SunSirs: International Crude Oil Prices Rise on October 28 – Analysis of Related Commodities
On October 28, international crude oil futures closed higher. The settlement price for the December contract of U.S. WTI crude oil rose by $2.88 (2.9%) to $102.78 per barrel. The settlement price for the January contract of Brent crude oil increased by $2.23 (2.2%) to $111.64 per barrel.
The significant gains in international crude oil futures—up 2.9% for the U.S. WTI December contract and 2.2% for the Brent January contract—have provided strong bullish support for both spot and futures prices of crude oil.
As crude oil is the primary feedstock for asphalt, the sharp rise in crude prices has directly driven up asphalt production costs. On October 28, the main asphalt futures contract (2701) closed 52 RMB/ton higher, with open interest increasing by 26,241 lots—a clear sign of growing long positions—which has bolstered both spot and futures prices for asphalt.
Crude oil is also the core raw material for gasoline; its significant price surge has directly pushed up gasoline production costs, providing strong momentum for spot gasoline prices to rise.
Similarly, as crude oil is the primary feedstock for diesel, the sharp increase in crude prices has driven up diesel production costs, creating strong upward momentum for spot diesel prices.
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