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

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  • US nonfarm payrolls are due for release at 08:30 ET. Nonfarm payrolls growth is expected to have firmed marginally to 150k in September although some analysts also look for upward revisions to August. The market still prices 35bp of cuts for the Nov 6-7 FOMC.
  • The latest Baker Hughes rig count data is due for release at 13:00ET.  The US oil rig count last week fell back to 484 but the gas rig count recovered to 99.
  • The ICE and Nymex commitments of traders reports are due for release after the close today at 18:30BST and 15:30ET. Money managers raised net long crude positions again last week to rebound further from the record low in mid September. Brent positioning switch back to a net long. Funds reduced the ICE Gasoil and Nymex diesel net short positioning slightly after both showed the most bearish on record the previous week.

 

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  • US nonfarm payrolls are due for release at 08:30 ET. Nonfarm payrolls growth is expected to have firmed marginally to 150k in September although some analysts also look for upward revisions to August. The market still prices 35bp of cuts for the Nov 6-7 FOMC.
  • The latest Baker Hughes rig count data is due for release at 13:00ET.  The US oil rig count last week fell back to 484 but the gas rig count recovered to 99.
  • The ICE and Nymex commitments of traders reports are due for release after the close today at 18:30BST and 15:30ET. Money managers raised net long crude positions again last week to rebound further from the record low in mid September. Brent positioning switch back to a net long. Funds reduced the ICE Gasoil and Nymex diesel net short positioning slightly after both showed the most bearish on record the previous week.