DUCS & OPEC+As of data up Jan 2021:
1) Ducs peaked in Dec 2019 at 8181 and drilling peaked in Jan 2020 at 1082 iwhile completions of 1134 peaked in Feb 2020
2) Monthly drilling droped 73% at its lowest in July 2020 at 290 wells drilled
3) Monthly drilling is down 61% as of Jan 2021 at 417 wells drilled
4) Monthly completed wells peaked in Feb 2020 at 1,107 wells completed
5) Monthly completed wells droped to its lowest in Jun 2020 at 296 wells completed
6 Monthly completed wells continue to rise and are at 576 in Jan 2021 but remain stubornly below the Feb 2020 peak completions are currently down 50%
7) Completions are out stripping drilling by 38% as of Jan 2021.
8) DUCs are now at 7177 as of Jan 2021.
~ the US oil indutry is simply realizing on previously drilled wells. Companies are not growing production. They are focused on maintaining production and paying down debt.
Oil prices will remain strong as long as OPEC+ doesn't take another beating to the US for stepping out of line.