On October 8, international crude oil futures closed significantly higher. The settlement price for the U.S. WTI crude oil futures contract for November delivery rose by $3.21 (3.6%) to $91.49 per barrel. The settlement price for the Brent crude oil futures contract for December delivery increased by $4.08 (4.1%) to $104.28 per barrel.
The sharp gains in U.S. WTI (November contract +3.6%) and Brent (December contract +4.1%) crude oil futures provide a powerful upward driver for both spot and futures prices, representing a significant bullish signal.
Asphalt is a direct downstream product of crude oil; the surge in international crude prices significantly raises asphalt production costs. Although the main asphalt contract on the Shanghai Futures Exchange had previously shown a weak trend—closing at 4,124 RMB/tonne on September 30—strong cost-side support is expected to drive both spot and futures prices upward, indicating a highly positive impact.
Gasoline is a downstream refined product of crude oil; the sharp rise in international crude prices directly increases gasoline production costs, which will drive spot gasoline prices higher—a highly positive development.
Diesel is also a downstream refined product of crude oil; the sharp rise in international crude prices directly increases diesel production costs, which will drive spot diesel prices higher—a highly positive development.
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