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ENERGY: What to Watch: Rig Counts & COT

ENERGY
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  • The latest Baker Hughes rig count data is due for release at 13:00ET.  The US oil rig count was last week up to the highest since June at 488 while the gas rig count also recovered slightly from the lowest since April 2021 to 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 last week cut net long crude positions to a record low in data back to 2011 with Brent switching to a net short on risk of a market surplus. Funds also increased ICE Gasoil net short positioning to the most bearish on record, while the Nymex diesel position was the most bearish since 2015 and Nymex gasoline to the least bullish since 2017.

 

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  • The latest Baker Hughes rig count data is due for release at 13:00ET.  The US oil rig count was last week up to the highest since June at 488 while the gas rig count also recovered slightly from the lowest since April 2021 to 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 last week cut net long crude positions to a record low in data back to 2011 with Brent switching to a net short on risk of a market surplus. Funds also increased ICE Gasoil net short positioning to the most bearish on record, while the Nymex diesel position was the most bearish since 2015 and Nymex gasoline to the least bullish since 2017.