Oil and Gas Update for 7/8/2016 – In the Wake of the Brexit, Spot Prices Dip after Closing in on $3/MMBtu, Rig Counts still on the Rise, but Oil Prices Slide.

Great Britain’s recent exit from the EU sent shockwaves through the global economy, but rig counts are up and the Henry Hub closed in on $3 before dropping off Friday. Oil prices haven’t fared quiet as well since our last report, dipping well below $50/bbl before a slight rebound to close out the week.  In Appalachia, the royalty legislation dealing with post-production costs made its way back into the news; the unconventional half of Chapter 78 survived a bill that killed regulations targeting the conventional industry; and courts in West Virginia and Ohio grapple with various lease disputes.  Elsewhere, the Obama Administration re-upped PHMSA while courts in other plays around the country have been busy dealing with various issues ranging…