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China's Perspective And Supply Fears After The Turkey Earthquake Boost Oil Prices

Skylar Williams

Feb 07, 2023 14:46

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Oil prices increased for a second consecutive session on Tuesday, pushed by optimism on the recovery of demand in China and concerns over supply shortages caused by the closure of a major export terminal in Turkey following an earthquake.


By 3:00 GMT, Brent crude futures increased 82 cents, or 1.01%, to $81.81 per barrel, whereas West Texas Intermediate futures rose 82 cents, or 1.10%, to $74.93 per barrel.


Edward Moya, an analyst at OANDA, commented, "Crude prices are increasing due to anticipation that China's economic rebound will gain traction and supply disruptions caused by the earthquake that rocked Turkey."


The International Energy Agency (IEA) anticipates that China will account for half of this year's global oil demand growth, the agency's head stated on Sunday, adding that jet fuel demand is soaring.


Saudi Arabia, the largest oil exporter in the world, increased the price of its flagship crude for Asian clients for the first time in six months in anticipation of a rebound in oil demand, particularly from China.


After a strong earthquake struck the region, operations at the 1 million barrel per day (bpd) oil export facility in Ceyhan, Turkey, were suspended. The BTC terminal, which sells crude oil from Azerbaijan to foreign markets, will be closed from February 6 to 8.


Daniel Hynes, senior commodity analyst at ANZ bank in Sydney, cited the suspension of Phase 1 of the Johan Sverdrup oil field in Norway's portion of the North Sea as a major price mover.


Wednesday's speech by U.S. Federal Reserve Chair Jerome Powell will be eagerly monitored by the oil markets, analysts say. Typically, interest rate increases boost the dollar, which could increase the price of crude for non-American purchasers.


Tina Teng, an analyst at CMC Markets, said, "The comeback in oil prices is more of a cautious move ahead of Fed Powell's speech tomorrow, when the Fed chairman may provide additional hints on the future rate hike path."


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