Independent Price Reporting Agency, QC Intel

Quantum Commodity Intelligence

Independent Price Reporting Agency

QC Intel

We are an independent price reporting agency (PRA) providing price assessments, original news and trade data for the global energy transition markets.

Our mission is to bring greater transparency to these rapidly developing markets, powering transactions and helping the world to decarbonize as efficiently as possible.

Commodities

Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. Crude oil can be refined to produce usable products such as gasoline, diesel and various forms of petrochemicals. It is a nonrenewable resource, also known as a fossil fuel, which means that it can't be replaced naturally at the rate we consume it and is therefore a limited resource.

<ul><li>Crude oil futures on Thursday were climbing higher, as benchmarks maintained the firmer start to December, albeit amid conflicting signals.</li><li>Front-month Feb26 ICE Brent futures were trading at $63.31/b (2033 GMT) versus Wednesday's settle of $62.67/b, while Jan26 NYMEX WTI was at $ 59.72/b against a previous close of $58.95/b.</li><li>Prices have found some support this week from the fading prospects of a ceasefire in the Russia-Ukraine conflict and the broader rise in geopolitical tensions, but it has not been enough to shake off the gloom around a growing surplus.</li></ul>

Crude oil futures on Thursday were climbing higher, as benchmarks maintained the firmer start to December, albeit amid conflicting signals.Front-month Feb26 ICE Brent futures were trading at $63.31/b (2033 GMT) versus Wednesday's settle of $62.67/b, while Jan26 NYMEX WTI was at $ 59.72/b against a previous close of $58.95/b.Prices have found some support this week from the fading prospects of a ceasefire in the Russia-Ukraine conflict and the broader rise in geopolitical tensions, but it has not been enough to shake off the gloom around a growing surplus.

Oil futures: Crude touches weekly highs on geopolitical tensions

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Equity Bottom-Up

Indo Tambangraya Megah / Equity Bottom-Up

PT Indo Tambangraya Megah Tbk operates as a coal exploration and mining company that provides energy and electricity support. The Company operates in Indonesia and supplies coal to the world energy market.

<ul>
 <li>
Impending 10% Share Buyback: A significant near-term catalyst is the planned 10% share buyback, strongly supported by a robust balance sheet where cash reserves constitute approximately 67% of the company's market capitalization.</li>
 <li>
Superior Shareholder Returns vs. Cyclical Headwinds: ITMG has a strong track record of returning value to shareholders via high dividend yields. However, the company's financial performance is currently impacted by a cyclical downturn in coal prices, which has compressed margins and reduced profitability from the peak levels of 2022.</li>
 <li>
Strategic Transition Amidst ESG Pressure: As a pure-play coal miner, ITMG faces significant long-term risks from the global energy transition. The company has initiated a transformation by investing in renewable energy, but its earnings remain overwhelmingly dependent on the thermal coal market.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Impending 10% Share Buyback: A significant near-term catalyst is the planned 10% share buyback, strongly supported by a robust balance sheet where cash reserves constitute approximately 67% of the company's market capitalization.
  
Superior Shareholder Returns vs. Cyclical Headwinds: ITMG has a strong track record of returning value to shareholders via high dividend yields. However, the company's financial performance is currently impacted by a cyclical downturn in coal prices, which has compressed margins and reduced profitability from the peak levels of 2022.
  
Strategic Transition Amidst ESG Pressure: As a pure-play coal miner, ITMG faces significant long-term risks from the global energy transition. The company has initiated a transformation by investing in renewable energy, but its earnings remain overwhelmingly dependent on the thermal coal market.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Indo Tambangraya Megah (ITMG IJ) - Dec 2025

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>The current macro environment has elements of both the 1970's and mid-2000s commodity bull market</li>
<li>Investor interest and allocation to this asset class is still minimal</li>
<li>A rising cost of capital globally favours a move out of long duration into real assets</li>
</ul>


The current macro environment has elements of both the 1970's and mid-2000s commodity bull market
Investor interest and allocation to this asset class is still minimal
A rising cost of capital globally favours a move out of long duration into real assets


2026 High Conviction Idea: Our Basket of Commodity Equities Will Outperform Broad Equity Indices

Tecnicas Reunidas SA offers engineering and construction services.  The Company primarily designs and constructs a variety of industrial plants as well as power.

<ul>
 <li>Tecnicas Reunidas is strategically positioned to capitalize on the global energy transition, with a growing focus on low-carbon technologies, LNG, and decarbonization projects, which are expected to be significant long-term growth drivers.</li>
 <li>The company has demonstrated a strong operational turnaround, evidenced by a record backlog of €11.5 billion as of September 2025 and a significant increase in revenue and profitability, signaling a robust recovery and strong earnings visibility.</li>
 <li>While the company's pivot to higher-growth areas is promising, it faces inherent risks tied to the cyclicality of the energy sector, intense competition, and the challenges of executing large-scale, complex projects with potential for cost overruns and delays.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Tecnicas Reunidas is strategically positioned to capitalize on the global energy transition, with a growing focus on low-carbon technologies, LNG, and decarbonization projects, which are expected to be significant long-term growth drivers.
  The company has demonstrated a strong operational turnaround, evidenced by a record backlog of €11.5 billion as of September 2025 and a significant increase in revenue and profitability, signaling a robust recovery and strong earnings visibility.
  While the company's pivot to higher-growth areas is promising, it faces inherent risks tied to the cyclicality of the energy sector, intense competition, and the challenges of executing large-scale, complex projects with potential for cost overruns and delays.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Tecnicas Reunidas Sa (TRE SM) - Dec 2025

<ul><li>Crude oil futures Wednesday were climbing higher amid a deteriorating geopolitical situation, although ongoing concerns over a growing surplus kept prices withing the recent narrow band.</li><li>Front-month Feb26 ICE Brent  futures were trading at  $62.70/b (2009 GMT) versus Tuesday's settle of $62.45/b, while Jan26 NYMEX WTI  was at  $58.98/b against a previous close of $59.32/b.</li><li>However, both benchmarks had traded higher earlier in the day.</li></ul>

Crude oil futures Wednesday were climbing higher amid a deteriorating geopolitical situation, although ongoing concerns over a growing surplus kept prices withing the recent narrow band.Front-month Feb26 ICE Brent  futures were trading at  $62.70/b (2009 GMT) versus Tuesday's settle of $62.45/b, while Jan26 NYMEX WTI  was at  $58.98/b against a previous close of $59.32/b.However, both benchmarks had traded higher earlier in the day.

Oil futures: Crude climbs higher as US-Russia talks falter