US oil supplies at a 21½ year low, Strategic Petroleum Reserve at a 38½ year low; highest November refinery utilization rate since 2004; biggest jump in oil imports since February 2021; DUCs rise first time in 28 months
US oil prices finished lower for the 3rd straight week this week as the Covid outbreak in China worsened and the G7 and EU failed to agree on a price cap for Russian exports.....after falling 10.0% to $80.08 a barrel last week as Covid cases in Beijing rose to record highs and the Fed signaled interest rates could go much higher, the contract price for the benchmark US light sweet crude for December delivery fell to near two-month lows in Asian markets on Monday, as supply fears receded while concerns over fuel demand from China and U.S. dollar strength weighed on prices, and then fell more than $5 to their lowest price level since early January after the Wall Street Journal reported an output increase of up to 500,000 barrels per day would be considered at the OPEC+ meeting on Dec. 4th, but reversed most of those losses after Saudi Energy Minister Abdulaziz bin Salman denied that the 23-nation oil producing alliance under his charge was working on any production hike for that meeting, and settled 35 cents lower at $79.73 a barrel as trading in the December oil contract expired, while the more active contract for US light sweet crude for January was down just 7 cents at $80.04 a barrel....with the January oil price now being quoted, oil prices rose in Asia on Tuesday after the Saudis reaffirmed that OPEC+ was sticking with output cuts and could take further steps to balance the market, outweighing global recession worries and concern about China’s rising COVID-19 case numbers. and settled 91 cents higher at $80.95 a barrel as traders awaited an expected announcement of a G7 price cap on Russian oil shipments that could potentially disrupt oil flows from Russian ports...oil prices edged higher in Asian trading on Wednesday after data from the American Petroleum Institute showed US crude stockpiles had dropped more sharply than expected last week, highlighting supply tightness ahead of a looming European Union ban and G7 price cap on Russian oil. but then fell more than 2% in early New York trading on indications that the European Union and G7 nations were softening the language dictating the looming price cap regulations on Russian oil exports in an apparent effort to cause minimal disruption to Russian oil trade this winter. and then extended those losses after the EIA reported big product inventory builds to finish the session $3.01 or 3.7% lower at $77.94 a barrel, as the G7 nations considered a price cap on Russian oil above the current market level and as gasoline inventories in the United States rose by more than analysts had expected...while US markets were closed for the Thanksgiving holiday, US oil contracts fell in Asian markets Thursday following indications that G7 nations were considering a price cap on Russian crude in the range of $65-70 per barrel, but settled 3 cents higher in Europe as EU diplomats remained locked in negotiations over how strict the Russian mechanism should be...oil prices rose in Asia on Friday as traders were encouraged by the declining US dollar, which makes dollar-indexed oil cheaper for them, while the worsening COVID epidemic in China dampened further price upticks, but turned lower in a thinly traded US session after China reported a new daily record for Covid-19 infections, and settled $1.66 or 2.1% lower at $76.28 a barrel as the European Union suspended talks over a Russian oil price cap amid disagreements between member states...oil price quotes thus finished 4.7% lower for the week, while the benchmark contract for US light sweet crude for January delivery finished the week 4.8% lower...
on the other hand, natural gas prices finished higher for the fourth time in five weeks, on colder forecasts and concerns about a possible rail strike... after rising 7.2% to at $6.303 per mmBTU last week on colder forecasts and an end to the storage injection season, the contract price of US natural gas for December delivery opened 14 cents higher at $6.443 per mmBTU on Monday as updated forecasts over the weekend called for a cold start to December and surged to settle 47.3 cents higher at $6.776 per mmBTU as traders mulled an updated restart timeline for the Freeport export facility, railroad union members considered a strike, and forecasts pointed to another round of wintry weather in early December...natural gas futures pared their gains in early trading Tuesday as updated forecasts showed less cold reaching the eastern Lower 48 in early December but recovered to end three-tenths of a cent higher at $6.779 per mmBTU, as worries about a possible rail strike offset the revised forecasts and as Gazprom warned it would reduce gas supplies to a Ukraine interconnection if they weren't reaching Moldova....natural gas prices jumped about 11% to a two-month high in early trading on Wednesday on festering worries about a railroad strike and revised forecasts for blasts of cold in the month ahead, but pulled back a bit to settle 52.9 cents or 7.8% higher at $7.308 per mmBTU after the EIA report showed last week's storage draw was slightly smaller than expected... however, natural gas prices fell 28.4 cents, or 3.9%, to settle at $7.024 per mmBTU on Friday on forecasts that the cold blast might not be as far reaching as originally feared, but still finished 11.4% higher on the week, while the contract for US natural gas for January delivery, which will be the front month contract next week, finished 9.1% higher at $7.330 per mmBTU...
