Primary Vision

Primary Vision’s latest Monday Macro View answers three questions oil markets should be asking right now:

1) Are the Gulf’s missing barrels really coming back, or is the market moving too fast?
2) Which supply losses are just a shipping problem, and which ones are tied to deeper damage?
3) Could a signed deal still leave US completion activity with more support than headlines suggest?

The article breaks down why “supply is coming back” may not mean the same thing for every barrel.

https://efracs.primaryvision.co/landing/

RPC’s Q1 2026 perspective comes down to three questions:

Can higher oil prices support frac pricing?
Will operator caution keep growth limited?
And can Metal Max become a bigger driver for RPC?

In a market where activity is improving but capital discipline still matters, the answer is not just in revenue numbers. It is in utilization, pricing power, and where service demand is actually forming.

Read the full Perspective from Primary Vision.
https://efracs.primaryvision.co/landing/

Are the Gulf’s missing barrels really coming back?

A potential deal has pulled prices lower, but not every supply outage is created equal - some barrels are paused, some are trapped, and some may be gone for much longer than headlines suggest. The real story is in the difference between logistics, reservoirs, and damaged infrastructure.

https://efracs.primaryvision.co/landing/

Four forces are now pressing on the same energy system: AI infrastructure demand, premium frac capacity, global equipment migration, and supply security risk.

The question is no longer whether the oilfield is changing.
It is which force rewrites the market first.

Join Primary Vision in collaboration with Bloomberg for the June 23 webinar, Changing Faces: The Global Oilfield Is Being Rewritten.

https://efracs.primaryvision.co/landing/

U.S. drilling activity moved higher this week.

Baker Hughes reported the total U.S. oil and gas rig count at 563, up 1 rig from the same time last year. A small weekly move, but an important signal: operators are still responding to price strength, capital discipline, and production expectations with measured activity.

The bigger question is not just how many rigs are running.
It is whether drilling momentum is being matched by completion activity.

That is where the story gets more interesting.
Primary Vision was featured on Oilprice.com discussing the pace of U.S. oil drilling and what it means for the market.

https://efracs.primaryvision.co/landing/

This week's Frac Spread Count and Frac Job Count data is now LIVE!

The latest numbers are available on our site current spread deployments, job completions, basin-level breakdowns, and week-over-week movement.
If you're tracking U.S. completions activity, this is the weekly update that tells you what's actually happening in the field.

Access the data:
https://efracs.primaryvision.co/landing/

The U.S. upstream story that looked straightforward in January got complicated by June.
Frac equipment is moving abroad. Premium Permian capacity is tightening. Legacy diesel equipment sits unevenly utilized. Activity across the Eagle Ford and Western Gulf is accelerating sharply signaling demand strength that the headline numbers aren't fully capturing.

Then there's the force no one was modeling at the start of the year: AI infrastructure. Data center buildouts are creating a new demand layer for power and energy that is beginning to reshape long-term market expectations. This is no longer purely an oilfield story.

What does all of this add up to for U.S. activity, global flows, and field capacity in 2H 2026? That's what we're unpacking on June 23rd in our Third Party Opinion webinar with Bloomberg. Not the headline version. The real one.

Register: https://primaryvision.co/third-party-opinion/

Demand destruction or just noise? Primary Vision's Market Sentiment Tracker answers the questions that matter this week:

- How does Primary Vision's reading of global demand data — across the U.S., Europe, and China — reveal where energy consumption and activity are actually heading?
- The U.S. labor market is sending mixed signals: strong new orders but softening hiring and rising job cuts — which one wins, and how close are we to the tipping point?
- China's services PMI just beat expectations by a wide margin while Europe slides deeper into contraction — are we looking at a global demand story that's simply splitting in three different directions?

Full breakdown in this week's piece.
https://efracs.primaryvision.co/landing/

This analysis evaluates Halliburton, Liberty Energy, ProFrac (ACDC), Patterson-UTI, ProPetro, and RPC using the same framework applied in prior quarters. The focus remains on how effectively companies convert market conditions into operational performance.

Read the full report.
https://efracs.primaryvision.co/landing/

Is demand destruction actually here or are we just scared of it? Primary Vision breaks this down in this week's Market Sentiment Tracker. U.S. services new orders just printed 57.3 against a 53.4 expectation that is not what a cracking economy looks like. But Europe is a different story entirely, with France's services PMI already deep in contraction at 44.3 and credit data quietly losing oxygen. The full sequence (what to watch, where the real cracks are, and what tips this from "slower" to "dangerous") is in this week's piece.

https://efracs.primaryvision.co/landing/

[demand destruction, market sentiment, U.S. services PMI, new orders, economic slowdown, Europe contraction, France PMI, credit data, oil demand outlook, global growth, energy markets, Primary Vision, Market Sentiment Tracker]