After several weeks in which the overall US drilling rig count steadily climbed, the week ended Aug. 28 marked its largest loss since early June, dropping 8 units to 877 rigs working, according to data from Baker Hughes Inc. The decline reflected a 9-unit drop in gas-directed rigs. The oil-directed count, however, increased for the sixth straight week, edging up a unit ( OGJ Online, Aug. 21, 2015 ). The overall count is now down 1,037 units year-over-year. In its energy update this week, Raymond James & Associates Inc. noted that it has revised downward its 2015-16 forecast for crude oil prices and US exploration and production cash flows, reflected by what the financial services firm believes will be a “much slower” US drilling recovery than it previously anticipated. RJA earlier in the year optimistically forecast the rig count would bottom out in June at 930 units, which ended […]