The EIA's natural gas storage report for the week ending November 18th indicated that the amount of working natural gas held in underground storage in the US fell by 80 billion cubic feet to 3,564 billion cubic feet by the end of the week, which meant our gas supplies were 62 billion cubic feet, or 1.7% less than the 3,626 billion cubic feet that were in storage on November 18th of last year, and 39 billion cubic feet, or 1.1% below the five-year average of 3,603 billion cubic feet of natural gas that were in storage as of the 18th of November over the most recent five years....the 80 billion cubic foot injection into US natural gas working storage for the cited week was less than the average forecast for an 87 billion cubic feet withdrawal from storage by a Reuters poll of analysts, but it was much more than the 14 billion cubic feet that were pulled from natural gas storage during the corresponding week of 2021, and also more than the average 48 billion cubic feet of natural gas that have typically been withdrawn from our natural gas storage during the same week over the past 5 years...
The Latest US Oil Supply and Disposition Data from the EIA
US oil data from the US Energy Information Administration for the week ending November 18th indicated that even after the biggest jump in our oil imports in a year and a half, we needed to pull oil out of our stored commercial crude supplies for the 9th time in 15 weeks, and for the 17th time in the past 31 weeks, mostly because of comparably modest increases in our oil exports and our refinery throughput....Our imports of crude oil rose by an average of 1,504,000 barrels per day to average 7,063,000 barrels per day, after falling by an average of 895,000 barrels per day during the prior week, while our exports of crude oil rose by 380,000 barrels per day to average 4,242,000 barrels per day, which together meant that the net of our trade in oil worked out to an import average of 2,821,000 barrels of oil per day during the week ending November 18th, 1,124,000 more barrels per day than the net of our imports minus our exports during the prior week. Over the same period, production of crude from US wells was reportedly unchanged at 12,100,000 barrels per day, and hence our daily supply of oil from the net of our international trade in oil and from domestic well production appears to have averaged a total of 14,921,000 barrels per day during the November 18th reporting week…
Meanwhile, US oil refineries reported they were processing an average of 16,410,000 barrels of crude per day during the week ending November 18th, an average of 258,000 more barrels per day than the amount of oil that our refineries processed during the prior week, while over the same period the EIA’s surveys indicated that a net average of 756,000 barrels of oil per day were being pulled out of the various supplies of oil stored in the US. So, based on that reported & estimated data, the crude oil figures from the EIA for the week ending November 18th appear to indicate that our total working supply of oil from net imports, from oilfield production, and from storage was 733,000 barrels per day less than what our oil refineries reported they used during the week. To account for that disparity between the apparent supply of oil and the apparent disposition of it, the EIA just inserted a (+733,000) barrel per day figure onto line 13 of the weekly U.S. Petroleum Balance Sheet in order to make the reported data for the daily supply of oil and for the consumption of it balance out, a fudge factor that they label in their footnotes as “unaccounted for crude oil”, thus suggesting there must have been an omission or error of that magnitude in this week’s oil supply & demand figures that we have just transcribed....however, since most everyone treats these weekly EIA reports as gospel, and since these figures often drive oil pricing, and hence decisions to drill or complete oil wells, we’ll continue to report this data just as it's published, and just as it's watched & believed to be reasonably accurate by most everyone in the industry...(for more on how this weekly oil data is gathered, and the possible reasons for that “unaccounted for” oil, see this EIA explainer)….
