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>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

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 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"?

<ul><li>Crude futures extended losses on Tuesday after the initial early-week selloff that followed the halt in hostilities between the US and Iran, but markets remain on edge despite renewed diplomatic efforts.</li><li>Front-month Sep26 ICE Brent futures were 5.3% lower at  $83.70/b (2045 BST), while Sep26 NYMEX WTI was at $78.93/b , down 4.4% versus Monday's settle.</li><li>The latest fragile ceasefire came after Washington halted its bombing campaign aimed at Iranian targets, while Tehran also suspended its retaliatory attacks towards neighbouring Gulf states.</li></ul>

Crude futures extended losses on Tuesday after the initial early-week selloff that followed the halt in hostilities between the US and Iran, but markets remain on edge despite renewed diplomatic efforts.Front-month Sep26 ICE Brent futures were 5.3% lower at  $83.70/b (2045 BST), while Sep26 NYMEX WTI was at $78.93/b , down 4.4% versus Monday's settle.The latest fragile ceasefire came after Washington halted its bombing campaign aimed at Iranian targets, while Tehran also suspended its retaliatory attacks towards neighbouring Gulf states.

Oil futures: Crude extends losses as US-Iran talks resume

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 rallied 9.2% last week as Middle East tensions lifted geopolitical risk premiums, before easing diplomacy unwound gains. Positioning suggests markets expect continued volatility rather than a sustained bull market.</li>
<li>Investor flows favoured traditional energy, with XOP, IXC and XLE attracting inflows, while ICLN saw outflows, highlighting continued rotation away from clean energy toward oil and gas.</li>
<li>NextEra's EPS beat masked weaker-than-expected revenue and EBITDA, while stronger operating cash flow and AI-driven electricity demand continued to support its longer-term growth outlook.</li>
</ul>


WTI rallied 9.2% last week as Middle East tensions lifted geopolitical risk premiums, before easing diplomacy unwound gains. Positioning suggests markets expect continued volatility rather than a sustained bull market.
Investor flows favoured traditional energy, with XOP, IXC and XLE attracting inflows, while ICLN saw outflows, highlighting continued rotation away from clean energy toward oil and gas.
NextEra's EPS beat masked weaker-than-expected revenue and EBITDA, while stronger operating cash flow and AI-driven electricity demand continued to support its longer-term growth outlook.


Energy Weekly (W/E 24/Jul): Markets Priced Risk, Investors Rotated Capital, and NextEra Stays Course

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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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

Oil futures: Crude extends losses as US-Iran talks resume

Crude futures extended losses on Tuesday after the initial early-week selloff that followed the halt in hostilities between the US and Iran...

Quantum Commodity Intelligence

Energy Weekly (W/E 24/Jul): Markets Priced Risk, Investors Rotated Capital, and NextEra Stays Course

WTI surged on Middle East tensions but eased on diplomacy. Investor flows favour traditional energy over clean energy. NextEra's EPS beat, but...

Mint Finance

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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

Oil futures: Crude extends losses as US-Iran talks resume

Crude futures extended losses on Tuesday after the initial early-week selloff that followed the halt in hostilities between the US and Iran...

Quantum Commodity Intelligence

Energy Weekly (W/E 24/Jul): Markets Priced Risk, Investors Rotated Capital, and NextEra Stays Course

​WTI surged on Middle East tensions but eased on diplomacy. Investor flows favour traditional energy over clean energy. NextEra's EPS beat, but...

Mint Finance

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...

WTI surged on Middle East tensions but eased on diplomacy. Investor flows favour traditional energy over clean energy. NextEra's EPS beat, but...