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ENERGY: What to Watch: Rig Counts & COT

ENERGY
  • The latest Baker Hughes rig count data is due for release at 13:00ET.  The US oil rig count last week rose to 485 from a low of 477 in July. The gas rig count fell to the lowest since June 2021 at 97.
  • The ICE and Nymex commitments of traders reports are due for release after the close today at 18:30BST and 15:30ET. Money managers cut net long crude positions again last week to the least bullish since mid June. ICE Gasoil net positioning fell to a net short for the first time since June 2023 while the Nymex diesel short position was the most bearish since March 2020. Nymex gasoline net longs fell further and still the lowest since 2017.

 

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