JPM Natural Gas and NGL Reservoir Focus on Energy Security Supply Tips the Scales in U.S. LNG’s Favor

Research evidence excerpt

JPM Natural Gas and NGL Reservoir Focus on Energy Security Supply Tips the Scales in U.S. LNG’s Favor

J P M O R G A N North America Equity Research

08 June 2026

JPM Natural Gas and NGL

Reservoir

Focus on Energy Security Supply Tips the Scales in

U.S. LNG’s Favor

JPM View: In this week’s Reservoir, we take a look at the U.S. LNG export Oil & Gas Exploration & Production

AClandscape, which was covered in depth in the latest North American LNG Arun Jayaram

Handbook from JPM’s North America Utilities, Midstream, LNG, Power and (1-212) 622-8541

Nuclear team, led by Jeremy Tonet (see note here). The Middle East conflict has arun.jayaram@jpmchase.com

fundamentally reframed a market that entered the year focused on oversupply Pankaj Bhatter, CFA

concerns, resetting the supply/demand backdrop and highlighting the importance (1-212) 622-3795

of diversified energy supply security. This shift is driven by more than just the pankaj.bhatter@jpmchase.com

physical damage to Qatari infrastructure, which is estimated to take three to five Jack Jerusalmi

years to repair (with the North Field East expansion project now delayed by a year), (1-212) 622-6552

jack.jerusalmi@jpmorgan.com

but also by the emergence of a geopolitical risk premium previously not seen in the

Head of North America Power,

market. While pricing has been slow to reflect the full risk of physical supply

Utilities, Midstream, LNG, and

disruption, the team highlighted their view for upside risk to LNG prices, Nuclear

particularly if impacts from the lingering conflict and European refilling combine

Jeremy Tonet, CFA

to stress the market. That said, the team did highlight that current levels have started

(1-212) 622-4915

to drive demand destruction in price-sensitive emerging markets. jeremy.b.tonet@jpmorgan.com

J.P.