About this episode

This episode discusses the current state of energy markets amidst a supply shock and explores potential future scenarios.

If anything stands out in energy markets now, it is that prices have become remarkably sanguine despite an ongoing supply shock. Although market confidence and fundamentals have both contributed, our scenario analysis draws out less comfortable alternatives as the conflict drags on. In this episode, we discuss when a calm “Is that it?” can turn into a more apprehensive “What if this isn’t?” Speakers: Natasha Kaneva, Head of Global Commodities Research Otar Dgebuadze, European Natural Gas This podcast was recorded on June 5, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5321983-0 and https://www.jpmm.com/research/content/GPS-5321516-0 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…

People in this episode

Guests: Natasha Kaneva, Otar Dgebuadze

Topics covered

• energy markets
• supply shock
• market confidence
• scenario analysis
• commodities

Keywords

• energy prices
• supply shock
• market analysis
• commodities research
• natural gas

Mentioned in this episode

Organizations: J.P. Morgan Global Research

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