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>Brent crude oil futures were slightly lower on Tuesday as investors eyed the prospect of additional Russian diesel that would provide some relief to tight fuel markets.</li>
<li>Front-month Dec26 ICE  Brent futures were 0.6% lower at  $106.06/b (2103 BST), whereas Nov26 NYMEX  WTI was at $94.65/b , up 1% versus Monday's settle.</li>
<li>However, both benchmarks rebounded from earlier lows as Iran stepped up attacks on tankers, with at least four more since Sunday evening.</li>
</ul>


Brent crude oil futures were slightly lower on Tuesday as investors eyed the prospect of additional Russian diesel that would provide some relief to tight fuel markets.
Front-month Dec26 ICE  Brent futures were 0.6% lower at  $106.06/b (2103 BST), whereas Nov26 NYMEX  WTI was at $94.65/b , up 1% versus Monday's settle.
However, both benchmarks rebounded from earlier lows as Iran stepped up attacks on tankers, with at least four more since Sunday evening.


Oil futures: Crude eases as additional Russian diesel supplies eyed

Independent Energy Equities & Commodities Research, WHB Energy Research LLC

William H Brown III

Independent Energy Equities & Commodities Research

Independent energy equity and commodity boutique

WHB Energy Research LLC

WHB Energy Research LLC is an independent energy industry equity and commodity boutique
providing analysis and trading/investment recommendations to hedge funds, mutual funds, oil
and gas producing companies, energy consuming companies and high net worth individuals.
WHB Energy Research LLC fills a major void by providing top level fundamental and
qualitative research complemented by state of the art quantitative modeling. WHB Energy
Research LLC also engages in physical oil trading activity as an agent/intermediary and also
provides expert witness consultation and testimony. From 2003-2005 Mr. Brown established and
managed an energy hedge fund for a single investor/client. Specialties: Economic and financial
analysis and forecasting of the NYMEX, ICE, and international physical petroleum markets and
energy equities in the integrated, independent producer, refining, drilling, service, and
transportation sectors.

<ul>
<li>As we anticipated, NYMEX USLD cracks have expanded once again, at least partly catalyzed by Houthi and Saudi strikes against refining and other energy assets.   </li>
<li>As we anticipated, NYMEX USLD cracks have expanded once again, at least partly catalyzed by Houthi and Saudi strikes against refining and other energy assets.   </li>
<li>As previously discussed, any major escalation could include a Houthi attack on Abqaiq, Saudi Aramco’s critical crude oil processing and desulphurization facility.</li>
</ul>


As we anticipated, NYMEX USLD cracks have expanded once again, at least partly catalyzed by Houthi and Saudi strikes against refining and other energy assets.   
As we anticipated, NYMEX USLD cracks have expanded once again, at least partly catalyzed by Houthi and Saudi strikes against refining and other energy assets.   
As previously discussed, any major escalation could include a Houthi attack on Abqaiq, Saudi Aramco’s critical crude oil processing and desulphurization facility.


Morning Market Notes: NYMEX ULSD Makes a Comeback, As Expected

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

<ul><li>For 3Q26E, we expect JD.com (JD) to report total revenue of RMB308.1bn, up 3.0% YoY and broadly in line with Bloomberg consensus, and non-GAAP net profit of RMB8.0bn, up 38% YoY, driven by narrowing losses in the food delivery (FD) business.</li><li>We estimate the operating loss for the new businesses segment will narrow to RMB9.5bn in 3Q26E (2Q26: RMB9.9bn).</li><li>Within this segment, we expect the FD operating loss to narrow further QoQ to RMB5.7bn (2Q26: RMB6.1bn). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 3Q26E, we expect JD.com (JD) to report total revenue of RMB308.1bn, up 3.0% YoY and broadly in line with Bloomberg consensus, and non-GAAP net profit of RMB8.0bn, up 38% YoY, driven by narrowing losses in the food delivery (FD) business.We estimate the operating loss for the new businesses segment will narrow to RMB9.5bn in 3Q26E (2Q26: RMB9.9bn).Within this segment, we expect the FD operating loss to narrow further QoQ to RMB5.7bn (2Q26: RMB6.1bn). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JD.com (JD US) - Short-term headwind persists

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>WTI rose 0.81% for the W/E 09/Oct as Hormuz risks and Hurricane Isaias offset supply relief; rising skew and fund long liquidation point to a short-lived supply-risk premium.</li>
<li>Energy equities outpaced flat crude, with XLE and XOP rallying and AUM flowing into traditional energy ETFs, while clean-energy ICLN lagged.</li>
<li>Frontline's Q3 bookings suggest estimates are beatable after a record Q2, but Middle East de-escalation and new vessel supply threaten tanker rates.</li>
</ul>


WTI rose 0.81% for the W/E 09/Oct as Hormuz risks and Hurricane Isaias offset supply relief; rising skew and fund long liquidation point to a short-lived supply-risk premium.
Energy equities outpaced flat crude, with XLE and XOP rallying and AUM flowing into traditional energy ETFs, while clean-energy ICLN lagged.
Frontline's Q3 bookings suggest estimates are beatable after a record Q2, but Middle East de-escalation and new vessel supply threaten tanker rates.


Energy Weekly (W/E 09/Oct): WTI Holds Gains on Hormuz Risk, Frontline Tests Peak Rates

Rubber News Specialist, Helixtap

Vinod Nedumudy

Rubber News Specialist

Global Commodities Alternative Data and Insights

Helixtap

Helixtap collects, processes and distributes proprietary data, analyses and forecasts for the rubber, latex and automotive markets

SGX Technically Specified Rubber 20 (TSR20) Futures: Effective from 16th May 2011, this contract will be migrated from SICOM platform to the SGX-DT platform. It will cease trading on SICOM at the close of business day Friday, 13th May 2011. Trading hours are revised as 7.55am to 6.00pm (no lunch break). Please refer to SGX products website for the new revised contract specifications. Exchange symbol: TF. Product Specifications: https://www2.sgx.com/derivatives/products/sicom-rubber?cc=TF

Highlights<ul><li dir="ltr" style="list-style-type: disc;" aria-level="1">Rubber exports accelerate to 9.24% growth in August, lifting January-August earnings 5.51%.</li><li dir="ltr" style="list-style-type: disc;" aria-level="1">Hard-rubber product exports surged 68.26% in August, while glove exports rose 10.71%.</li><li dir="ltr" style="list-style-type: disc;" aria-level="1">EUDR compliance and weaker vehicle registrations pose challenges despite resilient rubber-product exports.</li></ul>

HighlightsRubber exports accelerate to 9.24% growth in August, lifting January-August earnings 5.51%.Hard-rubber product exports surged 68.26% in August, while glove exports rose 10.71%.EUDR compliance and weaker vehicle registrations pose challenges despite resilient rubber-product exports.

Sri Lanka Rubber Industry Gains Momentum as Value-Added Exports Strengthen

Insights Relevant to South Africa Equity Markets