JPM | US Energy: Visible Crossings Continue, Commodity Flows Below 10yr Range, India SPR, Gold Nears Largest 200d Discount in 13yrs, US Oil Production & Demand Hit Records, PJM RBP/C&M, AA, TALO, BE Brookfield: US Energy Sector Specialist Commentary Oil & Gas·Power·Metals & Mining·Renewables

Research evidence excerpt

JPM | US Energy: Visible Crossings Continue, Commodity Flows Below 10yr Range, India SPR, Gold Nears Largest 200d Discount in 13yrs, US Oil Production & Demand Hit Records, PJM RBP/C&M, AA, TALO, BE Brookfield: US Energy Sector Specialist Commentary Oil & Gas·Power·Metals & Mining·Renewables

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 01 July 2026

JPM | US Energy: Visible Crossings Continue, Commodity Flows Below

10yr Range, India SPR, Gold Nears Largest 200d Discount in 13yrs, US

Oil Production & Demand Hit Records, PJM RBP/C&M, AA, TALO, BE

Brookfield

Brendan Henrici

+1 212 622 2729

brendan.henrici@jpmorgan.com

Key Highlights Today

• Crossings Continue, Israel to Remain in Lebanon

• Oman Submits SOH Fee Proposal

• India Explores SPR Build

• Gold Nears Largest Discount to 200d in 13yrs

• US Oil Production & Demand Hit Records in April

• PJM RBP & C&M Weighs on IPPs

• AA South 32 Acquisition

• TALO Property Acquisition

• BE & Brookfield Expand Partnership 5x

Access, Calls & Surveys:

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

of a two-day panel agenda addressing key macro, corporate and thematic topics across the energy value chain and a

comprehensive program of one-on-one/small group meetings with global C-suite executives representing leading Oil & Gas,

OFS, E&P, Utility, Renewable and Mining companies. Full details will follow. In the meantime, please save the date in your

calendar for this event

Detailed Commentary (Spec View):

Equities & the bulk of the commodities complex are opening the 3rd quarter on the backfoot with base metals down anywhere