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Twist Steepening Apparent On Monday

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Corrective Pullback Extends

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Gains Considered Corrective

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What to watch

OIL
  • No significant data releases are expected until after the close today so focus will be on whether EU can agree to their proposed ban on Russian oil. They are hoping to reach an agreement by Monday but Hungary remain opposed.
  • US production will be in focus with the release of the latest Baker Hughes rig counts at 18:00BST. A survey suggests the oil rig count will continue its gradual increase this year with a rise by 4 to 561 expected today.
  • The ICE and Nymex commitment of traders reports will be released after the close today at 18:30BST and 15:30EST. WTI net longs increased slightly last week but remain near the lowest since 2016.

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  • No significant data releases are expected until after the close today so focus will be on whether EU can agree to their proposed ban on Russian oil. They are hoping to reach an agreement by Monday but Hungary remain opposed.
  • US production will be in focus with the release of the latest Baker Hughes rig counts at 18:00BST. A survey suggests the oil rig count will continue its gradual increase this year with a rise by 4 to 561 expected today.
  • The ICE and Nymex commitment of traders reports will be released after the close today at 18:30BST and 15:30EST. WTI net longs increased slightly last week but remain near the lowest since 2016.

Release

Type

Keep reading...Show less