Global Commodities: Are Commodities the Market’s Crystal Ball?

Sharp selloffs in metals and elevated oil prices beg the question - is commodity volatility a harbinger of things to come, or merely a correction? While commodities remain supported by reflated growth and expansionary fiscal policy, other effects are also taking place. In this episode, we reiterate our view on metals and discuss the current sentiment in oil markets to help you understand what comes next.   Speakers:  Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base & Precious Metals Research   This podcast was recorded on February 13, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5206473-0, https://www.jpmm.com/research/content/GPS-5194449-0 and https://www.jpmm.com/research/content/GPS-5184139-0 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.