July 01, 2022 06:56 GMT
Energy – What to watch
- The latest Baker Hughes rig count data is due for release at 18:00BST. The US rig counts for both oil and gas have been steadily rising since mid-2020. US gas production levels have been slowly increasing and following the trend with levels above the 5-year range. Oil production levels have been more steady but recent EIA data has started to show an increase with production at last above 12mbpd after hovering just below for much of the year so far. Expectation is for oil rigs to increase 4 to 598.
- The ICE and Nymex commitment of traders reports will be released after the close today at 18:30BST and 15:30EST. Reports released last week showed a reduction in US oil net longs but a rise for European oil markets. WTI is at lowest since early 2020 as demand concerns have weighed on oil prices.