This week's 756,000 barrel per day decrease in our overall crude oil inventories left our oil supplies at 822,183,000 barrels at the end of the week, which was our lowest total oil inventory level since March 16th, 2001, and therefore at a new 21 1/2 year low...Our oil inventories decreased this week as an average of 527,000 barrels per day were being pulled out of our commercially available stocks of crude oil, while 229,000 barrels per day of oil were being pulled out of our Strategic Petroleum Reserve. That draw on the SPR, (the smallest draw since February), was an extension of the emergency withdrawal under Biden's "Plan to Respond to Putin’s Price Hike at the Pump" (sic), that was originally intended to supply 1,000,000 barrels of oil per day to commercial interests over a six month period from its inception to the midterm elections in November, in the hope of keeping gasoline and diesel fuel prices from rising over that time....The SPR withdrawals under that program have been fluctuating in recent weeks because the administration has since been attempting to use the Strategic Petroleum Reserve to manipulate prices on a weekly basis; furthermore, Biden recently announced another 15,000,000 barrel release from the Strategic Petroleum Reserve to run thru December, while simultaneously announcing he'd buy crude to replenish the SPR if oil prices fall to or below the $67-72 a barrel range, effectively putting a floor under oil at that price.....Including the administration's initial 50,000,000 million barrel SPR release earlier this year, their subsequent 30,000,000 barrel release, and other withdrawals from the Strategic Petroleum Reserve under recent release programs, a total of 265,629,000 barrels of oil have now been removed from the Strategic Petroleum Reserve over the past 28 months, and as a result the 390,518,000 barrels of oil that still remain in our Strategic Petroleum Reserve is now the lowest since March 23, 1984, or at a new 38 1/2 year low, as repeated tapping of our emergency supplies for non-emergencies or to pay for other programs had already drained those supplies considerably over the past dozen years, even before the Biden administration's SPR releases. The total 180,000,000 barrel drawdown of the current release program, now scheduled to run through December, will remove almost a third of what remained in the SPR when the program started, and leave us with what would be less than a 20 day supply of oil at the current consumption rate...
Further details from the weekly Petroleum Status Report (pdf) indicate that the 4 week average of our oil imports rose to an average of 6,327,000 barrels per day last week, which was 3.4% more than the 6,116,000 barrel per day average that we were importing over the same four-week period last year. This week’s crude oil production was reported to be unchanged at 12,100,000 barrels per day because the EIA's rounded estimate of the output from wells in the lower 48 states was unchanged at 11,700,000 barrels per day, while Alaska’s oil production was 1,000 barrels per day lower at 448,000 barrels per day but had no impact on the rounded national total. US crude oil production had reached a pre-pandemic high of 13,100,000 barrels per day during the week ending March 13th 2020, so this week’s reported oil production figure was still 7.6% below that of our pre-pandemic production peak, but was 24.7% above the pandemic low of 9,700,000 barrels per day that US oil production had fallen to during the third week of February of 2021...
US oil refineries were operating at 93.9% of their capacity while using those 16,410,000 barrels of crude per day during the week ending November 18th, up from their 92.9% utilization rate during the prior week, and the highest November utilization rate since 2004.. The 16,410,000 barrels per day of oil that were refined this week were 4.9% more than the 15,640,000 barrels of crude that were being processed daily during week ending November 19th of 2021, and 0.5% more than the 16,334,000 barrels that were being refined during the prepandemic week ending November 22nd, 2019, when our refinery utilization was at 89.3%, within the normal utilization range for mid November...
Even with the increase in the amount of oil being refined this week, the gasoline output from our refineries was quite a bit lower, decreasing by 625,000 barrels per day to 9,164,000 barrels per day during the week ending November 18th, after our gasoline output had increased by 35,000 barrels per day during the prior week.This week’s gasoline production was also 9.2% less than the 10,099,000 barrels of gasoline that were being produced daily over the same week of last year, and 9.0% below the gasoline production of 10,065,000 barrels per day during the prepandemic week ending November 22nd, 2019. ON the other hand, our refineries’ production of distillate fuels (diesel fuel and heat oil) increased by 14,000 barrels per day to 5,097,000 barrels per day, after our distillates output had decreased by 107,000 barrels per day during the prior week. And with that increase, our distillates output was 6.8% more than the 4,784,000 barrels of distillates that were being produced daily during the week ending November 19th of 2021, and 0.7% more than the 5,075,000 barrels of distillates that were being produced daily during the week ending November 22nd 2019...
