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.

Commodities

<ul>
<li>The U.S. is now promising to place a “heavy boot” on Iran of additional economic sanctions, telling countries who trade with Iran “you are either with us or against us.”          </li>
<li>While traders and funds may bid the market up further in response, our belief is that unless Iran responds militarily, the upside to crude oil prices may be limited.   </li>
<li>In this regard, we will retain our long-standing $75.00-$88.00 per barrel trading range for the prompt NYMEX crude oil contract until proven wrong.         </li>
</ul>


The U.S. is now promising to place a “heavy boot” on Iran of additional economic sanctions, telling countries who trade with Iran “you are either with us or against us.”          
While traders and funds may bid the market up further in response, our belief is that unless Iran responds militarily, the upside to crude oil prices may be limited.   
In this regard, we will retain our long-standing $75.00-$88.00 per barrel trading range for the prompt NYMEX crude oil contract until proven wrong.         


Monday Macro Update: Our Crude Oil Trading Range Remains Intact Despite Risk of a Reescalation

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

Rikki Malik

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>We look at the two recent Central Bank decisions and what they mean for our themes </li>
<li>The Iran/US MOU is providing an opportunity in oil and gas stocks</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
We look at the two recent Central Bank decisions and what they mean for our themes 
The Iran/US MOU is providing an opportunity in oil and gas stocks


Overview #65 – A Tale of Two Central Banks

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 extended gains into a fourth session on Wednesday amid ongoing supply concerns, as the latest talks between the US and Iran to open the Strait of Hormuz ended at another stalemate.</li><li>Oct26 ICE  Brent futures were 0.3% higher at $91.29/b (2100 BST), while Sep26 NYMEX  WTI was at $84.13/b , up 0.8% versus Tuesday's settle.</li><li>Both contracts were heading for the highest settlements since 24 July on Wednesday as hopes of deal between the US and Iran faded, while attacks on shipping remain a very real threat.</li></ul>

Crude oil futures extended gains into a fourth session on Wednesday amid ongoing supply concerns, as the latest talks between the US and Iran to open the Strait of Hormuz ended at another stalemate.Oct26 ICE  Brent futures were 0.3% higher at $91.29/b (2100 BST), while Sep26 NYMEX  WTI was at $84.13/b , up 0.8% versus Tuesday's settle.Both contracts were heading for the highest settlements since 24 July on Wednesday as hopes of deal between the US and Iran faded, while attacks on shipping remain a very real threat.

Oil futures: Crude higher as Strait of Hormuz standoff continues

<ul><li>Crude oil futures were higher for a fifth session on Thursday as benchmarks cemented solid monthly gains amid growing concerns of a renewed supply crunch.</li><li>Oct26 ICE  Brent futures were 2.2% higher at $93.59/b (2040 BST), while Sep26 NYMEX  WTI was at $86.66/b , up 2.7% versus Wednesday's settle.</li><li>The Strait of Hormuz remains the driving factor for oil and while the US claims that the narrow waterway is open, Iran continues to throttle tanker shipments with the threat of attacks.</li></ul>

Crude oil futures were higher for a fifth session on Thursday as benchmarks cemented solid monthly gains amid growing concerns of a renewed supply crunch.Oct26 ICE  Brent futures were 2.2% higher at $93.59/b (2040 BST), while Sep26 NYMEX  WTI was at $86.66/b , up 2.7% versus Wednesday's settle.The Strait of Hormuz remains the driving factor for oil and while the US claims that the narrow waterway is open, Iran continues to throttle tanker shipments with the threat of attacks.

Oil futures: Crude extends rally as Iran tightens grip on Hormuz

<ul>
<li>As September NYMEX crude oil went off the board, the October contract approached our long-standing trading range peak of $88.00 per barrel, which we see no reason to revise.          </li>
<li>Our updated U.S. commercial crude oil balance suggests a growing “disconnect” between the underlying fundamentals and NYMEX crude oil prices.                        </li>
<li>We therefore continue to recommend selling small volumes with tight stops as October trades around $88.00 per barrel, but to play it conservatively sell outer months first.              </li>
</ul>


As September NYMEX crude oil went off the board, the October contract approached our long-standing trading range peak of $88.00 per barrel, which we see no reason to revise.          
Our updated U.S. commercial crude oil balance suggests a growing “disconnect” between the underlying fundamentals and NYMEX crude oil prices.                        
We therefore continue to recommend selling small volumes with tight stops as October trades around $88.00 per barrel, but to play it conservatively sell outer months first.              


Morning Market Notes: We Are Retaining Our Trading Range Peak of $88.00 Per Barrel, Basis October

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)

Monday Macro Update: Our Crude Oil Trading Range Remains Intact Despite Risk of a Reescalation

Our crude oil trading range for the prompt NYMEX crude oil contract of $75.00-$88.00 per barrel remains intact despite risk of a U.S.-Iran...

William H Brown III

Overview #65 – A Tale of Two Central Banks

A review of recent events/data impacting our investment themes and outlook. We look at recent Central Bank decisions and the Iran/US MOU

Rikki Malik

Oil futures: Crude higher as Strait of Hormuz standoff continues

Crude oil futures extended gains into a fourth session on amid ongoing supply concerns, as the latest talks between the US and Iran...

Quantum Commodity Intelligence

Oil futures: Crude extends rally as Iran tightens grip on Hormuz

Crude oil futures were higher for a fifth session on Thursday as benchmarks cemented solid monthly gains amid growing concerns of a supply crunch...

Quantum Commodity Intelligence

Morning Market Notes: We Are Retaining Our Trading Range Peak of $88.00 Per Barrel, Basis October

Our trading range peak of around $88.00 per barrel for October NYMEX crude oil contract. Recommending selling small volume around that level as a...

William H Brown III

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