Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>The dollar has maintained its breakdown, with positive implications for our themes</li>
<li>We continue to look for investments not correlated with the AI trade</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
The dollar has maintained its breakdown, with positive implications for our themes
We continue to look for investments not correlated with the AI trade


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.

Commodities

<ul>
<li>WTI ended the week lower as geopolitical risk premiums faded, though intraday price swings underscored how sensitive crude remains to developments in the Middle East.</li>
<li>Options positioning remained broadly balanced, while the latest CoT data showed funds adding long positions and covering shorts, pointing to improving sentiment rather than a decisive directional view.</li>
<li>Chevron converted higher oil prices into a decisive earnings beat through stronger execution and uninterrupted operations, while production disruptions and refinery maintenance limited ExxonMobil's upside.</li>
</ul>


WTI ended the week lower as geopolitical risk premiums faded, though intraday price swings underscored how sensitive crude remains to developments in the Middle East.
Options positioning remained broadly balanced, while the latest CoT data showed funds adding long positions and covering shorts, pointing to improving sentiment rather than a decisive directional view.
Chevron converted higher oil prices into a decisive earnings beat through stronger execution and uninterrupted operations, while production disruptions and refinery maintenance limited ExxonMobil's upside.


Energy Weekly (W/E 31/Jul): Oil Reprices Risk, Positioning Steadies, and Chevron Outshines Exxon

<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

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>Iran was an effective “sideshow” in Beijing. Most importantly, Xi has made it clear that Taiwan is “nonnegotiable”, separate from Iran, which Xi believes is President Trump’s problem.   </li>
<li>Amidst all of this and of course not coincidentally, Iran has apparently allowed a number of tankers on their way to China via the Strait of Hormuz without incident.  </li>
<li>Despite our bullish view on the U.S. commercial crude oil balance, we are closely monitoring our energy stocks for a possible peak, despite Wall Street suggesting our equities remain undervalued.   </li>
</ul>


Iran was an effective “sideshow” in Beijing. Most importantly, Xi has made it clear that Taiwan is “nonnegotiable”, separate from Iran, which Xi believes is President Trump’s problem.   
Amidst all of this and of course not coincidentally, Iran has apparently allowed a number of tankers on their way to China via the Strait of Hormuz without incident.  
Despite our bullish view on the U.S. commercial crude oil balance, we are closely monitoring our energy stocks for a possible peak, despite Wall Street suggesting our equities remain undervalued.   


As We Anticipated, The Trump-Xi Meeting in Beijing Produced Nothing Novel or New With Regard to Iran

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Global Bond Yields move lower, while hard assets and cyclicals continue to outperform</li>
<li>Sanae Takaichi adds doves to the BoJ Board, aligning monetary policy with her goals</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Global Bond Yields move lower, while hard assets and cyclicals continue to outperform
Sanae Takaichi adds doves to the BoJ Board, aligning monetary policy with her goals


Overview #51 — Rates Roll Over, Cyclicals Take Control

United States

Energy Select Sector SPDR Fund is an exchange-traded fund incorporated in the USA.  The ETF tracks the performance of the Energy Select Sector Index.  The ETF holds large-cap U.S. energy stocks. It invests in companies that  develop & produce crude oil & natural gas, provide drilling and other energy related services. The holdings are weighted by market capitalization.

Price Gauge
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Energy Select Sector SPDR Fund (XLE US)

Overview #72 - The Accelerant

A review of recent events/data impacting our investment themes and outlook. We look at the continued dollar breakdown and the signs that the next...

Rikki Malik

Energy Weekly (W/E 31/Jul): Oil Reprices Risk, Positioning Steadies, and Chevron Outshines Exxon

WTI prices fell as geopolitical tensions eased, with crude remaining sensitive to Middle East news. Funds are optimistic, but Chevron outperformed...

Mint Finance

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

As We Anticipated, The Trump-Xi Meeting in Beijing Produced Nothing Novel or New With Regard to Iran

Xi Jinping made it clear that Taiwan is "nonnegotiable" separate from Iran, which he sees as President Trump's problem. Iran allowed tankers to...

William H Brown III

Overview #51 — Rates Roll Over, Cyclicals Take Control

A review of recent events/data impacting our investment themes and outlook. We look at the move down in bond yields and impact on our favourite...

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Overview #72 - The Accelerant

A review of recent events/data impacting our investment themes and outlook. We look at the continued dollar breakdown and the signs that the next...

Rikki Malik

Energy Weekly (W/E 31/Jul): Oil Reprices Risk, Positioning Steadies, and Chevron Outshines Exxon

​WTI prices fell as geopolitical tensions eased, with crude remaining sensitive to Middle East news. Funds are optimistic, but Chevron outperformed...

Mint Finance

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

As We Anticipated, The Trump-Xi Meeting in Beijing Produced Nothing Novel or New With Regard to Iran

​Xi Jinping made it clear that Taiwan is "nonnegotiable" separate from Iran, which he sees as President Trump's problem. Iran allowed tankers to...

William H Brown III

Overview #51 — Rates Roll Over, Cyclicals Take Control

A review of recent events/data impacting our investment themes and outlook. We look at the move down in bond yields and impact on our favourite...

Rikki Malik

WTI prices fell as geopolitical tensions eased, with crude remaining sensitive to Middle East news. Funds are optimistic, but Chevron outperformed...

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

Xi Jinping made it clear that Taiwan is "nonnegotiable" separate from Iran, which he sees as President Trump's problem. Iran allowed tankers to...