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What to Watch

  • The OPEC JMMC meeting takes place today at 14:00 CET to review the impact of production cuts but is not expected to make any recommendations to change overall policy.
  • US nonfarm payrolls are due to release at 08:30 ET.
  • The latest Baker Hughes rig count data is due for release at 13:00ET. The oil rig count data continues to trend lower down to 529 last week with the gas rig count down at 128.
  • The ICE and Nymex commitments of traders reports are due for release after the close today at 18:30BST and 15:30EST. WTI managed money net long positions last week increased to the highest since April while ICE Gasoil net longs rose for a third week to the highest since late January.

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