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What to Watch: US Payrolls, Saudi OSPs, Rig Counts and COT

ENERGY

Saudi Aramco are expected to announce the crude official selling prices for February. Arab Light crude to Asia is forecast to fall by 1.7$/bbl from the previous month according to a Reuters survey.

  • The latest Baker Hughes rig count data is due for release at 13:00ET. The US oil rig count was last week at 500 after holding relatively steady during Q4. The gas rig count has recovered slightly during December up to 120 last week.
  • The ICE and Nymex commitments of traders reports are due for release after the close today at 18:30GMT and 15:30ET. Crude managed money net long positions have rebounded in the last couple of weeks from lows seen in mid December.
  • US nonfarm payrolls are due for release at 08:30 ET with consensus for 175k as the markets look for signs of future US Fed policy.

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