Global Commodities: The Week in Commodities

Research evidence excerpt

Global Commodities: The Week in Commodities

Natasha Kaneva AC Global Markets Strategy

(1-212) 834-3175 26 June 2026 J P M O R G A N

natasha.kaneva@jpmorgan.com

been pulling metal via an attractive COMEX/LME arb since early 2025, tightening the ex-US

market and reducing China’s historical role as the marginal price setter. As we see this tug

of war continuing, we expect copper prices will likely persistently see higher floors and

higher ceilings on a push towards $15,000/mt over the coming quarters, with risks still

skewed towards reaching a very bullish pinch point driven by rapidly dwindling ex-US

inventories.

Global LNG Supply & Shipping Tracker: Another explosion at Ras Laffan

Qatar Energy announced an operational incident at Ras Laffan Industrial City, an explosion

and fire at Barzan gas facility. According to the official statement, the incident occurred

during the start-up operations. Unfortunately, the incident resulted in a casualty of 13 and

injured 66 people, according to the latest comments by the CEO. Barzan gas plant processes

gas from the same supergiant offshore North Field, however, it is used primarily for the

domestic market, including as feedstock for adjacent industries and for power generation.

Unlike the first incident at the site which damaged two of the 14 LNG liquefaction trains, the

direct impact on LNG infrastructure from this event is rather limited (Global LNG Analyzer:

Flash Note: Thoughts on Ras Laffan 2.0, 19 March 2026). This was also echoed by the CEO

in his latest comments that the incident will not affect the exports. Importantly, this incident

was confirmed as an accident, unlike the one in early March, which was a result of Iranian

attacks.

European Natural Gas: Demand & Storage Tracker: Got too hot, too quickly