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

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>Yesterday’s oil market behavior once again helped support our scenario of a broad trading range for the prompt NYMEX crude oil contract for the time being.                </li>
<li>More analysts are stating that oil prices are likely to “grind higher,” but no one appears to be assigning a dollar value to what the peak might be.                                     </li>
<li>At the risk of being completely “buried” by our price scenario, we would suggest the odds of a material further gain in oil prices are less than a further retracement.           </li>
</ul>


Yesterday’s oil market behavior once again helped support our scenario of a broad trading range for the prompt NYMEX crude oil contract for the time being.                
More analysts are stating that oil prices are likely to “grind higher,” but no one appears to be assigning a dollar value to what the peak might be.                                     
At the risk of being completely “buried” by our price scenario, we would suggest the odds of a material further gain in oil prices are less than a further retracement.           


Morning Market Notes: So Far, Trading Range for the Prompt NYMEX Crude Oil Contract Remains Intact