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What to Watch

  • The latest Baker Hughes rig count data is due for release at 13:00ET. The data last week showed the oil rig count holding steady at 591 after falling back from a peak of 627 during Q1. The gas rig count was last week at 161 after recovering from 150 earlier this year.
  • The ICE and Nymex commitments of traders reports are due for release after the close today at 18:30BST and 15:30EST. Last week managed money net long positions fell with the potential for a tighter market in the second half of this year offset by recessionary and global demand concerns. US diesel managed money net long positions fell to the lowest since Jan 2021 and ICE Gasoil switched to a net short position.
  • US nonfarm payrolls are due to release at 08:30 ET.

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