This week’s Monday Macro View* explores the top five forces driving oil prices higher—because no, it’s not just the Israel–Iran headlines. Since mid-May, WTI has climbed nearly 15%, but underneath the flashpoints lies a deeper structural story: OPEC+ underperformance, inventory draws at Cushing, tariff realignments, and the unraveling of U.S.–Iran diplomacy have all steadily tightened the outlook. The result is a price floor forming at a time when seasonal demand is about to climb.
Our Market Sentiment Tracker* takes that oil narrative one step further. Last week, we noted growing fragility across the global macro. This week, the data points to something more technical: U.S. inflation is easing, but without any follow-through in spending. Europe is leaking confidence and output. China’s rebound, though statistically positive, looks more policy-driven than organic. The global economy is not moving in one direction – and the theme of fragmentation continues to be the highlight.
Turning towards our Key Takeaways, ProPetro* and Nabors* offer two sharply different views from the service side. ProPetro plans to scale down frac count, but ramp up its electric fleet and power division—showing how firms are adapting to do more with less. Nabors, meanwhile, is leaning on its Saudi JV SANAD, adding newbuilds while bracing for weak U.S. drilling. Free cash flow has gone negative, but its rig strategy remains globally anchored. Both firms are threading the needle between efficiency and survival.
If you’re navigating this market and want data that tracks how pricing, policy, and pressure pumping interact in real time, Primary Vision’s dashboards bring it all together. From completions forecasts to HHP snapshots, we connect the dots—so you can act, not guess.
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