Even with the decrease in our gasoline production, our supplies of gasoline in storage at the end of the week rose for the 5th time in 15 weeks; and by the most since mid-July, increasing by 3,058,000 barrels to 210,998,000 barrels during the week ending November 18th, after our gasoline inventories had increased by 2,207,000 barrels during the prior week. Our gasoline supplies rose by more this week because the amount of gasoline supplied to US users fell by 415,000 barrels per day to 8,327000 barrels per day, and because our imports of gasoline rose by 13,000 barrels per day to 585,000 barrels per day, and because our exports of gasoline fell by 29,000 barrels per day to 898,000 barrels per day. But after 31 gasoline inventory drawdowns over the past 42 weeks, our gasoline supplies were still 0.2% lower than last November 19th's gasoline inventories of 211,393,000 barrels, and about4% below the five year average of our gasoline supplies for this time of the year…
With the increase in our distillates production, our supplies of distillate fuels increased for the 11th time in 16 weeks and for the 25th time in the past year, rising by 1,718,000 barrels to 109,101,000 barrels during the week ending November 18th, after our distillates supplies had increased by 1,120,000 barrels during the prior week. Our distillates supplies rose by more this week because the amount of distillates supplied to US markets, an indicator of our domestic demand, decreased by 17,000 barrels per day to 3,846,000 barrels per day, and because our exports of distillates fell by 41,000 barrels per day to 1,142,000 barrels per day, and because our imports of distillates rose by 13,000 barrels per day to 123,000 barrels per day.. But after fifty-two mostly larger inventory withdrawals over the past eighty-two weeks, our distillate supplies at the end of the week were were still 10.4% below the 121,717,000 barrels of distillates that we had in storage on November 12th of 2021, and about 13% below the five year average of distillates inventories for this time of the year...
Meanwhile, even after the big increase in our oil imports, our commercial supplies of crude oil in storage fell for the 11th time in 19 weeks and for the 32nd time in the past year, decreasing by 3,690,000 barrels over the week, from 435,355,000 barrels on November 11th to 431,665,000 barrels on November 18th, after our commercial crude supplies had decreased by 5,400,000 barrels over the prior week. After this week's decrease, our commercial crude oil inventories fell to around 5% below the most recent five-year average of crude oil supplies for this time of year, but were still 26.7% more than the average of our crude oil stocks as of the third weekend of November over the 5 years at the beginning of the past decade, with the disparity between those comparisons arising because it wasn’t until early 2015 that our oil inventories first topped 400 million barrels. And after our commercial crude oil inventories had jumped to record highs during the Covid lockdowns of the Spring of 2020, and then jumped again after February 2021's winter storm Uri froze off US Gulf Coast refining, our commercial crude supplies as of this November 11th were 0.5% less than the 434,020,000 barrels of oil we had in commercial storage on November 19th of 2021, and 11.7% less than the 488,721,000 barrels of oil that we had in storage on November 20th of 2020, and 4.5% less than the 451,952,000 barrels of oil we had in commercial storage on November 22nd of 2019…
Finally, with our inventories of crude oil and our supplies of all products made from oil near multi-year lows over the most recent months, we are also continuing to watch the total of all U.S. Stocks of Crude Oil and Petroleum Products, including those in the SPR. Mostly because of the gasoline and distillates inventory increases we've already noted for this week, the EIA's data shows that the total of our oil and oil product inventories, including those in the Strategic Petroleum Reserve and those held by the oil industry, and thus including everything from gasoline and jet fuel to propane/propylene and residual fuel oil, rose by 1,740,000 barrels this week, from 1,608,865,000 barrels on November 11th to 1,610,605,000 barrels on November 18th, after our total inventories had decreased by 10,640,000 barrels during the prior week. This week's increase still left our total liquids inventories down by 177,828,000 barrels over the first 46 weeks of this year, and just 0.1% from a new 18 year low...
This Week's Rig Count
The number of drilling rigs active in the US increased for the 10th time in the past 17 weeks with this week's report, which only covers the five days ending Wednesday, November 23rd, due to the Thanksgiving holiday....But even after 91 weekly increases over the past 113 weeks, active rigs are still 1.1% below the prepandemic rig count....Baker Hughes reported that the total count of rotary rigs drilling in the US increased by 2 rigs to 784 rigs over those five days, which was also 215 more rigs than the 569 rigs that were in use as of the November 24th report of 2021, but was 1,145 fewer rigs than the shale era high of 1,929 drilling rigs that were deployed on November 21st of 2014, a week before OPEC began to flood the global market with oil in an attempt to put US shale out of business….
