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What to Watch: Rig Counts & COT Data

  • The latest Baker Hughes rig count data is due for release at 18:00BST. The US rig counts for both oil and gas have been steadily rising since mid-2020 but have both stabilized in recent weeks. Drillers are still maintaining capital discipline, so US gas and oil production levels have only been slowly increasing. The oil rig count last week was at 601 with gas rigs at 159.
  • The ICE and Nymex commitment of traders reports will be released after the close today at 18:30BST and 15:30EST. Managed money net longs in Nymex WTI and ICE Brent crude have been trending lower showing the lowest since 2020 in last week’s data.

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