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

<ul><li>Crude oil futures were moving higher on Friday as investors hedged against further conflict escalation over the weekend, with diplomacy efforts seemingly stalled again.</li><li>Sep26 ICE Brent futures were 1.2% higher at  $90.09/b (2050 BST) heading into the contract expiry, while Sep26 NYMEX  WTI was at $84.76/b , up 1.4% versus Thursday's settle.</li><li>Brent initially tumbled to an intraday low of $86.89/b before buying kicked in after operations at the Black Sea CPC were suspended again amid safety concerns after recent drone strikes.</li></ul>

Crude oil futures were moving higher on Friday as investors hedged against further conflict escalation over the weekend, with diplomacy efforts seemingly stalled again.Sep26 ICE Brent futures were 1.2% higher at  $90.09/b (2050 BST) heading into the contract expiry, while Sep26 NYMEX  WTI was at $84.76/b , up 1.4% versus Thursday's settle.Brent initially tumbled to an intraday low of $86.89/b before buying kicked in after operations at the Black Sea CPC were suspended again amid safety concerns after recent drone strikes.

Oil futures: Crude rebounds as Hormuz, CPC disruptions eyed

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>A clearing event sets up the catalyst for a bounce in the AI/Memory names</li>
<li>Joint Yen Intervention sets up the DXY for a breakdown</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
A clearing event sets up the catalyst for a bounce in the AI/Memory names
Joint Yen Intervention sets up the DXY for a breakdown


Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul>
<li>Global diesel supply could tighten further if the US restricts diesel exports, a measure under consideration.</li>
<li>This could keep diesel crack spreads and market GRMs elevated for longer than usual, reinforcing our positive view on structural refining tightness and benefiting refinery stocks.</li>
<li>Fuel retailers' marketing margins and profits in 4Q26E could suffer if the momentum of subsidy cuts exceed retail price increases.</li>
</ul>


Global diesel supply could tighten further if the US restricts diesel exports, a measure under consideration.
This could keep diesel crack spreads and market GRMs elevated for longer than usual, reinforcing our positive view on structural refining tightness and benefiting refinery stocks.
Fuel retailers' marketing margins and profits in 4Q26E could suffer if the momentum of subsidy cuts exceed retail price increases.


Tight Global Diesel Supply Keeps Cracks/GRMs High Longer; Marketing Margins at Risk

<ul>
<li>Crude futures eased slightly although were largely consolidating the midweek gains, while markets remained tense as renewed military strikes continued into Thursday with the US hitting targets in Iran.</li>
<li>Front-month Sep26 ICE Brent futures were 2% lower at  $88.92/b (2040 BST), while Sep26 NYMEX  WTI was at $83.47/b , down 1.2% versus Wednesday's settle.</li>
<li>The latest barrage came after President Donald Trump vowed to hit Iran "very hard" after a US base in Jordan was again targeted, while reports of strikes on two LNG tankers off Egypt's Mediterranean coast added to growing tensions.</li>
</ul>


Crude futures eased slightly although were largely consolidating the midweek gains, while markets remained tense as renewed military strikes continued into Thursday with the US hitting targets in Iran.
Front-month Sep26 ICE Brent futures were 2% lower at  $88.92/b (2040 BST), while Sep26 NYMEX  WTI was at $83.47/b , down 1.2% versus Wednesday's settle.
The latest barrage came after President Donald Trump vowed to hit Iran "very hard" after a US base in Jordan was again targeted, while reports of strikes on two LNG tankers off Egypt's Mediterranean coast added to growing tensions.


Oil futures: Brent dips below $90/b, Mideast tensions remain elevated

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>While we may see higher crude oil prices, the market may be “telling us something” given the lack of follow through after more attacks by the United States and Iran.       </li>
<li>As a precaution, given our conservative nature, we are pulling our recommendation to buy NYMEX CL Oct-Nov calendar spreads, despite the relatively modest gains thus far.                </li>
<li>NYMEX natural gas remains undervalued in our view; we recommend buying the Oct-Nov calendar spreads which settled yesterday at $0.22 per mmBtu, October under.</li>
</ul>


While we may see higher crude oil prices, the market may be “telling us something” given the lack of follow through after more attacks by the United States and Iran.       
As a precaution, given our conservative nature, we are pulling our recommendation to buy NYMEX CL Oct-Nov calendar spreads, despite the relatively modest gains thus far.                
NYMEX natural gas remains undervalued in our view; we recommend buying the Oct-Nov calendar spreads which settled yesterday at $0.22 per mmBtu, October under.


Morning Market Notes: Is The Oil Market Starting to Look Tired?

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)

Oil futures: Crude rebounds as Hormuz, CPC disruptions eyed

Crude oil futures were moving higher Friday as investors hedged against further conflict escalation over the weekend....

Quantum Commodity Intelligence

Overview#71 – Cheque Please

A review of recent events/data impacting our investment themes and outlook. We look at hyperscaler results and the joint US/Japan intervention

Rikki Malik

Tight Global Diesel Supply Keeps Cracks/GRMs High Longer; Marketing Margins at Risk

Global diesel supply could tighten further if the US restricts diesel exports, a measure under consideration. This could keep diesel crack spreads...

Krungthai XSpring

Oil futures: Brent dips below $90/b, Mideast tensions remain elevated

Crude futures eased slightly although were largely consolidating midweek gains, while markets remained tense on renewed military strikes...

Quantum Commodity Intelligence

Morning Market Notes: Is The Oil Market Starting to Look Tired?

Despite potential for higher crude oil prices, caution is advised as market response to US-Iran tensions is uncertain. Natural gas is undervalued,...

William H Brown III

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Oil futures: Crude rebounds as Hormuz, CPC disruptions eyed

Crude oil futures were moving higher Friday as investors hedged against further conflict escalation over the weekend....

Quantum Commodity Intelligence

Overview#71 – Cheque Please

A review of recent events/data impacting our investment themes and outlook. We look at hyperscaler results and the joint US/Japan intervention

Rikki Malik

Tight Global Diesel Supply Keeps Cracks/GRMs High Longer; Marketing Margins at Risk

Global diesel supply could tighten further if the US restricts diesel exports, a measure under consideration. This could keep diesel crack spreads...

Krungthai XSpring

Oil futures: Brent dips below $90/b, Mideast tensions remain elevated

Crude futures eased slightly although were largely consolidating midweek gains, while markets remained tense on renewed military strikes...

Quantum Commodity Intelligence

Morning Market Notes: Is The Oil Market Starting to Look Tired?

​Despite potential for higher crude oil prices, caution is advised as market response to US-Iran tensions is uncertain. Natural gas is undervalued,...

William H Brown III

Despite potential for higher crude oil prices, caution is advised as market response to US-Iran tensions is uncertain. Natural gas is undervalued,...