Global Commodities: A Perfect Storm

On one hand, we see increased oil tanker flows through the Strait of Hormuz. On the other hand, gas markets have had less luck getting LNG through the crucial chokepoint, setting the scene for a perfect storm of low storage injection rates, potentially higher El Niño cooling demand and slowing LNG supply growth. In this episode, we update you on the situation in the Strait and explain our view on gas.     Speakers:  Natasha Kaneva, Head of Global Commodities Research Otar Dgebuadze, European Natural Gas   This podcast was recorded on June 12, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5334101-0 and https://www.jpmm.com/research/content/GPS-5331232-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.