Global Cross-Asset Energy Analyst, VAC Investments

Aaditya Chintalapati, CFA

Global Cross-Asset Energy Analyst

VAC Investments

Thematic (Sector/Industry)

<h2>Oil Price</h2><p>The API reported a lower than expected build of 907 Kbbls of crude oil inventories for the week ending September 28, versus street expectations of a build of 1.132 MMbbls. The API also reported a surprise draw in gasoline inventories for the week of 1.703 MMbbls, versus street expectations of a build of 1.156 MMbbls. Inventories at Cushing increased this week by 2.018 MMbbls in the largest build since March. Crude Oil prices ended the day modestly lower at USD 75.04/bbl (WTI) and USD 84.98/bbl (Brent), after hitting four-year highs over last week. </p>

Oil PriceThe API reported a lower than expected build of 907 Kbbls of crude oil inventories for the week ending September 28, versus street expectations of a build of 1.132 MMbbls. The API also reported a surprise draw in gasoline inventories for the week of 1.703 MMbbls, versus street expectations of a build of 1.156 MMbbls. Inventories at Cushing increased this week by 2.018 MMbbls in the largest build since March. Crude Oil prices ended the day modestly lower at USD 75.04/bbl (WTI) and USD 84.98/bbl (Brent), after hitting four-year highs over last week. 

<h2>Oil Price</h2><p>Crude oil prices broke their 7-week old losing streak, ending the week up c.4% with WTI at USD 68.55/bbl and Brent at USD 75.6/bbl. The shift in market sentiment was driven largely by record US refining demand, with refiners running at c.98% utilization and crack spreads seeing counter-seasonal increases. Elsewhere, the Baker Hughes rig count was broadly flat week-on-week, with oil rigs down by 9 and natural gas rigs down by 4.</p>

Oil PriceCrude oil prices broke their 7-week old losing streak, ending the week up c.4% with WTI at USD 68.55/bbl and Brent at USD 75.6/bbl. The shift in market sentiment was driven largely by record US refining demand, with refiners running at c.98% utilization and crack spreads seeing counter-seasonal increases. Elsewhere, the Baker Hughes rig count was broadly flat week-on-week, with oil rigs down by 9 and natural gas rigs down by 4.

<h2>Oil Price</h2><p>A seventh straight weekly drop for Crude Oil prices was seen last week, the longest losing streak in prices since 2015. WTI ended the week at USD 65.93/bbl, with Brent at USD 71.76/bbl, both down c.3% w/w. Continued price weakness was driven by API's estimate of record US Crude Oil (10.7 MMbbls) and NGLs production (4.4 MMbbls) in 2018, combined with modest production growth amongst OPEC countries such as Libya. Elsewhere, despite risks to as much as c.600K - 1.2Mbbls/day of Crude oil…</p>

Oil PriceA seventh straight weekly drop for Crude Oil prices was seen last week, the longest losing streak in prices since 2015. WTI ended the week at USD 65.93/bbl, with Brent at USD 71.76/bbl, both down c.3% w/w. Continued price weakness was driven by API's estimate of record US Crude Oil (10.7 MMbbls) and NGLs production (4.4 MMbbls) in 2018, combined with modest production growth amongst OPEC countries such as Libya. Elsewhere, despite risks to as much as c.600K - 1.2Mbbls/day of Crude oil…

Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for the F100 and F250 in the run-up to the June 2026 index rebal event.</li>
<li>Our latest estimates suggest there could be four regular changes for F100 and five regular changes for F250 during the June 2026 rebal.</li>
<li>We see three transfers and one new listing being added to the F250 index. Naturally, we expect F250 and FAllShare passive trackers to buy these names.</li>
</ul>


In this insight, we take a look at the potential index changes for the F100 and F250 in the run-up to the June 2026 index rebal event.
Our latest estimates suggest there could be four regular changes for F100 and five regular changes for F250 during the June 2026 rebal.
We see three transfers and one new listing being added to the F250 index. Naturally, we expect F250 and FAllShare passive trackers to buy these names.


Quiddity Leaderboard F100/F250 Jun26: Rosebank and Cordiant as F250 ADDs; 2 Weeks to Base Date

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>The U.S. has continued to separate itself from broad emerging market and developed international indexes. One positive is that MSCI EM and MSCI EAFE have been able to stabilize <em>from a price perspective </em>in recent weeks despite relative strength weakness vs. MSCI ACWI.<em>  </em>In today’s report we scour the globe for attractive investments, ex-U.S., in an environment where selectivity is key.  </p>

The U.S. has continued to separate itself from broad emerging market and developed international indexes. One positive is that MSCI EM and MSCI EAFE have been able to stabilize from a price perspective in recent weeks despite relative strength weakness vs. MSCI ACWI.  In today’s report we scour the globe for attractive investments, ex-U.S., in an environment where selectivity is key.  

Global Equity Strategy: Where to Hide Outside the U.S.

United Kingdom

Harbour Energy is an independent oil and gas company engaged in the acquisition, exploration, development, and production of oil and natural gas reserves across various international regions. The company also develops carbon storage projects to support a sustainable energy transition. Harbour Energy is headquartered in London, England, and was founded in 2014.

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Harbour Energy (HBR LN)

Global E&Ps: Energy Weekly Vol. 24

Oil PriceThe API reported a lower than expected build of 907 Kbbls of crude oil inventories for the week ending September 28, versus street...

Aaditya Chintalapati, CFA

Global E&Ps: Energy Weekly Vol. 23

Oil PriceCrude oil prices broke their 7-week old losing streak, ending the week up c.4% with WTI at USD 68.55/bbl and Brent at USD 75.6/bbl. The...

Aaditya Chintalapati, CFA

Global E&Ps: Energy Weekly Vol. 22

Oil PriceA seventh straight weekly drop for Crude Oil prices was seen last week, the longest losing streak in prices since 2015. WTI ended the week...

Aaditya Chintalapati, CFA

Quiddity Leaderboard F100/F250 Jun26: Rosebank and Cordiant as F250 ADDs; 2 Weeks to Base Date

We see F250 and FAllShare passive buying for Rosebank, Cordiant, GlobalData, and Meridian on 19th June 2026. We also expect four changes to F100.

Afridi Reyal

Global Equity Strategy: Where to Hide Outside the U.S.

The U.S. has continued to separate itself from broad emerging market and developed international indexes. One positive is that MSCI EM and MSCI...

Vermilion Research

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