Credit Calls

Research evidence excerpt

Credit Calls

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

13 July 2026

Monday, July 13, 2026

Feature Head of North America Credit

Research and Strategy

High Yield Energy: Natural Gas Model Book Update (Tarek Hamid) AC Tarek Hamid

You’re killin’ me, Smalls!While crude oil went on a wild Iran-conflict driven ride,

(1-212) 834-5468

the natural gas market was fairly muted during the second quarter. NYMEX front- tarek.x.hamid@jpmorgan.com

month pricing reached as low as $2.52/mmbtu during the quarter, and we have seen J.P. Morgan Securities LLC

2026 strip pricing trend lower from $3.66/mmbtu at the beginning of the year to just

$3.16/mmbtu now. The curve looks fairly low for most of the back half of the year

as well. This near-term cap on natural gas prices is largely a timing issue in our Credit Calls is our daily compilation of

view. The primary drivers of structural demand growth for the US natural gas research reports from High Grade and

market have been the buildout of LNG infrastructure and data center driven load High Yield corporate credit analysts

growth. The construction of both are multi-year processes, and it is unlikely that and strategists.

we see meaningful incremental capacity come online before next year. However,

the supply side of the equation hasn’t been delayed and has been growing, High Grade Home Page

particularly in the Haynesville and Permian basins. Current pricing should

High Yield Home Pagemodestly disincentivize Haynesville growth, but with sizable incremental LNG

volumes likely in 2027 producers are unlikely to be “too cute” with their Daily Economic Briefing

production programs. Link to US Equity Research Top Stories

(updated 7:30am)

Delta Air Lines, Inc.: Keep Climbing (Margins / Credit Ratings) Higher; Link to J.P. Morgan Markets page