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What to Watch: IEA Oil Market Report

  • IEA are due to release the updated Oil Market Report at 10:00CET. The update follows on from the OPEC monthly report yesterday which showed production cuts widening the supply shortfall with no change in oil demand growth.
  • The latest Baker Hughes rig count data is due for release at 13:00ET. The data last week showed the oil rig count steady around 590 after falling back from a peak of 627 in December. The gas rig count was down at 158 but still above lows of 150 from earlier this year.
  • The ICE and Nymex commitments of traders reports are due for release after the close today at 18:30BST and 15:30EST. Last week crude oil managed money net long positions surged higher with WTI the highest in seven weeks reflecting the tighter supply expectations following the surprise OPEC production cut announcement.

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