Production figures tell a more aggressive story than the drilling data. U.S. crude output reached 13.86 million barrels per day for the week ending July 3, marking a 50,000 bpd increase over the previous week. This output growth is supported by an increase in completion activity, with Primary Vision’s Frac Spread Count rising by 5 to 205 active crews.

Regional activity remains uneven as companies manage capital discipline. The Permian Basin saw a decline of 5 rigs, bringing its total to 256—a figure trailing year-ago levels by 9. Conversely, the Eagle Ford basin added 3 rigs to reach 47. Markets reacted with mild cooling on Friday, as Brent crude slipped to $75.72 per barrel and WTI dropped to $71.26, despite both benchmarks maintaining a higher price floor than they held one week ago.