Market participants should prepare for a full docket of U.S. data on Friday, May 15, 2026, as several reports that speak to manufacturing activity, industrial capacity and energy sector activity arrive throughout the trading day. The lineup includes the NY Empire State Manufacturing Index, monthly and yearly industrial production numbers, the Baker Hughes rig counts and a comprehensive series of Commitments of Traders (CFTC) reports that detail speculative positions in a range of futures markets.
Taken together, the releases provide a simultaneous read on physical economic activity in manufacturing and utilities, the operational footprint of the drilling sector and the positioning of speculative traders across equities, metals, energies and agricultural commodities. For many traders and analysts, the combination of production metrics and CFTC data helps frame the near-term supply-demand narrative for markets heading into the close of the trading week.
Key releases and schedule (all times ET)
- 7:30 AM ET - NY Empire State Manufacturing Index - Forecast: 7.30; Previous: 11.00. This index measures general business conditions in New York state. Readings above zero indicate improving conditions.
- 8:15 AM ET - Industrial Production (MoM) - Forecast: 0.3%; Previous: -0.5%. This is the monthly change in the inflation-adjusted value of output from manufacturers, mines and utilities.
- 8:15 AM ET - Industrial Production (YoY) - Previous: 0.74%. The year-over-year measure of inflation-adjusted industrial output.
- 8:15 AM ET - Capacity Utilization Rate - Forecast: 75.8%; Previous: 75.7%. This measures the percentage of total production capacity being used and is commonly read as an indicator of demand pressures and growth in production activity.
- 8:15 AM ET - Manufacturing Output - Forecast: 0.2%; Previous: -0.1%. This tracks the change in the inflation-adjusted value of goods produced by manufacturers.
- 12:00 PM ET - Baker Hughes U.S. Rig Count - Previous: 410. A weekly tally that serves as a near-term barometer for oil drilling activity and a leading indicator of demand for oil-related services and products.
- 12:00 PM ET - U.S. Baker Hughes Total Rig Count - Previous: 548. This counts the total active drilling rigs across the United States.
- 2:30 PM ET - CFTC Commitments of Traders reports (weekly) - These will include detailed speculative positions across multiple futures markets, published with the following prior readings:
- S&P 500 Speculative Positions - Previous: -103.9K
- Nasdaq 100 Speculative Positions - Previous: 1.2K
- Gold Speculative Positions - Previous: 163.3K
- Crude Oil Speculative Positions - Previous: 178.8K
- Soybeans Speculative Positions - Previous: 232.2K
- Corn Speculative Positions - Previous: 433.4K
- Wheat Speculative Positions - Previous: -16.7K
- Natural Gas Speculative Positions - Previous: -166.6K
- Silver Speculative Positions - Previous: 23.9K
- Copper Speculative Positions - Previous: 62.8K
- Aluminium Speculative Net Positions - Previous: 0.4K
How traders and sectors may use the data
The NY Empire State index and the industrial production figures offer contemporaneous signals on manufacturing activity and capacity utilization that are relevant to equity sectors tied to goods production, materials and industrial services. Capacity utilization and manufacturing output specifically speak to how much of installed production ability is employed and whether manufacturing is expanding or contracting on the month.
The Baker Hughes rig counts are a near-real-time indicator for the oil and oilfield services sectors. The U.S. rig counts are often referenced by market participants as a leading gauge of drilling activity and potential future supply-side responses in oil markets.
The CFTC Commitments of Traders reports add another layer by revealing speculative positioning across equity index futures, metals, energies and key agricultural contracts. These positioning snapshots can influence short-term price dynamics when they show large net bets or rapid shifts in speculative exposure.
Summary takeaways
- The day combines manufacturing and production metrics with energy sector operational data and a full set of speculative positioning reports.
- Industrial Production and Capacity Utilization readings at 8:15 AM ET will be closely watched by analysts tracking output and demand-driven utilization trends.
- The Baker Hughes rig counts at noon and the 2:30 PM ET CFTC reports together provide a cross-section of real-side activity and market-side positioning for commodities and equity futures.
For traders, supply chain analysts and market strategists, the confluence of these scheduled releases delivers a multifaceted snapshot of activity across production, energy operations and speculative markets. The information published on Friday can help inform short-term trading decisions and provide context for how both physical and financial market participants are positioned heading into the weekend.