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ENERGY: What to Watch: US Payrolls, Rig Counts & COT

ENERGY
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  • US nonfarm payrolls are due for release at 08:30 ET. Nonfarm payrolls growth is expected to see a partial bounce in August to 165k after a particularly soft 114k, as the market looks for indications of either a 25bp or 50bp Fed rate cut in September.
  • The latest Baker Hughes rig count data is due for release at 13:00ET.  The US oil rig count last week held steady at 483 while the gas rig count fell further to the lowest since April 2021 at 95.
  • 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 boosted their bullish ICE Brent crude oil bets. Funds trimmed their bearish ICE Gasoil positions but the net short remains near the lowest since May 2023.

 

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  • US nonfarm payrolls are due for release at 08:30 ET. Nonfarm payrolls growth is expected to see a partial bounce in August to 165k after a particularly soft 114k, as the market looks for indications of either a 25bp or 50bp Fed rate cut in September.
  • The latest Baker Hughes rig count data is due for release at 13:00ET.  The US oil rig count last week held steady at 483 while the gas rig count fell further to the lowest since April 2021 at 95.
  • 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 boosted their bullish ICE Brent crude oil bets. Funds trimmed their bearish ICE Gasoil positions but the net short remains near the lowest since May 2023.