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What to Watch

  • The latest Baker Hughes rig count data is due for release at 13:00ET. The US oil rig count last week showed a ninth decline in ten weeks down to the lowest since March 2022 at 520 raising concerns for a slowdown in the US shale patch. The gas rig count was last week down to a new low for the year at 117.
  • 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 dipped last week due to a decline in WTI positions to offset an increase in Brent. ICE Gasoil net positions extended the recent gains up to the highest since March 2022.
  • The three day Jackson Hole economic policy symposium continues today featuring central bankers and policymakers. Friday’s speech by Fed Chairman Powell may shed some light on the chance on further rate hikes.
  • The Oct23 Brent options expire against the 19:30BST futures close price today with the main put volumes at 81$/bbl and 83$/bbl and call positions at 85$/bbl.

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