Global Commodities: Running the Numbers on Gas

About this episode

This episode discusses the impact of recent events in the Strait of Hormuz on global gas and oil markets, along with supply and demand observations.

Markets reacted sharply to Iran allowing commercial vessels to go through the Strait of Hormuz. Despite this signal, last shipments from the Gulf have arrived across Europe, Asia and the US, while significant infrastructure shut-ins persist across the Middle East. With much uncertainty still in the air, in this episode we answer the market’s most pressing questions, as well as discuss the recent supply and demand observations in oil and aluminum. Speakers: Otar Dgebuadze, European Natural Gas Artem Fakhretdinov, Oil This podcast was recorded on April 24, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5273094-0, https://www.jpmm.com/research/content/GPS-5272895-0, https://www.jpmm.com/research/content/GPS-5272398-0, https://www.jpmm.com/research/content/GPS-5270096-0, and https://www.jpmm.com/research/content/GPS-5269595-0, 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…

People in this episode

Guests: Otar Dgebuadze, Artem Fakhretdinov

Topics covered

• global commodities
• natural gas
• oil market
• supply and demand
• Middle East infrastructure

Keywords

• Iran
• Strait of Hormuz
• natural gas
• oil
• supply and demand
• Middle East
• infrastructure
• commodities

Mentioned in this episode

Organizations: J.P. Morgan Global Research

Places: Iran, Strait of Hormuz, Europe, Asia, US

More episodes of At Any Rate

• Global Rates: European Rate Markets – looking ahead over 2H26 · June 12, 2026 · 18 min
• Global Commodities: A Perfect Storm · June 12, 2026 · 8 min
• Global FX: Central banks take centre stage · June 12, 2026 · 22 min
• Global FX & Economics: UK Outlook, GBP and SEK · June 11, 2026 · 15 min
• US Rates - Another Volatile Week in Rates Markets · June 5, 2026 · 14 min
• Global Commodities: Is that it? · June 5, 2026 · 12 min