The U.S. oil and gas rig count was up only one rig this week, defying a significantly higher upwards trend reported by Baker Hughes for multiple weeks running. U.S. oil rigs were up three, while natural gas rigs were down two, bringing the total advance to one. Rig gains in Texas’ Permian basin were offset by losses elsewhere. While this represents the fifth straight increase in the U.S. oil rig count, the pace has fallen from the previous week. The oil price response has been lackluster and the Baker Hughes data follows a 20% drop in oil prices from recent highs as new concerns hit the market over an increase in the supply glut due to a revival in US production. The market is now bearish. West Texas Intermediate (WTI) opened trading today at $41.12 and was hovering around $41.24 by midday. Brent crude opened at $43.14 […]