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What to Watch

ENERGY
  • The latest Baker Hughes rig count data is due for release at 18:00BST. Last week saw an increase in oil rigs after the unexpected fall the previous week and the expectation is for a further increase today to 604. Last week it was the gas rig count which fell back but the upward trend remains intact and is resulting in a slow increase in US production.
  • The ICE and Nymex commitment of traders reports will be released after the close today at 18:30BST and 15:30EST. Managed money net longs in Nymex WTI, ICE Brent and ICE Gasoil reduced to the lowest since 2020 last week as liquidity continues to fall and due to oil demand growth uncertainty.
  • Tomorrow China will release the latest batch of trade data including the breakdown by country for energy and commodities.

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