SunSirs: Analysis of the Impact of Declining International Crude Oil Futures on June 23
On June 23, international crude oil futures closed lower. The settlement price for the August contract of U.S. WTI crude oil futures was $73.21 per barrel, a decline of $0.65 or 0.9%. The settlement price for the September contract of Brent crude oil futures was $76.80 per barrel, a decline of $0.72 or 0.9%.
The decline in both the U.S. WTI August contract and the Brent September contract on June 23—dropping approximately 0.9%—exerts moderate bearish pressure on crude oil spot markets and related futures products, suggesting a weak short-term price trend.
Asphalt production costs are closely tied to crude oil; the drop in international crude oil prices weakens cost support, acting as a moderately bearish factor for asphalt prices. Domestic petroleum asphalt futures contracts generally closed lower on June 23, and prices may remain under downward pressure in the short term.
Crude oil is a key raw material for gasoline production; the drop in international crude oil prices reduces production costs, exerting moderate bearish pressure on gasoline spot prices and creating downward pressure in the short term.
Crude oil is the primary raw material for diesel production; the drop in international crude oil prices weakens cost support, acting as a moderately bearish factor for diesel spot prices, and prices may weaken in the short term in line with cost trends.
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