March 17, 2023 08:34 GMT
What to Watch
- 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 590 last week. The gas rig count has also trended lower since a peak of 166 in September down to 153 last week.
- 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 boosted by a demand recovery in China but before the financial turmoil driven decline this week. WTI net longs have remained steady with the CFTC yesterday releasing the last missing data originally due on 10 Mar to show a small increase in WTI of 4k.