Baker Hughes rig count data from January 9 showed a slight pullback across US energy infrastructure. Total rotary rigs dropped to 544 from 546 in the previous week, with gas drilling activity declining to 124 rigs versus 125 prior week. Oil rig count fell more noticeably—409 rigs compared to 412 previously. The incremental decline in upstream drilling activity could signal softer energy demand or operational adjustments in response to current market conditions. Energy sector momentum remains worth monitoring for macro traders tracking inflation pressures and production cost cycles.

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