Buoyed by respective rises in natural gas-directed and offshore rigs, the US drilling rig count gained 2 units during the week ended June 26 to reach 859 rigs working, marking its first increase in 29 weeks, according to data from Baker Hughes Inc. The last rise occurred during the week ended Dec. 5, 2014, and the count has since plunged 1,061 units ( OGJ Online, Dec. 5, 2014 ). Since this week a year ago, the count is down 1,014 units. During the last 7 weeks, the count has averaged a decline of a mere 5 rigs/week. Analysts at Raymond James & Associates Inc. noted in an energy update this week that 1,030 new well permits were issued last week, representing the highest total since the first week of February. During the previous 18 weeks, the average number of permits issued each week was just 852. Utilizing a 4-week […]