High Grade Energy: Thoughts Ahead of Earnings and 2Q26 Previews

Research evidence excerpt

High Grade Energy: Thoughts Ahead of Earnings and 2Q26 Previews

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

20 July 2026

High Grade Energy

Thoughts Ahead of Earnings and 2Q26 Previews

North America Corporate Credit -

Energy (IG)

Matthew Anavy, CFA AC

(1-212) 834-3568

matthew.a.anavy@jpmorgan.com

Key Themes and Expectations Ahead of Earnings Amanda Fischer

We thought it would be helpful to pull together both our thoughts on what to expect (1-212) 834-2641

amanda.fischer@jpmchase.com

within each sub-sector heading into 2Q26 results, as well as compiling the links to J.P. Morgan Securities LLC

the earnings preview notes our equity counterparts have put out over the last

several weeks. WTI and Brent started 2Q26 around $100/brl and $101/brl, but

averaged $93/brl and $97/brl during the quarter, exiting the quarter at $69/brl and

$73/brl, respectively. Recall, heading into the year, our crude strategist was

anticipating oil prices to decline throughout 2026 due to an oversupplied market

given the accelerated return of OPEC+ barrels, as well as significant growth in

non-OPEC supply. This has not played out as the conflict in the Middle East has

caused commodity prices to surge. Prices remain very volatile with the re-

escalation of the conflict over the last week or so; we have seen prices increase

significantly, with WTI increasing to $81/brl and Brent to $87/brl at the time of this

writing. Natural gas prices started 2Q26 at $2.82/MMBtu, rising to a high of $3.34/

MBtu in June on hot weather, only to decline back to $2.87/MMBtu at the time of

this writing. Our Crude strategist expects prices to remain in the $80 range for the

rest of the year before falling throughout 2027 on excess supply.

• E&P and Integrated: Most producers likely maintain capital discipline