The overall US drilling rig count sat unchanged during the week ended Aug. 14, remaining at 884 rigs working, according to data from Baker Hughes Inc. Oil-directed rigs, however, continued their warm streak—albeit modestly—with a 2-unit gain. The overall count is now down 1,029 units year-over-year. In an energy update released earlier this week, Raymond James & Associates noted that 832 well permits were issued last week, representing a decline from the 857 issued during the previous week. Utilizing a 4-week average, weekly permits issued were lower by 15 permits week-over-week. “This is not surprising, given the current oil price environment,” RJA said. “With WTI below $45[/bbl] right now, operators are likely taking a step back to see what happens. If prices continue to fall—or even stay flat as we are modeling—from where they are currently, we do not expect to see any meaningful pickup in activity.” US onshore […]