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.

Commodities

<ul>
<li>The SPR sits near its statutory floor with degraded withdrawal capacity, leaving the U.S. far less room to absorb the next major supply shock.</li>
<li>Record U.S. production hasn't rebuilt reserves. Gradually rising output and strong export demand mean few barrels are being diverted to SPR storage.</li>
<li>Trump's Venezuela deal is unlikely to "top out" the SPR in 2026, as heavy crude quality, damaged infrastructure, and no DOE program stand in the way.</li>
</ul>


The SPR sits near its statutory floor with degraded withdrawal capacity, leaving the U.S. far less room to absorb the next major supply shock.
Record U.S. production hasn't rebuilt reserves. Gradually rising output and strong export demand mean few barrels are being diverted to SPR storage.
Trump's Venezuela deal is unlikely to "top out" the SPR in 2026, as heavy crude quality, damaged infrastructure, and no DOE program stand in the way.


America's Depleting Cushion: Record Oil Output, a Depleted SPR, and a Venezuelan Mirage

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>It may be our imagination, but we believe we are coming close to the peak in oil price, at least for the near term.              </li>
<li>Even if we are correct in this regard, there are a number of factors that support our long-standing belief that the U.S.-Iran conflict will continue through year end.                              </li>
<li>Our thoughts derive in part from the political reality of the U.S. mid-term elections.       </li>
</ul>


It may be our imagination, but we believe we are coming close to the peak in oil price, at least for the near term.              
Even if we are correct in this regard, there are a number of factors that support our long-standing belief that the U.S.-Iran conflict will continue through year end.                              
Our thoughts derive in part from the political reality of the U.S. mid-term elections.       


Morning Market Notes: Perhaps a Near-Term Market Top, But War Likely to Extend Through Year End

<ul>
<li>Amidst all the hype and focus on the global supply side of the equation, there may be some developing trends on the demand side that merit close monitoring.              </li>
<li>Although not perfect by any means and subject to revision, up to now the U.S. implied refined product demand has been holding up well, considering price levels.                             </li>
<li>More recently, however, we are witnessing some deterioration in major refined product demand, although we caution it may still be too early to declare a trend.      </li>
</ul>


Amidst all the hype and focus on the global supply side of the equation, there may be some developing trends on the demand side that merit close monitoring.              
Although not perfect by any means and subject to revision, up to now the U.S. implied refined product demand has been holding up well, considering price levels.                             
More recently, however, we are witnessing some deterioration in major refined product demand, although we caution it may still be too early to declare a trend.      


Morning Market Notes: A Closer Eye On Trends In Refined Product Demand Is Now Warranted

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.

<ul><li>Crude oil futures rowed back from multi-month highs on Wednesday, although concerns over tightening market balances heading into winter continued to lend support.</li><li>Nov26 ICE Brent futures were 2.9% lower at $105.53/b (2119 BST), while Oct26 NYMEX WTI was at $102.07/b , down 3.5% versus Tuesday's settle.</li><li>Both benchmarks posted the highest settlements since May in the previous session as oil prices remain broadly supported, with analysts flagging that the $100/b Brent floor is unlikely to break until the market gets clearer visibility on Saudi supply following the shutdown of the East-West pipeline.</li></ul>

Crude oil futures rowed back from multi-month highs on Wednesday, although concerns over tightening market balances heading into winter continued to lend support.Nov26 ICE Brent futures were 2.9% lower at $105.53/b (2119 BST), while Oct26 NYMEX WTI was at $102.07/b , down 3.5% versus Tuesday's settle.Both benchmarks posted the highest settlements since May in the previous session as oil prices remain broadly supported, with analysts flagging that the $100/b Brent floor is unlikely to break until the market gets clearer visibility on Saudi supply following the shutdown of the East-West pipeline.

Oil futures: Crude rows back from highs, Mideast supply routes eyed

<ul>
<li>Our trading range peak for the October NYMEX contract has obviously been breached, but we suggest the jury remains out in terms of any substantial further upside.              </li>
<li>We have been recommending that if October hit roughly $88.00 per barrel, we would sell small volumes of December with tight stops; we hope we have not inflicted much damage.                            </li>
<li>We will hold fast for the time being to see if the market will move much higher, or if the peak will end up only modestly above our previous parameter.       </li>
</ul>


Our trading range peak for the October NYMEX contract has obviously been breached, but we suggest the jury remains out in terms of any substantial further upside.              
We have been recommending that if October hit roughly $88.00 per barrel, we would sell small volumes of December with tight stops; we hope we have not inflicted much damage.                            
We will hold fast for the time being to see if the market will move much higher, or if the peak will end up only modestly above our previous parameter.       


Morning Market Notes: Estimated Trading Range Peak of $88.00 Per Barrel Exceeded; Mea Culpa

United States

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.

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Crude Oil (CL1 COM COMDTY)

America's Depleting Cushion: Record Oil Output, a Depleted SPR, and a Venezuelan Mirage

The SPR sits at a 44-year low with reduced legal and physical headroom, even as U.S. output hits records — and Trump's Venezuela fix won't move the...

Mint Finance

Morning Market Notes: Perhaps a Near-Term Market Top, But War Likely to Extend Through Year End

Near-term oil price peak may be near, but conflict likely to extend through year end. If there is a correction, therefore, we would then come in...

William H Brown III

Morning Market Notes: A Closer Eye On Trends In Refined Product Demand Is Now Warranted

Wile most focus has been on global oil supply, specifically the Strait of Hormuz, we see signs that the demand side now warrants close monitoring,...

William H Brown III

Oil futures: Crude rows back from highs, Mideast supply routes eyed

Crude oil futures rowed back from multi-month highs on Wednesday, although concerns over tightening market balances heading into winter...

Quantum Commodity Intelligence

Morning Market Notes: Estimated Trading Range Peak of $88.00 Per Barrel Exceeded; Mea Culpa

Estimated trading range peak for NYMEX crude oil breeched, but jury remains out as to whether a major uptrend is unfolding or only a modestly...

William H Brown III

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