JPM | US Energy: Oil Call @9am, Qatar LNG Restarts, VLCCs Load Iranian Crude, Shippers Await "Material" Deal Details, Gasoline <$4, Energy Feedback, Waha Goes Positive, 45% CBs Say They Plan to Buy Gold, Fast Track Power Plants

Research evidence excerpt

JPM | US Energy: Oil Call @9am, Qatar LNG Restarts, VLCCs Load Iranian Crude, Shippers Await "Material" Deal Details, Gasoline <$4, Energy Feedback, Waha Goes Positive, 45% CBs Say They Plan to Buy Gold, Fast Track Power Plants

Brendan Henrici - Specialist Sales - US Energy AC North America Specialist Sales J P M O R G A Nbrendan.henrici@jpmorgan.com

J.P. Morgan Securities LLC 16 June 2026

ceasefire agreement scheduled for 19 June 2026.” The advisory said the maritime threat level in the Strait of Hormuz remains

“SEVERE” and warned that blockade enforcement actions, including vessel boardings and the use of disabling force against non-

compliant ships, remain in effect. Elsewhere, shippers are exercising caution as well. Mitsui OSK Lines CEO Jotaro Tamura said

any agreement must prove “material” before shipping lines feel safe crossing. He estimated a return could take weeks or as long

as a month.

Elsewhere, visible prices are seeing notable declines. For the first time since April, Gasoline prices fell through the psychological

level of $4/gallon nationally. As a reminder, our economics team has said that $4.50/gallon sustained through the balance of the

year is what would have been needed to erode the tax-related stimulus from the OBBB. We only saw >$4.50 prices sustained for

~2 weeks in May. With the exception of global flights, our Energy Shock Monitor (here) has generally shown little strain/impact

with respect to global vehicle activity.

JPM Energy Shock Monitor

Feedback on Energy Equities Monday: In reflecting on price action & conversations post the deal there were three primary

observations. 1) Price action was generally considered fairly orderly by energy specialists. While some of our subsectors saw ~2z