A week after jumping by its highest margin since April 2014, the overall US drilling rig count lost 2 units during the week ended July 31 to settle at 874, according to data from Baker Hughes Inc. Rigs targeting oil, however, continued their upward momentum, gaining 5 units. Since the week ended June 26, the oil-directed count has added 36 units. A primary indicator of rig count activity, 950 new well permits were issued last week in the US, representing a noticeable rise from the 806 issued during the previous week. In an energy update released earlier this week, however, Raymond James & Associates Inc. explained that it’s “hard to believe that this will translate into a large increase in activity” given the recent dip in oil prices . “This is more likely reflective of plans for increasing activity predicated on a $60[/bbl] oil price, seen just one month […]