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>The U.S. has apparently, via mediators, sent its own seven-day “trust building” proposal to Tehran which suggests it involves the issue of “sequencing.”   </li>
<li>That is, Iran wants the U.S. to end its blockade and release financial assets first, with Iran then “opening” the Strait of Hormuz at the end of the seven days.                                         </li>
<li>We are speculating that the U.S. wants Iran to “open” the Strait first, and then talk about the blockade and financial assets, to be followed by the nuclear issues.           </li>
</ul>


The U.S. has apparently, via mediators, sent its own seven-day “trust building” proposal to Tehran which suggests it involves the issue of “sequencing.”   
That is, Iran wants the U.S. to end its blockade and release financial assets first, with Iran then “opening” the Strait of Hormuz at the end of the seven days.                                         
We are speculating that the U.S. wants Iran to “open” the Strait first, and then talk about the blockade and financial assets, to be followed by the nuclear issues.           


Morning Market Notes: Who Will "Blink" First, the U.S. Or Iran?

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 initially extended early-week gains on Tuesday amid uncertainty over US-Iran talks after President Donald Trump denied offering concessions to Iran in return for opening the Strait of Hormuz.</li><li>However, benchmarks again struggled to hold on to the pre-US opening rally, as investors monitored ongoing diplomatic efforts in New York, while the US offered an additional 40 million barrels from the SPR.</li><li>Nov26 ICE  Brent futures were 2.5% lower at $102.65/b (2027 BST), down from an intraday high of $107.87/b, while Nov26 NYMEX WTI was at $89.30/b , down 3.6% versus Monday's settle.</li></ul>

Crude oil futures initially extended early-week gains on Tuesday amid uncertainty over US-Iran talks after President Donald Trump denied offering concessions to Iran in return for opening the Strait of Hormuz.However, benchmarks again struggled to hold on to the pre-US opening rally, as investors monitored ongoing diplomatic efforts in New York, while the US offered an additional 40 million barrels from the SPR.Nov26 ICE  Brent futures were 2.5% lower at $102.65/b (2027 BST), down from an intraday high of $107.87/b, while Nov26 NYMEX WTI was at $89.30/b , down 3.6% versus Monday's settle.

Oil futures: Crude lower in choppy trade, uncertainty over US-Iran talks

<ul>
<li>As we move into the final quarter of 2027 and the eighth month of the U.S.-Iran conflict, there obviously remain multiple, plausible scenarios that may unfold.    </li>
<li>One scenario that was “publicly disseminated” by President Trump: he will either get a “deal” with Iran or annihilate the country, but his key phrase was “after the midterms.”                                         </li>
<li>With the midterms more than a month away, however, we suspect, right or wrong, that either our, or a number of other scenarios, have equal probabilities of occurring.           </li>
</ul>


As we move into the final quarter of 2027 and the eighth month of the U.S.-Iran conflict, there obviously remain multiple, plausible scenarios that may unfold.    
One scenario that was “publicly disseminated” by President Trump: he will either get a “deal” with Iran or annihilate the country, but his key phrase was “after the midterms.”                                         
With the midterms more than a month away, however, we suspect, right or wrong, that either our, or a number of other scenarios, have equal probabilities of occurring.           


Morning Market Notes: A Myriad of Fourth Quarter Scenarios May Evolve Aside From President Trump's.

<ul><li>Crude oil futures largely surrendered early gains on Monday after reports that talks between the US and Iran were set to continue, focusing on Iran's nuclear programme.</li><li>Nov26 ICE  Brent futures were 1.3% higher at  $105.72/b (2036 BST), while Nov26 NYMEX  WTI was at $92.99/b , up 0.6% versus Friday's settle.</li><li>According to Axios and other media outlets, President Trump could be willing to trade Iranian sanctions relief and release some Iranian frozen funds in return for concrete steps from Tehran regarding its enrichment plans.</li></ul>

Crude oil futures largely surrendered early gains on Monday after reports that talks between the US and Iran were set to continue, focusing on Iran's nuclear programme.Nov26 ICE  Brent futures were 1.3% higher at  $105.72/b (2036 BST), while Nov26 NYMEX  WTI was at $92.99/b , up 0.6% versus Friday's settle.According to Axios and other media outlets, President Trump could be willing to trade Iranian sanctions relief and release some Iranian frozen funds in return for concrete steps from Tehran regarding its enrichment plans.

Oil futures: Crude surrenders early gains with US-Iran talks back on

<ul>
<li>After the initial surge in oil prices yesterday reflecting President Trump’s “rejection” of Tehran’s “proposal” of essentially a seven-day MOU, prices retraced substantially.  </li>
<li>The pullback appeared to reflect word that Iran Foreign Minister Abbas Araghchi met with mediators in New York after stating that Iran is open to “real diplomacy.”                                         </li>
<li>At this juncture, however, we are retaining our scenario discussed in recent reports, i.e. that there is a relatively high probability of a return to military conflict.          </li>
</ul>


After the initial surge in oil prices yesterday reflecting President Trump’s “rejection” of Tehran’s “proposal” of essentially a seven-day MOU, prices retraced substantially.  
The pullback appeared to reflect word that Iran Foreign Minister Abbas Araghchi met with mediators in New York after stating that Iran is open to “real diplomacy.”                                         
At this juncture, however, we are retaining our scenario discussed in recent reports, i.e. that there is a relatively high probability of a return to military conflict.          


Morning Market Notes: Even More Price Volatility, But Our Outlook Remains Unchanged

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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: Who Will "Blink" First, the U.S. Or Iran?

U.S. wants Iran to "open" the Strait first, Iran wants to "open" it last. Major trust issues remain, and once again, we will believe a deal when we...

William H Brown III

Oil futures: Crude lower in choppy trade, uncertainty over US-Iran talks

Crude oil futures initially extended early-week gains but benchmarks again struggled to hold on to the pre-US opening gains...

Quantum Commodity Intelligence

Morning Market Notes: A Myriad of Fourth Quarter Scenarios May Evolve Aside From President Trump's.

President Trump said that he will either make a deal with Iran or annihilate the country, but after the midterms. However, a number of scenarios...

William H Brown III

Oil futures: Crude surrenders early gains with US-Iran talks back on

Crude oil futures largely surrendered early gains on Monday after reports that talks between the US and Iran were set to continue...

Quantum Commodity Intelligence

Morning Market Notes: Even More Price Volatility, But Our Outlook Remains Unchanged

Extreme oil price volatility or not, we see no reason to amend our scenario that suggests a relatively high probability of renewed military...

William H Brown III

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