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What to Watch

ENERGY
  • EU energy ministers are meeting to consider possible intervention measures in reaction to the surging energy prices. A press conference is due at 13:15BST.
  • The latest Baker Hughes rig count data is due for release at 18:00BST. The rise in US rig counts has seen a slowdown in recent weeks although the gas count did increase again last week. The oil rig count last week was at 596 with gas rigs at 162.
  • 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 and ICE Brent crude have trended lower over the last couple of months with bearish sentiment in the market and low liquidity.

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