JPM | US Energy: DXY 13mo High, MOU Signed, Saudi VLCCs Transit SOH, AI Capex 2.0 - 90GW of BTM, Steel Mid-Quarter Guides, Natural Resources Conference: Call Today, Question Bank, Themes

Research evidence excerpt

JPM | US Energy: DXY 13mo High, MOU Signed, Saudi VLCCs Transit SOH, AI Capex 2.0 - 90GW of BTM, Steel Mid-Quarter Guides, Natural Resources Conference: Call Today, Question Bank, Themes

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 18 June 2026

JPM | US Energy: DXY 13mo High, MOU Signed, Saudi VLCCs Transit

SOH, AI Capex 2.0 - 90GW of BTM, Steel Mid-Quarter Guides, Natural

Resources Conference: Call Today, Question Bank, Themes

Brendan Henrici

+1 212 622 2729

brendan.henrici@jpmorgan.com

Key Highlights Today

• Conference Preview Call today 11:30am

• Dollar Hits 13mo High, Oil Down YoY

• MOU Signed, Saudi VLCCs Transit Hormuz

• AI Capex 2.0, 90GW of BTM

• Steel Mid-Quarter Guides

• Natural Resources Conference: Question Bank & Themes

Access, Calls & Surveys:

• SAVE THE DATE: JPM Webinar - 2026 CEO/CFO Zoom Fireside Chat Series: SM Energy (SM US) on June 18, 2026

at 10 am ET. Link to Register.

• SAVE THE DATE: JPM Webinar - Natural Resources Conference: Energy, Utilities, Power, Renewables & Mining

Preview Call: Thoughts Themes & Positioning on June 18, 2026 at 11:30 am ET. Link to Register.

• SAVE THE DATE: Monday 6/22 @ 5:30pm, Pre-Natural Resources Conference Happy Hour - Please join our sales

energy equity research teams for a happy hour ahead of our conference next week. The Happy Hour will be at The Splendid

NYC - 16 E 52nd St (52nd and Madison).

• SAVE THE DATE: J.P. Morgan 2026 Natural Resources Conference: An Energy, Power, Renewables & Mining Event on

June 23-24, 2026 at the Intercontinental New York Barclay. Register here

• SAVE THE DATE: J.P. Morgan Global Energy Conference, Nov 30th-Dec 1st, in-person, London. The event will consist