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More China data expected today

ENERGY
  • Data from China earlier this week showed details of lower demand, production, and refinery throughput. More data today will give detail regarding the breakdown of Chinese imports.
  • The latest Baker Hughes rig count data is due for release at 18:00BST. A survey suggests the oil rig count will continue its gradual increase this year with a rise by 2 to 563 expected today. Well completions are not keeping up with the rise in rigs due to costs and supply constraints so the increase this year has not yet translated into significantly higher production.
  • The ICE and Nymex commitment of traders reports will be released after the close today at 18:30BST and 15:30EST. Market liquidity remains low with net long positions still near the lowest since late 2020 and open interest near or at the lowest since about 2015.
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