August 20, 2019: update here.
"Focus on Fracking" is perhaps the best weekly wrap-up on the subject, the US shale revolution. The weekly update is posted every Sunday. The site is linked at the sidebar at the right.
After noting the production numbers, the completion numbers, and the demand numbers for July, 2019, "Focus on Fracking" post this interesting headline, which I will break out in three bullet points:
- OPEC reports July's oil output was two (2) million bopd short of global demand;
- US DUCs were down the most in almost three years (33 months to be precise); and,
- completion / fracking is at a 54-month high.
- the number of new wells drilled in July, 2019, was at a 16- or 18-month low depending on the data source.
It will be interesting to see the July, 2019, DUC status -- my data suggests DUCs in the Bakken were at a near all-time high in June, 2019. We will see the July data on/about August 15, 2019.
Comment: again, these dots to connect --
- US DUCs were down the most in three years
- completions / fracking is at a 54-month high (almost five years)
- the number of new wells drilled .... which correlates directly with number of active rigs -- was at a 16- or 18-month low