Chart data source:  Platts RigData’s new WELLSCAPE P2P product.

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According to Platts RigData, the US land rig count and well count are both up, and the so-called fracklog—or backlog of DUCs—is gradually being worked off. The bad news:  more wells could mean the decline curve for DUCs leveling off, adding more potential future supply even as the catch-up in completions already has put more current supply into a still-glutted market.