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 rowed back from recent two-month highs on Friday, although were holding on to most of the steep weekly gains as oil markets face the worst crisis since the start of the current Middle East conflict.</li><li>Front-month Sep26 ICE  Brent futures were down 3% at $97.68/b (2115 BST), while Sep26 NYMEX WTI was at $90.08/b , down 2.3% versus Thursday's settle, with the conflict avoiding further escalation in the last 24 hours.</li><li>Benchmarks had gained around a third over the last two weeks with Brent hitting $102/b on Thursday after Iran effectively closed the Strait of Hormuz again, while its Houthi allies in Yemen targeted Saudi tankers in the Red Sea.</li></ul>

Crude futures rowed back from recent two-month highs on Friday, although were holding on to most of the steep weekly gains as oil markets face the worst crisis since the start of the current Middle East conflict.Front-month Sep26 ICE  Brent futures were down 3% at $97.68/b (2115 BST), while Sep26 NYMEX WTI was at $90.08/b , down 2.3% versus Thursday's settle, with the conflict avoiding further escalation in the last 24 hours.Benchmarks had gained around a third over the last two weeks with Brent hitting $102/b on Thursday after Iran effectively closed the Strait of Hormuz again, while its Houthi allies in Yemen targeted Saudi tankers in the Red Sea.

Oil futures: Crude off highs as US-Iran tensions simmer

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>Based on the steep “slope” of the conflict escalation, we would not be surprised to see $100.00 per barrel, basis prompt NYMEX, approached in the not-too-distant future.      </li>
<li>We have pulled our recommendation to short the Sept NYMEX CL RBOB crack since, as anticipated, the jump in crude oil squeezed the cracks toward fair value given current circumstances.</li>
<li>Our latest outlook for the U.S. commercial crude oil balance suggests an even “tighter” peak through the end of August, with “less robust” easing thereafter.        </li>
</ul>


Based on the steep “slope” of the conflict escalation, we would not be surprised to see $100.00 per barrel, basis prompt NYMEX, approached in the not-too-distant future.      
We have pulled our recommendation to short the Sept NYMEX CL RBOB crack since, as anticipated, the jump in crude oil squeezed the cracks toward fair value given current circumstances.
Our latest outlook for the U.S. commercial crude oil balance suggests an even “tighter” peak through the end of August, with “less robust” easing thereafter.        


Morning Market Notes: A Test of $100.00 Per Barrel, Basis Prompt NYMEX, Anytime Soon?

<ul><li>Crude futures raced higher on Thursday following a further escalation risk to oil flows after a Saudi ship was blasted in the Red Sea, while the Strait of Hormuz effectively remains closed.</li><li>Front-month Sep26 ICE  Brent futures were up 6% at  $99.75/b (2042 BST), having posted a fresh two-month high of $102/b, while Sep26 NYMEX  WTI was at $91.48/b , up 5.4% versus Wednesday's settle.</li><li>Both benchmarks eased as the trade day wound down.</li></ul>

Crude futures raced higher on Thursday following a further escalation risk to oil flows after a Saudi ship was blasted in the Red Sea, while the Strait of Hormuz effectively remains closed.Front-month Sep26 ICE  Brent futures were up 6% at  $99.75/b (2042 BST), having posted a fresh two-month high of $102/b, while Sep26 NYMEX  WTI was at $91.48/b , up 5.4% versus Wednesday's settle.Both benchmarks eased as the trade day wound down.

Oil futures: Brent tops $100 as Saudi tankers targeted in Red Sea

<ul>
<li>The U.S. and Iran are now targeting civilian infrastructure and energy assets; thus we can safely say that “all-out war” has returned, now compounded by the Houthi-Saudi confrontation.     </li>
<li>There is little sign that oil prices have peaked, but barring a Houthi attack on Abqaiq, we still do not envision $100.00 per barrel, basis prompt NYMEX crude oil.            </li>
<li>The latest EIA data revealed continued low exports influencing the stock build, but we would look for exports to recover in the weeks ahead, reflecting the “closure” of the Strait.       </li>
</ul>


The U.S. and Iran are now targeting civilian infrastructure and energy assets; thus we can safely say that “all-out war” has returned, now compounded by the Houthi-Saudi confrontation.     
There is little sign that oil prices have peaked, but barring a Houthi attack on Abqaiq, we still do not envision $100.00 per barrel, basis prompt NYMEX crude oil.            
The latest EIA data revealed continued low exports influencing the stock build, but we would look for exports to recover in the weeks ahead, reflecting the “closure” of the Strait.       


