With all the talk about sanctions, conflict and nationwide implosions, stakeholders could be overlooking a potential sleeper for the US oil market: DUCs–drilled but uncompleted wells. Many observers are wondering, with oil prices topping $70/barrel and flirting with $80/barrel, why aren’t US producers drilling more wells to capitalize on commodity revenue gains. A good deal of that perception is based in an apparently short-sighted fixation that the rig count equals more wells, which equals more production. But focusing on the rig count without context can be misleading. US active land rig counts spiked by 56% in the first half of 2017, according to S&P Global Platts’ RADAR methodology, as oil prices climbed about 6% from $47/barrel to $50/barrel. But the rig tally gained just another 14% in the second half of the year as oil prices continued to rise. Late in the year, many more wells were spudded, or […]