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What to Watch

  • The latest Baker Hughes rig count data is due for release at 13:00ET. The oil rig count data last week at 556 was holding near to the lowest since April 2022 while gas rigs continued the decline since the start of May to 135.
  • The ICE and Nymex commitments of traders reports are due for release after the close today at 18:30BST and 15:30EST. Crude managed money net long positions increased in the week to 6 June to the highest in six weeks following the OPEC+ meeting while ICE Gasoil positions turned less bearish but remained in a net short position with global demand concerns still in focus.

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