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 opened the week higher as the US extended its renewed bombing campaign to a ninth night while Iran continued to hit back against neighbours, although markets rowed back from early highs.</li><li>Front-month Sep26 ICE Brent futures were up 1.4% at $89.31/b (2033 BST) having earlier peaked at $91.42/b , while Aug26 NYMEX  WTI was at $82.72/b , up 1.2% versus Friday's settle.</li><li>Brent initially topped $90/b for the first time since the June MoU as fears of a major escalation in the conflict heightened concerns for energy shipments through the Strait of Hormuz, but retreated from highs after Iranian officials said mediators had submitted new peace proposals.</li></ul>

Crude futures opened the week higher as the US extended its renewed bombing campaign to a ninth night while Iran continued to hit back against neighbours, although markets rowed back from early highs.Front-month Sep26 ICE Brent futures were up 1.4% at $89.31/b (2033 BST) having earlier peaked at $91.42/b , while Aug26 NYMEX  WTI was at $82.72/b , up 1.2% versus Friday's settle.Brent initially topped $90/b for the first time since the June MoU as fears of a major escalation in the conflict heightened concerns for energy shipments through the Strait of Hormuz, but retreated from highs after Iranian officials said mediators had submitted new peace proposals.

Oil Futures: Brent tops $90/b before easing after new truce flagged

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>For all intents and purposes, the U.S. and Iran have returned to an “all-out” war, given U.S. infrastructure strikes and Iran’s retaliation against Gulf country desalination plants and other assets.      </li>
<li>As such, as previously discussed, such a scenario has led to a breach of $80.00+ per barrel, basis the prompt NYMEX crude oil contract.       </li>
<li>While a diplomatic solution now appears all but implausible, at this juncture we are still not anticipating the prompt NYMEX crude oil contract returning to $100.00 per barrel.       </li>
</ul>


For all intents and purposes, the U.S. and Iran have returned to an “all-out” war, given U.S. infrastructure strikes and Iran’s retaliation against Gulf country desalination plants and other assets.      
As such, as previously discussed, such a scenario has led to a breach of $80.00+ per barrel, basis the prompt NYMEX crude oil contract.       
While a diplomatic solution now appears all but implausible, at this juncture we are still not anticipating the prompt NYMEX crude oil contract returning to $100.00 per barrel.       


Monday Macro Update: Effectively, All-Out War Once Again

<ul><li>Crude oil futures were climbing higher on Friday to cement a second week of firm gains as the Middle East conflict again dominated sentiment.</li><li>Front-month Sep26 ICE  Brent futures were up 4% at $87.53/b (2046 BST), while Aug26 NYMEX WTI was at $81.93/b , up 3.8% versus Thursday's settle.</li><li>Renewed military action that flared up last week has continued into the second half of July with ongoing strikes on Iranian assets and Tehran hitting back at regional US targets, lifting prices by around 14% since last week's close.</li></ul>

Crude oil futures were climbing higher on Friday to cement a second week of firm gains as the Middle East conflict again dominated sentiment.Front-month Sep26 ICE  Brent futures were up 4% at $87.53/b (2046 BST), while Aug26 NYMEX WTI was at $81.93/b , up 3.8% versus Thursday's settle.Renewed military action that flared up last week has continued into the second half of July with ongoing strikes on Iranian assets and Tehran hitting back at regional US targets, lifting prices by around 14% since last week's close.

Oil futures: Crude extends firm weekly gains as hostilities continue

<ul>
<li>As you are aware, from Day 1 of the conflict we assumed that the Strait of Hormuz was Iran’s “Red Line,” and they continue to demonstrate as such.   </li>
<li>Having said this, despite recent escalations in attacks and President Trump’s continued threats, the prompt NYMEX crude oil contract has yet to break through its recent peaks.        </li>
<li>Our updated crude oil balance through the end of 2026 continues to suggest a progressive easing after end-August peak “tightness,” but no “surplus.”     </li>
</ul>


As you are aware, from Day 1 of the conflict we assumed that the Strait of Hormuz was Iran’s “Red Line,” and they continue to demonstrate as such.   
Having said this, despite recent escalations in attacks and President Trump’s continued threats, the prompt NYMEX crude oil contract has yet to break through its recent peaks.        
Our updated crude oil balance through the end of 2026 continues to suggest a progressive easing after end-August peak “tightness,” but no “surplus.”     


