There are more than 5,000 drilled but uncompleted oil and gas wells in the United States, which has major implications not just for supply but also price, reports Oilprice.com:
"Along with its monthly Drilling Productivity Report (DPR), the EIA released a supplement today which estimates the number of drilled uncompleted wells (DUCs) in the seven key oil and natural gas producing regions covered by the agency’s broader drilling report. The number of DUCs has been declining over the past few months, but it remains well above levels seen prior to the late-2014 price crash."
"Current EIA estimates show DUC counts as of the end of August totaling 4,117 in the four oil-dominant regions and 914 in the 3 gas-dominant regions that together account for nearly all U.S. tight oil and shale gas production. ..."
Read the full story here.