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>As we anticipated, Iran is “ramping it up” in terms of attacks on commercial shipping in the Strait of Hormuz as the U.S. midterm elections approach.  </li>
<li>Oil prices surged yesterday in response to rumors that President Trump would launch a major military strike on Iran prior to the midterms, which he later denied.   </li>
<li>In our view, however, we would still not rule out the possibility of a U.S. strike prior to November 3.  </li>
</ul>


As we anticipated, Iran is “ramping it up” in terms of attacks on commercial shipping in the Strait of Hormuz as the U.S. midterm elections approach.  
Oil prices surged yesterday in response to rumors that President Trump would launch a major military strike on Iran prior to the midterms, which he later denied.   
In our view, however, we would still not rule out the possibility of a U.S. strike prior to November 3.  


Morning Market Notes: As We Anticipated, Iran Is "Ramping It Up" Prior To The Midterms

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 oil futures were mixed Wednesday as a brewing storm threatens US oil-producing regions in the Gulf, plus ongoing tensions in the Middle East.</li><li>Front-month Dec26 ICE  Brent futures were 0.4% higher at  $100.99/b (2124 BST), while Nov26 NYMEX  WTI was at $89.07/b , down 0.4% versus Tuesday's settle.</li><li>A strengthening  tropical depression is set to intensify into Hurricane Isaias this week, potentially rising to a Category 2 storm and 100-mph winds by Friday.</li></ul>

Crude oil futures were mixed Wednesday as a brewing storm threatens US oil-producing regions in the Gulf, plus ongoing tensions in the Middle East.Front-month Dec26 ICE  Brent futures were 0.4% higher at  $100.99/b (2124 BST), while Nov26 NYMEX  WTI was at $89.07/b , down 0.4% versus Tuesday's settle.A strengthening  tropical depression is set to intensify into Hurricane Isaias this week, potentially rising to a Category 2 storm and 100-mph winds by Friday.

Oil futures: Brent, WTI mixed as US Gulf storm intensifies, Mideast eyed

<ul>
<li>The oil market continues to vacillate, with no clear direction at present. ULSD is trading at levels higher than before the G7 release and the U.S. red-dyed diesel tax exemption</li>
<li>At the risk of famous last words, we may have to wait until closer to the midterms and Netanyahu’s “referendum” before a clearer path unfolds.  </li>
<li>Nonetheless, at this juncture we see no reason to revise our outlook for the fourth quarter.                </li>
</ul>


The oil market continues to vacillate, with no clear direction at present. ULSD is trading at levels higher than before the G7 release and the U.S. red-dyed diesel tax exemption
At the risk of famous last words, we may have to wait until closer to the midterms and Netanyahu’s “referendum” before a clearer path unfolds.  
Nonetheless, at this juncture we see no reason to revise our outlook for the fourth quarter.                


Morning Market Notes: If Our Fourth Quarter Scenario Holds Any Water, Now Is The Time To Be Patient

<ul><li>Crude oil futures were little changed on Tuesday after paring earlier losses as continued supply threats helped offset the G7 release of oil stocks and the recovery in Middle East exports.</li><li>Front-month Dec26 ICE Brent futures were 0.7% higher at  $100.98/b (2131 BST), while Nov26 NYMEX  WTI was at $89.78/b , up 0.4% versus Monday's settle.</li><li>Benchmarks were lower for most of the session but rebounded as the ongoing disruptions caused by persistent attacks on tankers transiting the Strait of Hormuz shakes confidence, with UKMTO issuing its latest incident report on Tuesday.</li></ul>

Crude oil futures were little changed on Tuesday after paring earlier losses as continued supply threats helped offset the G7 release of oil stocks and the recovery in Middle East exports.Front-month Dec26 ICE Brent futures were 0.7% higher at  $100.98/b (2131 BST), while Nov26 NYMEX  WTI was at $89.78/b , up 0.4% versus Monday's settle.Benchmarks were lower for most of the session but rebounded as the ongoing disruptions caused by persistent attacks on tankers transiting the Strait of Hormuz shakes confidence, with UKMTO issuing its latest incident report on Tuesday.

Oil futures: Crude off lows as Hormuz attacks offset increase in traffic

<ul>
<li>A canvass of a number of Iranian experts suggests a relatively high probability that Iran will launch major strikes before the midterms in order to hurt President Trump.</li>
<li>• Other experts suggest that, as President Trump previously stated, the U.S. will launch major strikes after the midterms.  </li>
<li>However, if in fact Iran strikes before midterms, the U.S. will not wait to retaliate, and if so, it would support our fourth quarter scenario.</li>
</ul>


A canvass of a number of Iranian experts suggests a relatively high probability that Iran will launch major strikes before the midterms in order to hurt President Trump.
• Other experts suggest that, as President Trump previously stated, the U.S. will launch major strikes after the midterms.  
However, if in fact Iran strikes before midterms, the U.S. will not wait to retaliate, and if so, it would support our fourth quarter scenario.


Morning Market Notes: Iranian Strikes Before Midterms Would Induce U.S. To Retaliate Before Nov 3

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: As We Anticipated, Iran Is "Ramping It Up" Prior To The Midterms

Oil prices surged on rumors the U.S. will launch a major attack on Iran prior to the midterms, consistent with our scenario for the fourth quarter....

William H Brown III

Oil futures: Brent, WTI mixed as US Gulf storm intensifies, Mideast eyed

Crude oil futures were mixed Wednesday as a brewing storm threatens US oil-producing regions in the Gulf................

Quantum Commodity Intelligence

Morning Market Notes: If Our Fourth Quarter Scenario Holds Any Water, Now Is The Time To Be Patient

The oil market continues to tread water below $90.00 per barre, basis the prompt NYMEX crude oil contract, but we cannot believe Iran will allow...

William H Brown III

Oil futures: Crude off lows as Hormuz attacks offset increase in traffic

Crude oil futures were little changed after paring earlier losses as continued supply threats helped offset the G7 release of oil stocks and the...

Quantum Commodity Intelligence

Morning Market Notes: Iranian Strikes Before Midterms Would Induce U.S. To Retaliate Before Nov 3

Iran experts anticipate strikes against the U.S. before the midterms, and if so we cannot believe the U.S. will wait until after the midterms, as...

William H Brown III

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