Global Commodities: Seeing the Invisible - At Any Rate

What this episode covers

Despite the signed Memorandum of Understanding and eased prices, tightness persists across commodities most affected by the closure of the Strait of Hormuz. In this episode, we highlight the state of natural gas and aluminum markets, as well as discuss the ‘invisible’ parts of our balances. Speakers: Greg Shearer, Head of Base and Precious Metals Strategy Otar Dgebuadze, European Natural Gas This podcast was recorded on June 18, 2026. This communication is provided for information purposes only. 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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Frequently Asked Questions

How long is this episode of At Any Rate?

This episode is 9 minutes long.

When was this At Any Rate episode published?

This episode was published on June 18, 2026.

What is this episode about?

Despite the signed Memorandum of Understanding and eased prices, tightness persists across commodities most affected by the closure of the Strait of Hormuz. In this episode, we highlight the state of natural gas and aluminum markets, as well as...

Can I download this At Any Rate episode?

Yes, you can download this episode by clicking the download button on the episode player, or subscribe to the podcast in your preferred podcast app for automatic downloads.