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>Despite current geopolitical "distractions", consensus continues to predict a "mega" oil surplus for this year. We believe the global oil market will be in a better balance than consensus expectations.</li>
<li>Much of the volumes of "oil afloat" and "oil in transit" that may end up in on-land storage is in "strong hands" and unlikely to be dumped on the market.</li>
<li>We are bullish on energy equities and the commodity for 2026. In terms of the equities, however, we believe that over the short-term they are a bit ahead of themselves.</li>
</ul>


Despite current geopolitical "distractions", consensus continues to predict a "mega" oil surplus for this year. We believe the global oil market will be in a better balance than consensus expectations.
Much of the volumes of "oil afloat" and "oil in transit" that may end up in on-land storage is in "strong hands" and unlikely to be dumped on the market.
We are bullish on energy equities and the commodity for 2026. In terms of the equities, however, we believe that over the short-term they are a bit ahead of themselves.


2026 World Oil Market Will Be Better Balanced Than Consensus Expectations

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>Crude Oil Futures dropped 6% on Monday, our model flagged asymmetric upside risk. We will use the <a href="https://www.smartkarma.com/entities/united-states-oil-fund-lp" target="_blank" data-smartkarma-citation="entities:174:1" rel="noopener">United States Oil Fund LP (USO US)</a> ETF for this analysis.</li>
<li>
<a href="https://www.smartkarma.com/entities/united-states-oil-fund-lp" target="_blank" data-smartkarma-citation="entities:174:1" rel="noopener">USO</a> is reaching the lower WEEKLY support levels on our model. This means that oil may briefly jump higher, once this weekly correction settles, this week.</li>
<li>
<strong>We expect the correction to end probably this week</strong>, barring major unpredictable events driven by decisions made by the US Gov, like 'peace at any cost'.</li>
</ul>


Crude Oil Futures dropped 6% on Monday, our model flagged asymmetric upside risk. We will use the United States Oil Fund LP (USO US) ETF for this analysis.

USO is reaching the lower WEEKLY support levels on our model. This means that oil may briefly jump higher, once this weekly correction settles, this week.

We expect the correction to end probably this week, barring major unpredictable events driven by decisions made by the US Gov, like 'peace at any cost'.


Crude Oil Tactical Outlook: Bottom Near, May Rise Again

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 ended the week lower as geopolitical risk premiums faded, though intraday price swings underscored how sensitive crude remains to developments in the Middle East.</li>
<li>Options positioning remained broadly balanced, while the latest CoT data showed funds adding long positions and covering shorts, pointing to improving sentiment rather than a decisive directional view.</li>
<li>Chevron converted higher oil prices into a decisive earnings beat through stronger execution and uninterrupted operations, while production disruptions and refinery maintenance limited ExxonMobil's upside.</li>
</ul>


WTI ended the week lower as geopolitical risk premiums faded, though intraday price swings underscored how sensitive crude remains to developments in the Middle East.
Options positioning remained broadly balanced, while the latest CoT data showed funds adding long positions and covering shorts, pointing to improving sentiment rather than a decisive directional view.
Chevron converted higher oil prices into a decisive earnings beat through stronger execution and uninterrupted operations, while production disruptions and refinery maintenance limited ExxonMobil's upside.


Energy Weekly (W/E 31/Jul): Oil Reprices Risk, Positioning Steadies, and Chevron Outshines Exxon

<ul>
<li>President Trump has decided to hold off on any major military strikes against Iran that he previously threatened, apparently at the behest of GCC countries, particularly Saudi Arabia.       </li>
<li>There is the suggestion in turn that negotiations will resume in earnest, but “we have been here before.”</li>
<li>For the sake of the world economy we hope we are wrong, but “we will believe it when we see it” in terms of any progress on the diplomatic front.        </li>
</ul>


President Trump has decided to hold off on any major military strikes against Iran that he previously threatened, apparently at the behest of GCC countries, particularly Saudi Arabia.       
There is the suggestion in turn that negotiations will resume in earnest, but “we have been here before.”
For the sake of the world economy we hope we are wrong, but “we will believe it when we see it” in terms of any progress on the diplomatic front.        


