Global Commodities: A Perfect Storm

Global Commodities: A Perfect Storm

From At Any Rate by J.P. Morgan Global Research

June 12, 2026 · 8 min · Episode 758

About this episode

This episode discusses the current state of global commodities, focusing on oil and gas markets amid various challenges.

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…

People in this episode

Host: Natasha Kaneva

Guest: Otar Dgebuadze

Topics covered

  • global commodities
  • oil markets
  • gas markets
  • LNG supply
  • El Niño
  • storage injection rates

Keywords

  • commodities
  • oil tanker flows
  • LNG
  • gas markets
  • El Niño
  • storage rates

Mentioned in this episode

Organizations: J.P. Morgan

Places: Strait of Hormuz

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