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 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?

<ul>
<li>While we had become constructive on the oil market after the recent declines, we were not expecting the events that catalyzed yesterday’s spike.       </li>
<li>An alleged pre-emptive strike by the IRGC against U.S. assets in Jordan and joint U.S.-Saudi strikes into Iraq seemed to come out of the blue, inconsistent with previous behavior.                </li>
<li>Having said this, in our view there still remains the possibility of a resumption of U.S.-Iran strikes and counterstrikes on a larger scale.          </li>
</ul>


While we had become constructive on the oil market after the recent declines, we were not expecting the events that catalyzed yesterday’s spike.       
An alleged pre-emptive strike by the IRGC against U.S. assets in Jordan and joint U.S.-Saudi strikes into Iraq seemed to come out of the blue, inconsistent with previous behavior.                
Having said this, in our view there still remains the possibility of a resumption of U.S.-Iran strikes and counterstrikes on a larger scale.          


Morning Market Notes: It Looks Like We Were Right But For the Wrong Reasons

<ul><li>Crude futures rebounded on Wednesday after three days of sharp losses as Middle East tensions flared again with the US and Iran trading fire, also igniting fears of a broader regional war.</li><li>Front-month Sep26 ICE  Brent futures were 7.4% higher at $90.34/b (2032 BST), while Sep26 NYMEX  WTI was at $84.68/b , up 6.8% versus Tuesday's settle.</li><li>Benchmarks jumped after Iranian forces responded with a missile attack on American forces in Jordan following strikes by the US and Saudi Arabia against Iraqi militias, undermining prospects of a new ceasefire deal this week.</li></ul>

Crude futures rebounded on Wednesday after three days of sharp losses as Middle East tensions flared again with the US and Iran trading fire, also igniting fears of a broader regional war.Front-month Sep26 ICE  Brent futures were 7.4% higher at $90.34/b (2032 BST), while Sep26 NYMEX  WTI was at $84.68/b , up 6.8% versus Tuesday's settle.Benchmarks jumped after Iranian forces responded with a missile attack on American forces in Jordan following strikes by the US and Saudi Arabia against Iraqi militias, undermining prospects of a new ceasefire deal this week.

Oil futures: Brent rebounds above $90/b as Mideast tensions reignite

<ul>
<li>As crude oil prices continued to decline, there nonetheless remain elements in the background that could reignite military activity between the U.S. and Iran.         </li>
<li>One element is the Strait of Hormuz, with Oman now apparently proposing ways to jointly manage with Iran, which we would assume is still not acceptable to the United States.               </li>
<li>Another element: a potential “off ramp” for the United States, i.e.  a major strike on Pickaxe Mountain, to show that in fact the nuclear issue was the “end game.”          </li>
</ul>


As crude oil prices continued to decline, there nonetheless remain elements in the background that could reignite military activity between the U.S. and Iran.         
One element is the Strait of Hormuz, with Oman now apparently proposing ways to jointly manage with Iran, which we would assume is still not acceptable to the United States.               
Another element: a potential “off ramp” for the United States, i.e.  a major strike on Pickaxe Mountain, to show that in fact the nuclear issue was the “end game.”          


Morning Market Notes: Is An Attack on Pickaxe Mountain a Possible U.S. "Off Ramp"?

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)

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

Morning Market Notes: It Looks Like We Were Right But For the Wrong Reasons

Unexpected events in the oil market, including alleged strikes by IRGC and joint US-Saudi strikes, could lead to larger scale US-Iran conflict.

William H Brown III

Oil futures: Brent rebounds above $90/b as Mideast tensions reignite

Crude futures rebounded on Wednesday after three days of sharp losses as Middle East tensions flared again with the US and Iran trading fire...

Quantum Commodity Intelligence

Morning Market Notes: Is An Attack on Pickaxe Mountain a Possible U.S. "Off Ramp"?

Despite declining crude oil prices, tensions between the U.S. and Iran could escalate due to issues like the Strait of Hormuz and a major strike...

William H Brown III

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Morning Market Notes: It Looks Like We Were Right But For the Wrong Reasons

​Unexpected events in the oil market, including alleged strikes by IRGC and joint US-Saudi strikes, could lead to larger scale US-Iran conflict.

William H Brown III

Oil futures: Brent rebounds above $90/b as Mideast tensions reignite

Crude futures rebounded on Wednesday after three days of sharp losses as Middle East tensions flared again with the US and Iran trading fire...

Quantum Commodity Intelligence

Morning Market Notes: Is An Attack on Pickaxe Mountain a Possible U.S. "Off Ramp"?

​Despite declining crude oil prices, tensions between the U.S. and Iran could escalate due to issues like the Strait of Hormuz and a major strike...

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,...

Unexpected events in the oil market, including alleged strikes by IRGC and joint US-Saudi strikes, could lead to larger scale US-Iran conflict.

Despite declining crude oil prices, tensions between the U.S. and Iran could escalate due to issues like the Strait of Hormuz and a major strike...