Monday Macro View – Shale is no longer a one basin story
The FSC and FJC continues to register an upward movement. FSC increased once again by 5 now standing at 189. But higher oil prices are rekindling activity across the world. As part of our Global Fracking Tracker we look at Argentina’s Vaca Muerta. How fast it growing? Should U.S. shale operators care? And is the world big enough for both the Permian and Vaca Muerta to run at full speed? This week's Macro View investigates this further. Monday Macro View.*
Market Sentiment Tracker – June decided the global monetary policy
This week our MST Macro Brief looks at the growing split between the world's three biggest central banks and why all of them might be making the wrong call. The Fed is frozen, the ECB is hiking into a contraction, and Beijing can't ease because Washington won't. Same oil shock, three different responses, and June is when it all comes to a head. Read all of this in our Market Sentiment Tracker*.
Key Takeaways: Baker Hughes and NOV
This week's KEY Takeaways cover two oilfield service heavyweights navigating the same disruption in very different ways.
Baker Hughes is stacking LNG and data center wins while its oilfield segment takes the Middle East hit. But if the transition story is this strong, why is one side of the business dragging? And at a multiple well above its five-year average, how much good news is already priced in? NOV came into 2026 bracing for oversupply then the market flipped almost overnight. Service capacity is tightening, customers are coming back, but costs are surging too. So is this the start of a recovery cycle or just a disruption bounce? And why is the stock still trading well below its historical average?
SPECIAL REPORT: The only way U.S. and Iran can reach an agreement
We have a Special Report for you this week. The US-Iran talks are stuck but not for the reason most people think. Hormuz and the nuclear file are two different problems on two different clocks. So why is Washington insisting on solving them together, and what is the oil market paying for that mistake? Read the full article to find out.
Free Read: How long can China balance the markets?
What happens when the world's largest oil importer stops buying? How long can China run on stockpiles built at $60 before it's forced back into a $96 market? Why are global inventories draining at a pace the IEA calls unsustainable — and what keeps prices from exploding? With Hormuz still effectively closed, strikes continuing, and a peace deal stuck in drafts, where does the oil market go from here? This week's Free Read breaks it all down. Read this week’s Free Read to learn more.
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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