Morning Market Notes: Our Trading Range Top Holding, But Conservative Trading Is Still Warranted

<ul><li>Crude oil prices moved sideways for most of Thursday as the market watched for the latest signs of a deteriorating security situation in the Middle East, with the US and Iran trading blows over access to the Strait of Hormuz for a fifth day.</li><li>At 2033 London time the Sep26 Brent contract was trading $0.71 lower at $84.24/b , while the Aug26 WTI contract was down $0.64 at $78.96/b .</li><li>Wednesday's session saw a rally that had pushed prices to their highest level in a month stutter, with that sideways momentum continuing into Thursday as traders looked to gauge whether retaliatory blows between Washington and Tehran could escalate.</li></ul>

Crude oil prices moved sideways for most of Thursday as the market watched for the latest signs of a deteriorating security situation in the Middle East, with the US and Iran trading blows over access to the Strait of Hormuz for a fifth day.At 2033 London time the Sep26 Brent contract was trading $0.71 lower at $84.24/b , while the Aug26 WTI contract was down $0.64 at $78.96/b .Wednesday's session saw a rally that had pushed prices to their highest level in a month stutter, with that sideways momentum continuing into Thursday as traders looked to gauge whether retaliatory blows between Washington and Tehran could escalate.

Oil futures: Crude moves sideways as market eyes Hormuz

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 tops $90/b before easing after new truce flagged

Crude futures opened the week higher as the US extended its renewed bombing campaign to a ninth night, while Iran continued to hit back...

Quantum Commodity Intelligence

Monday Macro Update: Effectively, All-Out War Once Again

US and Iran engaged in "all-out" war, with infrastructure strikes and retaliation, breaching $80/barrel, but $100/barrel not expected.

William H Brown III

Oil futures: Crude extends firm weekly gains as hostilities continue

Crude futures were climbing higher on Friday to cement a second week of firm gains as the Middle East conflict again dominated sentiment...

Quantum Commodity Intelligence

Morning Market Notes: Our Trading Range Top Holding, But Conservative Trading Is Still Warranted

Iran's "Red Line" in the Strait of Hormuz remains intact despite escalating tensions, but crude oil prices are expected to ease after August peak.

William H Brown III

Oil futures: Crude moves sideways as market eyes Hormuz

Crude oil prices moved sideways for most of Thursday as the market watched for the latest signs of a deteriorating security situation...

Quantum Commodity Intelligence

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Oil Futures: Brent tops $90/b before easing after new truce flagged

Crude futures opened the week higher as the US extended its renewed bombing campaign to a ninth night, while Iran continued to hit back...

Quantum Commodity Intelligence

Monday Macro Update: Effectively, All-Out War Once Again

​US and Iran engaged in "all-out" war, with infrastructure strikes and retaliation, breaching $80/barrel, but $100/barrel not expected.

William H Brown III

Oil futures: Crude extends firm weekly gains as hostilities continue

Crude futures were climbing higher on Friday to cement a second week of firm gains as the Middle East conflict again dominated sentiment...

Quantum Commodity Intelligence

Morning Market Notes: Our Trading Range Top Holding, But Conservative Trading Is Still Warranted

​Iran's "Red Line" in the Strait of Hormuz remains intact despite escalating tensions, but crude oil prices are expected to ease after August peak.

William H Brown III

Oil futures: Crude moves sideways as market eyes Hormuz

Crude oil prices moved sideways for most of Thursday as the market watched for the latest signs of a deteriorating security situation...

Quantum Commodity Intelligence

US and Iran engaged in "all-out" war, with infrastructure strikes and retaliation, breaching $80/barrel, but $100/barrel not expected.

Iran's "Red Line" in the Strait of Hormuz remains intact despite escalating tensions, but crude oil prices are expected to ease after August peak.