On September 9, international crude oil futures closed higher. The settlement price for the U.S. WTI crude oil futures contract for October delivery was $96.05 per barrel, an increase of $3.02 (3.2%). The settlement price for the Brent crude oil futures contract for November delivery was $101.21 per barrel, an increase of $3.29 (3.4%).
With U.S. WTI (October contract) and Brent (November contract) rising 3.2% and 3.4% respectively—settling at $96.05 and $101.21 per barrel—the sharp rise in futures prices has fueled expectations of a corresponding increase in the spot market. Strong bullish momentum in the futures sector suggests that oil prices will maintain a firm trend in the short term.
Crude oil is the core feedstock for diesel production; the significant rise in international crude prices has driven up production costs, providing strong cost support for both diesel spot and futures prices and creating expectations for further price increases.
As a key upstream raw material for gasoline, the sharp rise in international crude prices has increased gasoline production costs, supporting a firm trend in both gasoline spot and futures prices.
Asphalt is a downstream refined product of crude oil; the sharp rise in international crude prices has driven up asphalt production costs, providing strong support for asphalt spot and futures prices and pointing to a firm price trend in the short term.
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