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What to Watch

ENERGY
  • IEA are due to release the updated Oil Market Report at 10:00 CET after OPEC monthly report yesterday showed a supply deficit of more than 2mbpd in Q3.
  • 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 525 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. Managed money net long positions for crude and products gained last week as further OPEC+ output cuts have boosted prices. WTI positions rose to the highest since 18 April and ICE Gasoil net positions were the highest since March 2022.

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