The Baker Hughes U.S. rig count hit a new low for 2023 five weeks ago (see U.S. Rig Count Hits New 2023 Low – Loses 2 @ 616, M-U Even @ 40). Since then, the count has steadily added at least one rig each week and now stands at 626 active rigs as of Friday.
While the rig count remains anemic, it shows signs of life. Last week, the U.S. rig count added rigs for the third week in a row. The rig count hit a new low for 2023 one month ago (see U.S. Rig Count Hits New 2023 Low – Loses 2 @ 616, M-U Even @ 40).
The dead cat bounce bounced a little higher last week (i.e., the slight bounce a dead cat makes when it hits the ground). The rig count hit a new low for 2023 three weeks ago (see U.S. Rig Count Hits New 2023 Low – Loses 2 @ 616, M-U Even @ 40). Two weeks ago,
Another dead cat bounce in the rig count (i.e., the slight bounce a dead cat makes when it hits the ground). The "dead" rig count hit a new low two weeks ago (see U.S. Rig Count Hits New 2023 Low – Loses 2 @ 616, M-U Even @ 40). Last week, the count increased by
The U.S. rig count fell again last week, dropping another two rigs to 616 active rigs the lowest rig total this year and the lowest count since February 2022. The count in the Marcellus/Utica stayed the same at a collective 40 active rigs. However, the M-U mix changed once again. Pennsylvania lost another rig,