The overall US drilling rig count edged up 1 unit to 885 rigs working during the week ended Aug. 21, according to data from Baker Hughes Inc. The oil-directed count increased for the fifth straight week, rising 2 more units ( OGJ Online, Aug. 14, 2015 ). The overall count is now down 1,011 units year-over-year. Last week 894 new well permits were issued, up from 832 permits issued during the previous week, according to an energy update by Raymond James & Associates. Utilizing a 4-week average, weekly permits issued were up 22 week-over-week. “Just like the rig count, permits are currently trending above the [year-to-date] lows, but still well below levels seen this past spring,” RJA said. “With WTI closer to $40[/bbl] than $45[/bbl], operators are likely to be reassessing any plans to ramp up activity. If prices continue to fall—or even stay flat as we are modeling—from […]