Monday Macro Update: Deja Vu All Over Again as Major Military Action Is Once Again on Hold

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 slumped in late trading Wednesday after US President Donald Trump said that Iran would halt the killing of protesters, including executions, in a move that was seen as likely averting immediate military action.</li><li>The comments came after a day of high drama that had seen crude benchmarks extend the rally into a fifth session amid growing concerns around an escalation in the tense situation, with Tehran authorities seemingly set to carry out death sentences of arrested protesters.</li><li>Front-month Mar26 ICE Brent  futures were trading at  $65.58/b (2212 GMT) versus Tuesday's settle of $65.47/b, while Feb26 NYMEX WTI  was at  $61.05/b against a previous close of $61.15/b.</li></ul>

Crude oil futures slumped in late trading Wednesday after US President Donald Trump said that Iran would halt the killing of protesters, including executions, in a move that was seen as likely averting immediate military action.The comments came after a day of high drama that had seen crude benchmarks extend the rally into a fifth session amid growing concerns around an escalation in the tense situation, with Tehran authorities seemingly set to carry out death sentences of arrested protesters.Front-month Mar26 ICE Brent  futures were trading at  $65.58/b (2212 GMT) versus Tuesday's settle of $65.47/b, while Feb26 NYMEX WTI  was at  $61.05/b against a previous close of $61.15/b.

Oil futures: Crude sinks in late trading following Trump Iran comments

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Crude Oil (CL1 COM COMDTY)

2026 World Oil Market Will Be Better Balanced Than Consensus Expectations

The consensus anticipates a mega oil surplus for this year, but the balance will be better than expected. We are bullish on energy equities and...

William H Brown III

Crude Oil Tactical Outlook: Bottom Near, May Rise Again

Crude oil futures dropped 6% on Monday, but our model suggests a potential upcoming rebound as oil reaches the lowest support levels. We expect a...

Nico Rosti

Energy Weekly (W/E 31/Jul): Oil Reprices Risk, Positioning Steadies, and Chevron Outshines Exxon

WTI prices fell as geopolitical tensions eased, with crude remaining sensitive to Middle East news. Funds are optimistic, but Chevron outperformed...

Mint Finance

Monday Macro Update: Deja Vu All Over Again as Major Military Action Is Once Again on Hold

President Trump delays military strikes on Iran, possibly due to pressure from GCC countries, raising hopes for renewed negotiations but...

William H Brown III

Oil futures: Crude sinks in late trading following Trump Iran comments

Crude oil futures slumped in late trading after US President Donald Trump said that Iran would halt the killing of protesters, including executions...

Quantum Commodity Intelligence

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

2026 World Oil Market Will Be Better Balanced Than Consensus Expectations

​The consensus anticipates a mega oil surplus for this year, but the balance will be better than expected. We are bullish on energy equities and...

William H Brown III

Crude Oil Tactical Outlook: Bottom Near, May Rise Again

​Crude oil futures dropped 6% on Monday, but our model suggests a potential upcoming rebound as oil reaches the lowest support levels. We expect a...

Nico Rosti

Energy Weekly (W/E 31/Jul): Oil Reprices Risk, Positioning Steadies, and Chevron Outshines Exxon

​WTI prices fell as geopolitical tensions eased, with crude remaining sensitive to Middle East news. Funds are optimistic, but Chevron outperformed...

Mint Finance

Monday Macro Update: Deja Vu All Over Again as Major Military Action Is Once Again on Hold

​President Trump delays military strikes on Iran, possibly due to pressure from GCC countries, raising hopes for renewed negotiations but...

William H Brown III

Oil futures: Crude sinks in late trading following Trump Iran comments

Crude oil futures slumped in late trading after US President Donald Trump said that Iran would halt the killing of protesters, including executions...

Quantum Commodity Intelligence

The consensus anticipates a mega oil surplus for this year, but the balance will be better than expected. We are bullish on energy equities and...

Crude oil futures dropped 6% on Monday, but our model suggests a potential upcoming rebound as oil reaches the lowest support levels. We expect a...

WTI prices fell as geopolitical tensions eased, with crude remaining sensitive to Middle East news. Funds are optimistic, but Chevron outperformed...

President Trump delays military strikes on Iran, possibly due to pressure from GCC countries, raising hopes for renewed negotiations but...