[ihc-hide-content ihc_mb_type="show" ihc_mb_who="10,13,14,16,18,19" ihc_mb_template="1"] Frac Spreads +17 to 182 One Year Highs – Get to Easter! The last time the Frac Spread Count was this high was just over a year ago. We’re looking for pricing to “start” to improve for the first time in a long time for oilfield service providers in the next few months. To what level will operators tolerate this? Will crude prices remain strong through continued economic uncertainty? Will returning drivers be scared of rising gasoline prices? All things we’re watching closely here at Primary Vision as we establish the new normal for demand into what appears to be a world slowly transitioning out of pandemic. Oh and fingers crossed on putting this pandemic in the rear-view mirror. Buy the Rumors? Zooming in on the Powder River Basin, we see that EOG had a recent activation up there. Over the last handful of weeks, we’ve seen some pretty wicked weather roll through parts of Colorado into Wyoming dropping upwards of 4 feet of snow in spots so activity has been sparse at best. The Powder River Basin is made up of parts of Montana, Nebraska, South Dakota and Wyoming. Primary Vision tracks 225+ counties in these states for activity. Bring on Spring! With looming pipeline issues in the north and winter ending, all eyes will be on Texas being the primary driver of activity in the United States for the rest of 2021. With Appalachia flattening and with a growing list of sidelined operators in the DJ/Bakken we’ll look for moderate growth along all basins in Texas going forward. Frac Supply Update If you’ve been following our frac supply story for the last 9 months you would know that Primary Vision has been highlighting the concern in near-term capacity. The next technical line for us is 215. From there, the story starts to get good. Pressure will be on operators to pay up and for pumpers to “consider” adding capacity down the road. This is the best part of the upstream story in 2021, stay tuned. [/ihc-hide-content]