The US drilled-but-uncompleted well count just dropped to 4,972. The lowest ever recorded. Going back to 2013.
Where the Major Basins Stand
- Permian...540
- Eagle Ford...369
- Bakken...247
That matters because a DUC comes online in 6 to 9 weeks. A brand new well takes 3 to 9 months. The industry's fast-response buffer is basically gone.
The Permian alone burned through 69 DUCs since February. That's the basin carrying half of US production.
The Crews Are Maxed
- Frac spreads up 21% since January
- Oil rigs at 429...highest since July 2025
- Diamondback running 5 completion crews through year end
- Patterson-UTI says its completion fleet is at near full utilization...and raising prices
The ceasefire market crashed oil 16% in May. But the US struck Iranian targets the same week the framework was announced. No final deal. Hormuz still not fully open. Inventory down 52 million barrels since the war started.
The market priced in peace.
The patch is still running wide open.
The buffer is empty. The clock is running.
Curious how this is actually feeling on the ground...Bakken vs Permian right now.