After constructive OFS data trends last week (retirements, baked-in Q4 cuts, production slowing), this week was much more disappointing. A few of the negative trends include 1) Northeast E&Ps announced 2020 spending CUTS of 10-20% — implies more fleets still need to be fired 2) six of the 12 public E&Ps revised DOWN 2019 & Q4 capex and 3) no additional retirements were disclosed from LBRT, BAS, or CFW. Furthermore, recent data confirm that U.S. frac completions declined by ~10-15% m/m in September (versus EIA bogus count of flat) while U.S. shale production continued to grow as of August.