Mind The DUCs---They Are Falling, Too

New drilling rig additions between September 2018 and August 2019, Kemp wrote, fell by as much as 20 percent, or 176, according to data from Baker Hughes. Part of that may be better drilling efficiency, of course, but there is also the issue of drilled but uncompleted wells, or DUCs, that the EIA includes in its production forecasts as they can be completed and out into production relatively quickly.

David Stockman's Contra Corner is the only place where mainstream delusions and cant about the Warfare State, the Bailout State, Bubble Finance and Beltway Banditry are ripped, refuted and rebuked. Subscribe now to receive David Stockman’s latest posts by email each day as well as his model portfolio, Lee Adler’s Daily Data Dive and David’s personally curated insights and analysis from leading contrarian thinkers.