Crude Oil Futures Surge 5.2-4.6% Amid Global Price Rise
International crude oil futures saw a significant surge on September 1, according to SunSirs. The settlement price for the U.S. WTI crude oil futures contract for October delivery closed at $90.22 per barrel, up $4.46 (5.2%). This sharp rise provided strong bullish support for both spot and futures markets.
The Brent crude oil futures contract for November delivery also saw a notable increase, closing at $94.65 per barrel with a gain of $4.16 (4.6%). The rise in international crude oil prices had a direct impact on the cost floor for asphalt, providing further bullish support for spot and futures prices.
Gasoline production costs increased significantly due to the sharp increase in crude oil prices, leading to higher spot gasoline prices and potential future price appreciation. Similarly, diesel production costs rose, driving a bullish trend in the market.