Latin America Oil & Gas: Monthly Update – June 2026 Performance

Research evidence excerpt

Latin America Oil & Gas: Monthly Update – June 2026 Performance

J P M O R G A N Latin America Credit Research

01 July 2026

Latin America Oil & Gas

Monthly Update – June 2026 Performance

Latin American Oil & Gas issuers (CEMBI Broad Latam Oil) delivered positive EM Latin America Corporate

returns with spread tightening in June. Notably, all oil-related sub-indices posted Research

positive MoM returns, with the exception of US HY Energy. The sub-index Alejandra Andrade AC

outperformed both corporates and sovereigns across Latin America and EM (1-212) 834-3220

broadly, ranking among the top two sectors in Latam. On a YTD basis, the asset alejandra.andrade@jpmorgan.com

J.P. Morgan Securities LLC

class has returned 6.5%, making it the second-best performing sector in Latin

America and the standout performer among oil-related sub-indices. At the

individual bond level, longer-dated notes from Ecopetrol and Pemex, alongside the

YPFDAR '47s, led the pack in MoM returns, while Colombian issuers such as

Canacol and SierraCol were the primary laggards.

Performance:

• The CEMBI Broad Latam Oil returned +1.5% in June, outperforming

both corporates and sovereigns across Latin America and the broader

EM. In Latam, corporates (+0.6%) and sovereigns (+1.0%) lagged modestly,

while EM corporates (+0.4%) and sovereigns (+0.7%) were more

meaningfully behind. YTD, the CEMBI Broad Latam Oil has returned +6.5%,

again ahead of both corporates and sovereigns in Latin America and broader

EM. The sector’s yield decreased slightly MoM to 7.1% from 7.2%,

accompanied by spread tightening.

• The CEMBI Broad Latam Oil was the top performer among oil-related

sub-indices in June, finishing ahead of CEMBI Broad Oil (+0.7%), JULI

Energy (+0.0%), and US HY Energy (-0.5%). Notably, it was the only sub-