Full Throttle, Fewer Spreads
1st October 2026
Monday Macro View: What Happens to Oil if the U.S. Stops Exporting Diesel?
The Frac Spread Count rose by 8 to 195 and the U.S. rig count reached 599, while crude production is expected to average a record 13.8 million bpd in 2026. Yet diesel inventories remain tight even with refinery utilization near 97%. Would restricting diesel exports ease U.S. prices only to weaken WTI and tighten fuel markets elsewhere? Read this week’s MMV*.
Market Sentiment Tracker: Strongest in Five Years, Growing at 1.5%
U.S. composite output surveys reached 58.4, their strongest level since 2021, while Q2 real GDP grew only 1.5%. In Europe, activity is improving even as the EU goods balance moved from a €51bn surplus to a €22bn deficit as energy import costs rose. Are these economies genuinely accelerating, or are higher prices making the recovery look stronger than it is? Read this week’s Market Sentiment Tracker*.
The Proppant Story: Activity and Intensity Are Not the Same
Seven of the 10 leading proppant counties are in a single basin, and the ranking broadly follows frac activity. But the relationship is not perfectly linear, with completion design, lateral length and operator strategy changing how much proppant each job consumes. Where is service demand being driven by more activity, and where by greater completion intensity? Read Part 2*.
What Frac Activity Says About Production Scale
Frac activity and production do not move in lockstep. Diamondback’s Permian production rose about from Q1 to Q2 while Permian Resources declined around 9% despite meaningful completion activity. How much can current frac activity really tell us about future production growth? Read the full analysis*.
U.S. Frac Activity Is a County-Level Story
The top 10 U.S. counties accounted for 48.4% of frac jobs in August, with seven located in the one basin. That concentration is well below its December 2025 peak, showing that activity has been spreading into a broader set of producing areas. What does that shift mean for pressure pumping, sand and other completion-service demand? Read Part 1*.
Third Party Opinion Webinar: Full Throttle, Fewer Spreads
On October 15, we’ll introduce our new Frac Efficiency Index (FEI) and examine what stronger completions with fewer active spreads could mean heading into 2027. View the agenda and access options here.
Did you know EFRACS can show where completion activity and proppant demand are changing below the basin level?
If You’re Still Relying on Lagging Data, You’re Already Behind. EFRACS shows where activity is moving before production reacts.
Get Access to EFRACS: efracs.com