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What to Watch: US Gas Stocks, Rig Counts & COT

ENERGY
  • The EIA weekly gas inventories for the week ending Jun 14 will be released this afternoon at 10:30 ET (15:30BST). The expectation is for a build of 70bcf according to a Bloomberg survey following a build of 74bcf the previous week. The seasonal normal is a build of around 84bcf.
  • The latest Baker Hughes rig count data is due for release at 13:00ET. The US oil rig count last week fell again to 488 and the lowest since January 2022 while the gas rig count was still down at 98 and the lowest since August 2021.
  • The ICE commitments of traders reports are due for release after the close today at 18:30BST. Money managers net long crude positions rose last week after seeing Brent at the least bullish since Sep 2014 the previous week while ICE Gasoil held a small net long. Nymex COT data is delayed until Monday due to the US holiday this week.

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