Independent Energy Equities & Commodities Research, WHB Energy Research LLC

William H Brown III

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.

Independent Energy Equities & Commodities Research

Morning Market Notes: We Are Retaining Our Trading Range Peak of $88.00 Per Barrel, Basis October

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>Oil prices increased further yesterday, with the prompt NYMEX crude oil contract having closed in on our trading range peak of roughly $88.00 per barrel.          </li>
<li>At this juncture we see no reason to amend the upper end of our long-standing trading range where we would recommend selling small volumes of NYMEX crude with tight stops.                       </li>
<li>However, with September going off the board today and October NYMEX crude oil trading at a roughly $4.00 per barrel discount to our peak, we will remain patient.              </li>
</ul>


Oil prices increased further yesterday, with the prompt NYMEX crude oil contract having closed in on our trading range peak of roughly $88.00 per barrel.          
At this juncture we see no reason to amend the upper end of our long-standing trading range where we would recommend selling small volumes of NYMEX crude with tight stops.                       
However, with September going off the board today and October NYMEX crude oil trading at a roughly $4.00 per barrel discount to our peak, we will remain patient.              


Morning Market Notes: Crude Oil Trading Range Peak Remains $88.00 Per Barrel, Basis October NYMEX