Baker Hughes U.S. Rig Count Adds 1 @ 604, M-U Even @ 40

Last week, the Baker Hughes U.S. rig count added a single rig, now up to 604 active rigs. Since last October, the national count had gone as low as 616 and as high as 629, and that was it — a fairly narrow band. That is, until a month ago when it crashed through the floor and went lower, down to 613. Then, three weeks ago, it was down to 605. Two weeks ago, it went even lower, down to 603, the lowest since January 2022 (see Baker Hughes U.S. Rig Count Drops 2 @ 603, M-U Even @ 40). We've come up by one. We suppose it's progress, albeit very little progress.

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