Global Commodities: It’s Simple Math - At Any Rate

What this episode covers

With two months of the Middle East conflict behind us, there is little certainty in the world of commodities. One thing is clear, however: the supply shock is spreading. Although commodity markets are highly nuanced, understanding the magnitude of the core issues is a matter of simple arithmetic. In this episode, we break down the math on oil and metals. Speakers: Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base and Precious Metals Strategy This podcast was recorded on May 1, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5273094-0, https://www.jpmm.com/research/content/GPS-5287764-0, https://www.jpmm.com/research/content/GPS-5278906-0, https://www.jpmm.com/research/content/GPS-5282493-0, https://www.jpmm.com/research/content/GPS-5278073-0, and https://www.jpmm.com/research/content/GPS-5282937-0 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.

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How long is this episode of At Any Rate?

This episode is 11 minutes long.

When was this At Any Rate episode published?

This episode was published on May 1, 2026.

What is this episode about?

With two months of the Middle East conflict behind us, there is little certainty in the world of commodities. One thing is clear, however: the supply shock is spreading. Although commodity markets are highly nuanced, understanding the magnitude of...

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