The number of rigs drilling for oil increased by 4 to 627 oil rigs during the past week, after the number of rigs targeting oil had increased by 1 during the prior week, and there are now 160 more oil rigs active now than were running a year ago, even as they amount to just 39.0% of the shale era high of 1609 rigs that were drilling for oil on October 10th, 2014, and as they are still down 8.2% from the prepandemic oil rig count….at the same time, the number of drilling rigs targeting natural gas bearing formations decreased by 2 to 155 natural gas rigs, which was still up by 53 natural gas rigs from the 102 natural gas rigs that were drilling during the same week a year ago, even as they were only 9.7% of the modern high of 1,606 rigs targeting natural gas that were deployed on September 7th, 2008….
Other than those rigs targeting oil and natural gas, Baker Hughes also reports that two "miscellaneous" rigs continued drilling this week: one of those was a directional rig drilling to between 5,000 and 10,000 feet on the big island of Hawaii, while the other was a directional rig drilling to between 5,000 and 10,000 feet into a formation in Lake county California that Baker Hughes doesn't track....While we haven't seen any details on either of those, in the past we've identified various "miscellaneous" rigs as being exploratory, for carbon dioxide storage, and for utility scale geothermal projects...a year ago, there were were also two such "miscellaneous" rigs running...
The offshore rig count in the Gulf of Mexico was unchanged at 16 rigs this week, with 14 Gulf rigs drilling for oil in Louisiana's offshore waters, and two rigs drilling for oil offshore from Texas....the Gulf rig count is still up by 1 from the 15 Gulf rigs running a year ago, when 13 of the Gulf rigs were drilling for oil offshore from Louisiana and two were deployed for oil offshore from Texas...and in addition to rigs drilling in the Gulf, we still have an offshore directional rig drilling to between 5,000 and 10,000 feet for natural gas in the Cook Inlet of Alaska, while a year ago, drilling offshore from Alaska had already shut down for the winter...
In addition to rigs running offshore, there are still three water based rigs drilling through inland bodies of water this week; those include a directional rig drilling for oil to between 10,000 and 15,000 feet, inland in St Mary Parish, Louisiana, a directional rig drilling for oil at a depth greater than 15,000 feet in Terrebonne Parish, Louisiana; and a directional rig drilling for oil to between 5,000 and 10,000 feet, inland in Lafourche Parish, Louisiana.....a year ago, there were two such rigs drilling on inland waters...
The count of active horizontal drilling rigs was unchanged at 714 horizontal rigs this week, which was still 201 more rigs than the 513 horizontal rigs that were in use in the US on November 24th of last year, but just 52.0% of the record 1,374 horizontal rigs that were drilling on November 21st of 2014....in addition, the vertical rig count was also unchanged at 23 vertical rigs this week, which was still up by one from the 22 vertical rigs that were operating during the same week a year ago…on the other hand, the directional rig count was up by two to 47 directional rigs this week, and those were alsoup by 13 from the 34 directional rigs that were in use on November 24th of 2021….
The details on this week’s changes in drilling activity by state and by major shale basin are shown in our screenshot below of that part of the rig count summary pdf from Baker Hughes that gives us those changes…the first table below shows weekly and year over year rig count changes for the major oil & gas producing states, and the table below that shows the weekly and year over year rig count changes for the major US geological oil and gas basins…in both tables, the first column shows the active rig count as of November 23rd, the second column shows the change in the number of working rigs between last week’s count (November 18th) and this week’s (November 23rd) count, the third column shows last week’s November 18th active rig count, the 4th column shows the change between the number of rigs running on Friday and the number running on the Friday before the same weekend of a year ago, and the 5th column shows the number of rigs that were drilling at the end of that reporting week a year ago, which in this week’s case was the 24th of November, 2021...
checking the Rigs by State file at Baker Hughes for the changes in the Texas Permian, we find that there was just one oil rig added in Texas Oil District 7B, which includes two counties overlying the far eastern Permian Midland, while rigs in other districts in the Texas Permian were unchanged...since the national Permian basin count was up by three, we can thus conclude that both rigs added in New Mexico were set up to drill in the far western Permian Delaware, in the southwest corner of that state...elsewhere in Texas, there were three rigs pulled out of Texas Oil District 6, which appears to account for two natural gas rig removals from the Haynesville shale, since there was concurrently a Haynesville shale addition in northwestern Louisiana, and the removal of another rig targeting a basin that Baker Hughes doesn't track....there was also a rig pulled out of Texas Oil District 9, which would account for the oil rig removed from the Barnett shale...in Oklahoma, there was an oil rig addition in the Cana Woodford and an oil rig removal from the Arkoma Woodford, and since the state count is up by one, apparently the addition of a rig in a basin not tracked by Baker Hughes....likewise, the rig added in California was also in a basin not tracked by Baker Hughes..
