Posting its smallest decline of the now 28 consecutive weeks of losses, the US drilling rig count dropped just 2 units during the week ended June 19 to settle at 857 rigs working, according to data from Baker Hughes Inc. The decline over the past 6 weeks has averaged a hair more than 6 rigs/week compared with double-digit and near triple-digit declines over the previous 22 weeks. The count has now lost 1,063 units since the week ended Dec. 5 and is down 1,001 year-over-year ( OGJ Online, Dec. 5, 2014 ). In an energy update released this week, analysts at Raymond James & Associates Inc. noted that 853 well permits were issued last week, down 12 from the prior week, decreasing the 4-week average by 15 to 844. RJA tracks permitting activity as a primary indicator of rig count activity. “In the context of regular swings in permit […]