Global Commodities: The Week in Commodities

Research evidence excerpt

Global Commodities: The Week in Commodities

J P M O R G A N Global Markets Strategy

21 June 2026

Global Commodities

The Week in Commodities

This is a summary note that consolidates the latest views of our global commodity Global Commodities Research

strategists published over the week; to read detailed reports, refer to the hyperlinks. Natasha Kaneva

It also contains hyperlinks to other related research/podcasts on the global (1-212) 834-3175

commodities market. natasha.kaneva@jpmorgan.com

JPMorgan Chase Bank NA

Global Commodities Podcast: Seeing the Invisible Gregory C. Shearer

(44-20) 7134-8161

gregory.c.shearer@jpmorgan.com

Despite the signed Memorandum of Understanding and eased prices, tightness J.P. Morgan Securities plc

persists across commodities most affected by the closure of the Strait of Hormuz. Tracey Allen

In this episode, we highlight the state of natural gas and aluminum markets, as well (44-20) 7134-6732

as discuss the ‘invisible’ parts of our balances. tracey.l.allen@jpmorgan.com

J.P. Morgan Securities plc

Global LNG Supply & Shipping Tracker: The first swallow Otar Dgebuadze, CFA

(44-20) 3493-8246

otar.dgebuadze@jpmorgan.com

Following the announced ceasefire agreement between the US and Iran, the first J.P. Morgan Securities plc

LNG tanker exited the Strait with transponders on. Based on Bloomberg ship

Ali A. Ibrahim

tracking data, we estimate Disha was loaded in Ras Laffan on June 12-13 and exited (44-20) 3493-6438

Hormuz in the early hours of June 15, heading to Dahej, India. This was later ali.ibrahim@jpmorgan.com

confirmed by Indian port authorities. After the Disha exit, we count just eight J.P. Morgan Securities plc

vessels inside the Strait, two of which currently have their transponders switched Lyuba Savinova