In this weekly update, Primary Vision Network explores the million-dollar question: whether the OPEC+ pact is under threat? Will we see redux of the 2014 price war? Also, how is the global economy poised for a strong economic recovery? How are the major economies such as the U.S., Eurozone and China doing?
1. Monday Macro View: Is the OPEC+ under threat? – PREMIUM
In June, Russian seaborne crude exports climbed by 5% from May, reaching an average of 3.71 million barrels per day (b/d), up from 3.52 million b/d the previous month. This increase comes despite Moscow’s commitments to adhere more strictly to its OPEC+ output target. On the other side of the equation, OPEC’s oil production continues to rise, driven by higher outputs from Nigeria and Iran. In June, OPEC’s crude oil production reached 26.7 million b/d, an increase of 70,000 b/d from May. The collective production from the nine OPEC members bound by the pact was 280,000 b/d above the implied target, primarily due to Iraq’s overproduction.
2. Pro Frac Holdings Perspective in Q1: Key Takeaways – PREMIUM
By the end of Q1, ACDC estimated that 70% of its frac spreads operated for large customers on a dedicated basis. As the contract terms extended, its revenues and cash flows stabilized. ACDC is currently trading at an EV/EBITDA multiple of 4.1x. As such how will the balance sheet of ACDC look like moving forward? And where is the stock price headed to? Read out the article to find more!
3. Pro Frac Holdings Perspective in Q1: Key Takeaways – PREMIUM
By the end of Q1, ACDC estimated that 70% of its frac spreads operated for large customers on a dedicated basis. As the contract terms extended, its revenues and cash flows stabilized. ACDC is currently trading at an EV/EBITDA multiple of 4.1x. As such how will the balance sheet of ACDC look like moving forward? And where is the stock price headed to? Read out the article to find more!
4. Market Sentiment Tracker: Eurozone Continues to Face Headwinds – PREMIUM
The U.S. economy presents a mixed picture. On the bearish side, consumer confidence is expected to dip to 100, indicating diminished optimism. The economy added 206,000 jobs, but the unemployment rate rose to 4.1%. China’s economic sentiment is weighed down by bearish factors, such as the PMI dropping to a three-year low of 49.5, signaling contraction in manufacturing. Europe’s economic outlook presents both challenges and opportunities. On the bearish side, the UK faces a record number of lawsuits as the economy stumbles, and German industrial output declined unexpectedly in May by 2.5% month-on-month and 6.7% year-on-year.
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