil; the drop in crude prices drives down asphalt costs, exerting a moderate bearish influence on asphalt spot and futures prices.
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