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What to Watch: US Payrolls, Rig Counts & COT

ENERGY
  • US nonfarm payrolls are due for release at 08:30 ET. Bloomberg consensus sees nonfarm payrolls growth of 213k in March after a strong 275k in Feb.
  • The latest Baker Hughes rig count data is due for release at 13:00ET. The US oil rig count last week eased back from recent gains to 506 while the gas rig count was down at the lowest since Jan 2022 at 112.
  • The ICE and Nymex commitments of traders reports are due for release after the close today at 18:30GMT and 15:30ET. Managed money net long crude positions remain high with ICE Brent last week holding at the most bullish since March 2023. The Nymex gasoline net long position was the highest since February 2022.

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