Morning Market Notes: Price Gains Likely as Military Strikes Escalate Along With Houthi-Saudi Issues

<ul><li>Crude futures hit fresh multi-week highs as conflict escalation fears continued to grow on Wednesday, further threatening a prolonged delay in crude supplies from the Middle East.</li><li>Front-month Sep26 ICE  Brent futures were up 3.6% at $94.30/b (2033 BST), earlier posting a five-week high of $95.47/b, while Sep26 NYMEX  WTI was at $87.06/b , up 3.2% versus Tuesday's settle.</li><li>Overnight the US continued its relentless bombing campaign hitting targets across southern and western Iran, while Tehran again attacked US facilities in Bahrain, Kuwait and Jordan.</li></ul>

Crude futures hit fresh multi-week highs as conflict escalation fears continued to grow on Wednesday, further threatening a prolonged delay in crude supplies from the Middle East.Front-month Sep26 ICE  Brent futures were up 3.6% at $94.30/b (2033 BST), earlier posting a five-week high of $95.47/b, while Sep26 NYMEX  WTI was at $87.06/b , up 3.2% versus Tuesday's settle.Overnight the US continued its relentless bombing campaign hitting targets across southern and western Iran, while Tehran again attacked US facilities in Bahrain, Kuwait and Jordan.

Oil futures: Crude extends rally as escalation fears dominate

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: Crude off highs as US-Iran tensions simmer

Crude futures rowed back from recent two-month highs on Friday, although were holding on to most of the steep weekly gains...

Quantum Commodity Intelligence

Morning Market Notes: A Test of $100.00 Per Barrel, Basis Prompt NYMEX, Anytime Soon?

Expect prompt NYMEX crude oil to try and approach $100 per barrel, with a tight market balance through August. Trading recommendation adjusted...

William H Brown III

Oil futures: Brent tops $100 as Saudi tankers targeted in Red Sea

Crude futures raced higher following a further escalation risk to oil flows after a Saudi ship was blasted in the Red Sea...

Quantum Commodity Intelligence

Morning Market Notes: Price Gains Likely as Military Strikes Escalate Along With Houthi-Saudi Issues

US and Iran targeting civilian infrastructure and energy assets signals return of "all-out war" with Houthi-Saudi confrontation, oil prices may...

William H Brown III

Oil futures: Crude extends rally as escalation fears dominate

Crude futures hit fresh multi-week highs as conflict escalation fears continued to grow, further threatening a prolonged delay in crude supplies...

Quantum Commodity Intelligence

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Oil futures: Crude off highs as US-Iran tensions simmer

Crude futures rowed back from recent two-month highs on Friday, although were holding on to most of the steep weekly gains...

Quantum Commodity Intelligence

Morning Market Notes: A Test of $100.00 Per Barrel, Basis Prompt NYMEX, Anytime Soon?

​Expect prompt NYMEX crude oil to try and approach $100 per barrel, with a tight market balance through August. Trading recommendation adjusted...

William H Brown III

Oil futures: Brent tops $100 as Saudi tankers targeted in Red Sea

Crude futures raced higher following a further escalation risk to oil flows after a Saudi ship was blasted in the Red Sea...

Quantum Commodity Intelligence

Morning Market Notes: Price Gains Likely as Military Strikes Escalate Along With Houthi-Saudi Issues

​US and Iran targeting civilian infrastructure and energy assets signals return of "all-out war" with Houthi-Saudi confrontation, oil prices may...

William H Brown III

Oil futures: Crude extends rally as escalation fears dominate

Crude futures hit fresh multi-week highs as conflict escalation fears continued to grow, further threatening a prolonged delay in crude supplies...

Quantum Commodity Intelligence

Expect prompt NYMEX crude oil to try and approach $100 per barrel, with a tight market balance through August. Trading recommendation adjusted...

US and Iran targeting civilian infrastructure and energy assets signals return of "all-out war" with Houthi-Saudi confrontation, oil prices may...