Global Commodities: An Inventory Detour

Global Commodities: An Inventory Detour

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

May 8, 2026 · 13 min · Episode 737

About this episode

This episode discusses the impact of oil and other commodity inventories on market stability amidst geopolitical tensions.

While markets await Iran’s response to a US proposal to end the war and reopen the Strait, oil inventories are being activated at unprecedented rates and provide a much-needed cushion for prices and consumption. Aside from oil, however, inventories play a crucial role for nearly all commodities. In this episode, we focus on the role of storage in gas and metals, putting it in the context of recent disruptions. Speakers: Otar Dgebuadze, European Natural Gas Greg Shearer, Head of Base and Precious Metals Strategy This podcast was recorded on May 8, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5290388-0, https://www.jpmm.com/research/content/GPS-5287764-0, and https://www.jpmm.com/research/content/GPS-5290409-0 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…

People in this episode

Guests: Otar Dgebuadze, Greg Shearer

Topics covered

  • global commodities
  • oil inventories
  • gas storage
  • metals storage
  • market disruptions

Keywords

  • commodities
  • oil
  • gas
  • metals
  • inventories
  • market analysis
  • geopolitical tensions

Mentioned in this episode

Organizations: J.P. Morgan Global Research

Places: Iran, Strait

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