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What to Watch

  • The OPEC members ministerial meeting takes place in Vienna on Sat 3 June with the JMMC and OPEC+ ministerial meeting scheduled for Sun 4 June. Current expectation is for production targets to remain unchanged but weak crude prices make a cut still possible.
  • The latest Baker Hughes rig count data is due for release at 13:00ET. The data last week showed a further decline in rig count numbers with gas at the lowest since April 2022 at 137 and oil down to 570 to the lowest since May 2022.
  • The ICE and Nymex commitments of traders reports are due for release after the close today at 18:30BST and 15:30EST. Brent crude managed money net long positions increased last week to reverse the recent decline while ICE Gasoil managed money net positions ticked higher but were still showing a net short position.
  • US nonfarm payrolls are due to release at 08:30 ET.

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