Analysts from J.P. Morgan Global Research take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.
Episodes
Friday Aug 11, 2023
Friday Aug 11, 2023
On July 20, JP Morgan Commodities team recommended to raise allocation to commodities. Since then, commodities rallied but the move was driven by energy, while base metals moved sideways. BCOM Energy subindex surged 24% since mid-June and balances are pointing towards more upside in the near term. We see potential for US Henry Hub gas price to reach $3.30/MMBtu if a severe Australian LNG outage were to manifest alongside continued warmer weather forecast skew. We see Brent oil price hitting $90, or even above by September. But as the market transitions from a 3Q23 inventory draw into a slight surplus in 4Q23 and 2024, prices should ease back towards mid $80s.
Speakers:
Natasha Kaneva, Head of Global Commodities Research
Shikha Chaturvedi, Head of Global Gas Research
This podcast was recorded on Aug. 11, 2023.
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