Monday Macro View – U.S. frac’ing goes international
Frac spreads and jobs moved higher again, narrowing the year-on-year gap. In this week’s Monday Macro View we also explore how U.S. frac’ing in going international. Operators are deploying horizontal drilling and completions in Turkey, Bahrain, Argentina, and Australia. Is this the early shape of international shale, or simply a low-cost option on future inventory? Read our Monday Macro View to find out more
Market Sentiment Tracker – China hits the number, but how?
China met its GDP target, but the composition raises harder questions than the headline. Growth is being carried by production, exports, and energy throughput not households. If consumption is weak and property still contracting, where exactly is pressure being absorbed? And how long can an economy of China’s size lean on industrial intensity and trade surpluses without policy recalibration? We answer these questions in Market Sentiment Tracker
LBRT, SLB, Baker Hughes – why outcomes diverge
Why is SLB still defending margins? Does international mix and digital exposure now matter more than U.S. land cycles? Baker Hughes’ backlog remains elevated, but orders slowed. Liberty is facing near-term frac pressure, yet committing capital to data-center power. Is that optionality, or an early signal that value is moving away from completions altogether? Read our Take Three series on SLB, LBRT and Baker Hughes to find out more.
Breakeven Series, Oilfield Services & AI – if price isn’t the trigger, what is?
Our latest article in Breakeven Series asks why shale activity didn’t slow when prices fell sharply. If breakevens supposedly dictate behavior, why did completions hold and spreads only flex at the margin? That same logic now applies to AI power. If speed is the constraint, can oilfield service firms turn execution capability into a durable power business, or does regulation eventually catch up?
Free Read – Canada and China forging a new alliance
This week’s free read tracks Canada’s growing role in seaborne oil markets. Expanded export capacity is redirecting barrels toward Asia, especially China, reshaping trade flows. It’s a structural shift with implications well beyond North America.
If You’re Still Relying on Lagging Data, You’re Already Behind. EFRACS shows where activity is moving before production reacts.
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