DUC well report for October
Monday of last week saw the release of the EIA's Drilling Productivity Report for November, which included the EIA's October data on drilled but uncompleted (DUC) oil and gas wells in the 7 most productive shale regions (click tab 3)....that data showed an increase in uncompleted wells nationally for the first time in 28 months, as both completions of drilled wells and drilling of new wells increased in October, but remained well below average pre-pandemic levels...for the 7 sedimentary regions covered by this report, the total count of DUC wells increased by 8 wells, rising from a revised 4,400 DUC wells in September to 4,408 DUC wells in October, which was still 17.3% fewer DUCs than the 5,333 wells that had been drilled but remained uncompleted as of the end of October of a year ago...this month's DUC increase occurred as 984 wells were drilled in the 7 regions that this report covers (representing 87% of all U.S. onshore drilling operations) during October, up by 27 from the revised 957 wells that were drilled in September, while 976 wells were completed and brought into production by fracking them, up by 7 from the 969 well completions seen in September, and up by 49 from the 927 completions seen in October of last year....at the October completion rate, the 4,408 drilled but uncompleted wells remaining at the end of the month represents a 4.5 month backlog of wells that have been drilled but are not yet fracked, matching the 4.5 month DUC well backlog of a month ago, and just above the 7 1/2 year low of 4.4 months, despite a completion rate that is still almost 15% below 2019's pre-pandemic average...
DUCs in the oil producing regions netted out to unchanged during October, while natural gas DUCs rose, since a DUC well decrease in natural gas producing Appalachian basins was more than offset by a bigger DUC well increase in Haynesville shale....the number of uncompleted wells remaining in the Permian basin of west Texas and New Mexico decreased by 13, from 1,097 DUC wells at the end of September to 1,084 DUCs at the end of October, as 421 new wells were drilled into the Permian basin during October, while 434 already drilled wells in the region were being fracked....in addition, the number of uncompleted wells remaining in Oklahoma's Anadarko basin decreased by 5, falling from 723 at the end of September to 718 DUC wells at the end of October, as 68 wells were drilled into the Anadarko basin during October, while 73 Anadarko wells were completed....at the same time, DUCs in the Eagle Ford shale of south Texas decreased by 3, from 582 DUC wells at the end of September to 579 DUCs at the end of October, as 109 wells were drilled in the Eagle Ford during October, while 112 already drilled Eagle Ford wells were fracked....meanwhile, DUC wells in the Bakken of North Dakota remained unchanged at 494 at the end of October, as 77 wells were drilled into the Bakken during September, while 77 of the drilled wells in the Bakken were being fracked....on the other hand, DUC wells in the Niobrara chalk of the Rockies' front range increased by 21, rising from 393 at the end of September to 414 DUC wells at the end of October, as 133 wells were drilled into the Niobrara chalk during October, while 112 Niobrara wells were completed....
among the natural gas producing regions, the drilled but uncompleted well count in the Appalachian region, which includes the Utica shale, decreased by 3 wells, from 576 DUCs at the end of September to 552 DUCs at the end of October, as 100 new wells were drilled into the Marcellus and Utica shales during the month, while 103 of the already drilled wells in the region were fracked....on the other hand, the uncompleted well inventory in the natural gas producing Haynesville shale of the northern Louisiana-Texas border region rose by 11, from 535 DUCs in September to 546 DUCs by the end of October, as 76 wells were drilled into the Haynesville during October, while 65 of the already drilled Haynesville wells were fracked during the same period....thus, for the month of October, DUCs in the five major oil-producing basins tracked by this report (ie., the Anadarko, Bakken, Niobrara, Permian, and Eagle Ford) were unchanged at 3,289 wells, while the uncompleted well count in the major natural gas basins (the Marcellus, the Utica, and the Haynesville) was up by eight to 1,119 DUC wells, although as this report notes, once into production, more than half the wells drilled nationally will produce both oil and gas...
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Note: there’s more here…
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