JPM OFS and Equipment Weekly Insights & Analytics: Evaluating The Ripple Effect of Recent Global Oil Market and U.S. Frac Insights on OFS Players

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JPM OFS and Equipment Weekly Insights & Analytics: Evaluating The Ripple Effect of Recent Global Oil Market and U.S. Frac Insights on OFS Players

J P M O R G A N North America Equity Research

09 June 2026

JPM OFS and Equipment

Weekly Insights & Analytics: Evaluating The Ripple

Effect of Recent Global Oil Market and U.S. Frac

Insights on OFS Players

JPM View: This past week, our JPM Commodities Team published their Oil Oil & Gas Exploration & Production

ACMarkets weekly, highlighting the stabilization of Brent crude near $100/bbl, Arun Jayaram

reflecting the oil industry’s ability to adapt through alternative supply routes, (1-212) 622-8541

strategic inventory releases, and significant demand destruction. Producers in the arun.jayaram@jpmchase.com

Americas, led by the U.S., Brazil, and Venezuela, have ramped up output to record Sowmya Vemulapalli

levels, partially offsetting lost Middle East supply and driving robust activity (1-212) 270-4660

across drilling, completions, and exports. Developed economies have leaned sowmya.vemulapalli@jpmchase.com

heavily on strategic reserves to maintain market balance, while major importers Jason Kim

such as China have absorbed much of the adjustment by slashing imports and (1-212) 622-1408

jason.b.kim@jpmchase.com

curbing domestic demand. We believe these dynamics, combined with ongoing J.P. Morgan Securities LLC

inventory drawdowns and the potential for further price increases should

disruptions persist, create a broadly supportive near-term environment for our OFS

coverage, particularly those positioned in regions experiencing production Recent Thematic Work:

growth. 2026 OFS & Equipment Outlook

JPM E&P and OFS Question Bank

The robust pricing backdrop provides the backdrop for higher capital spending

guidance.