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OILX - U.S. Shale Growth Is Dead If Frac Spread Count Doesn't Rebound Soon
UBS AG London Branch ZC SP ETRACS REDEEM 22/02/2046 USD 25 - Ser B
Welcome to the no more growth edition of Oil Markets Daily!
In the past, we've alluded to US shale oil production growth like that of a person running on a treadmill. The faster the growth, the faster the treadmill, and as a result, the faster it has to run just to stay in the same place.
In 2019, we started to see signs of US shale's inability to keep up with the growth. Despite WTI averaging $57/bbl, US shale growth was cut by more than half from 2018 and Dec to Dec growth rate fell