• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 12 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days Does Toyota Know Something That We Don’t?
  • 5 days World could get rid of Putin and Russia but nobody is bold enough
  • 22 hours America should go after China but it should be done in a wise way.
  • 7 days China is using Chinese Names of Cities on their Border with Russia.
  • 8 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 8 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 8 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 7 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 8 days Putin and Xi Bet on the Global South
  • 8 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 9 days United States LNG Exports Reach Third Place
  • 9 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Why Are Hard-To-Abate Industries So Difficult To Decarbonise?

Why Are Hard-To-Abate Industries So Difficult To Decarbonise?

Despite progress in decarbonization efforts,…

Iron Ore Prices Rise as China Ramps Up Imports

Iron Ore Prices Rise as China Ramps Up Imports

Despite challenges like the Evergrande…

Crude Oil Bounces Back As Earthquake In Turkey Creates Supply Concerns

Oil prices are on the rise, with WTI and Brent benchmarks both up around 3% on Tuesday following the devastating earthquake in Turkey.

By 12:17 pm ET, WTI had risen $2.54 to $76.55 per barrel—a 3.43% rise on the day. The Brent benchmark was trading up $2.31 per barrel, to $83.30—a 2.85% climb.

China’s reopening progress is also pressuring prices upward as the market eyes a demand boost from its zero-Covid transition. Meanwhile, Saudi Arabia has lifted the price of its flagship crude oil for Asian buyers, signaling that OPEC’s leader also views China’s reopening as legitimate.

By itself, the China factor is unlikely to have the power to swing the oil markets to any significant degree, but multiple supply outages are comingling with promises of a demand boost, sending prices higher.

On the supply side, oil export disruptions have created a stir in the market following a pair of major earthquakes that resulted in the deaths of more than 5,000, and Norway’s shutdown of its Phase 1 535,000 bpd Johan Sverdrup oilfield due to a technical fault in a cooling system.

The 1 million barrel per day Ceyhan oil terminal in southern Turkey stopped operations on Monday, according to Tribeca Shipping Agency, who added that as a whole, the ports in southern Turkey have been affected by the earthquake. Oil loadings were expected to resume today, but inclement weather caused a disruption in berthing.

Key oil pipelines in the country managed to escape damage.

The API will release U.S. crude oil and product inventory figures later this afternoon, and all eyes will be on the Federal Reserve Chair Powell’s speech on Wednesday.

ADVERTISEMENT

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • George Doolittle on February 07 2023 said:
    Can't wait to store all my gold in Texas after this news absolutely. Who isn't doing that these days!

    Elon feeling like what again after being declared free of guilt now? Nothing mo power can't solve? Called forth for the USA State of the Union to provide counsel as relates to Europe, Russia and everything all electric? Either way nothing a still private TXU can't solve just like bankrupting Louisville Gas and Electric.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News