JPM | US Energy: Worst June For Oil on Record, Contrarian Signals Rise, XLE Outflows Largest in 2mo, Copper to Push Toward $15k, CVX/MSFT, Lithium Plunges on CATL, Takeaways from O&G Calls/Trips

Research evidence excerpt

JPM | US Energy: Worst June For Oil on Record, Contrarian Signals Rise, XLE Outflows Largest in 2mo, Copper to Push Toward $15k, CVX/MSFT, Lithium Plunges on CATL, Takeaways from O&G Calls/Trips

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 22 June 2026

JPM | US Energy: Worst June For Oil on Record, Contrarian Signals Rise,

XLE Outflows Largest in 2mo, Copper to Push Toward $15k, CVX/MSFT,

Lithium Plunges on CATL, Takeaways from O&G Calls/Trips

Brendan Henrici

+1 212 622 2729

brendan.henrici@jpmorgan.com

Key Highlights Today

• Natural Resources Conference Tomorrow

• Oil Falls As Progress, Traffic Trumps Rhetoric

• Contrarian Signals Rise: Record Brent Short, Flat Skew

• Worst June for Oil On Record

• XLE Largest Outflow in 2mo

• Copper to Push Toward $15k/mt

• CVX/MSFT Power Deal

• Lithium Plunges on CATL Speculation

• Takeaways from O&G Calls & Trips

Access, Calls & Surveys:

• TODAY: JPM Expert Access CC: Pipelines, Energy Infra & Logistics in the Middle East with Wood Mackenzie, JPM Expert

Access CC: What’s the deal with Iran? A conversation with Alex Vatanka

• TODAY: JPM Webinar | The US Voice - Pre-Energy Conference: Flows, Positioning, Ideas & More on June 22, 2026 at

11 am ET. Link to Register.

• TONIGHT: Monday 6/22 @ 4:00pm, 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 Urban Space. Please

let me or your salesperson know if you plan to attend and we will send details.

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