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

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>As September NYMEX crude oil went off the board, the October contract approached our long-standing trading range peak of $88.00 per barrel, which we see no reason to revise.          </li>
<li>Our updated U.S. commercial crude oil balance suggests a growing “disconnect” between the underlying fundamentals and NYMEX crude oil prices.                        </li>
<li>We therefore continue to recommend selling small volumes with tight stops as October trades around $88.00 per barrel, but to play it conservatively sell outer months first.              </li>
</ul>


As September NYMEX crude oil went off the board, the October contract approached our long-standing trading range peak of $88.00 per barrel, which we see no reason to revise.          
Our updated U.S. commercial crude oil balance suggests a growing “disconnect” between the underlying fundamentals and NYMEX crude oil prices.                        
We therefore continue to recommend selling small volumes with tight stops as October trades around $88.00 per barrel, but to play it conservatively sell outer months first.              


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