Global Commodities: Miraculous recovery

For the last few months, our focus has understandably been on oil and history's largest supply disruption. While we have spoken extensively about inventories and demand, one other component played a role - the positive supply response outside of the Middle East.   Speaker:  Natasha Kaneva, Head of Global Commodities Research   This podcast was recorded on August 7, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5395656-0 and 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.