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What to Watch

ENERGY
  • The latest Baker Hughes rig count data is due for release at 18:00GMT. The data last week continued to decline showing a slowdown in shale drilling. The oil rig count is expected to fall again to 589 from a peak of 627 in December and from 592 last week. The gas rig count was up slightly last week to 154 but below the peak of 166 back in September.
  • The ICE and Nymex commitments of traders reports are due for release after the close today at 18:30BST and 15:30EST. ICE Brent crude managed money net long positions have gradually increased this year suggesting market upside risks supported by optimism for a demand recovery in China. The CFTC are still catching up with the missing market positioning data from recent weeks following the third-party service provider issue.
  • Markets will also watch for the updated US payrolls data at 13:30GMT with the risk of further central bank rate hikes weighing on the market.

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