JPM | Brent to $100, Longer Russian export bans, CATL reports tonight, Newmont & Regis miss costs, Sandfire downgrade to Neutral

Research evidence excerpt

JPM | Brent to $100, Longer Russian export bans, CATL reports tonight, Newmont & Regis miss costs, Sandfire downgrade to Neutral

Specialist Sales

APAC Specialist Sales J P M O R G A N

24 July 2026

Earnings This Week

Date Metals & Mining Energy Renewables

EVE Energy EGM

07/20 South32 Q4 Sales (14:30)

07/21 MMG Q2 Sales/Production

Paladin Energy Ltd FY (06:30)

Paladin Energy Q4 Sales

Beach Energy Q4 Sales

Bharat Petroleum Corporation

(BPCL) Q1

Lynas Rare Earths Q4 Sales Hindustan Petroleum

07/22 MMG Ltd Production Con Call Corporation (HPCL) Q1

Hindalco Industries AGM

(17:30) Santos Q2 Sales Yunnan Energy EGM

07/23 Sandfire Resources Q4 Sales Karoon Energy Q2 Sales (14:00)

Regis Resources Q4 Sales

Newmont Q2 (Bef-mkt) PTTEP Q2*

JSW Steel AGM (13:30) Petronet LNG Q1* CATL - A Q2

07/24 Hyundai Steel Company Q2 Premier Energy Q1* Doosan Fuel Cell Q2

Detailed Highlights

CRUDE OIL: Brent hits $100/bbl, Russia considering we don't see acute shortages unless China Returns

• Brent touches $100/bbl this morning on more further escalations: 1) the WSJ is reporting that the US is “surging” forces,

medics and weaponry to the Middle East over the past week. 2) Kpler is reporting that, while still counting to load cargoes,

confirmed crude transits through the Strait of Hormuz have dropped by 75%. 3) CPC disruptions: Reuters is reporting that oil

production at CVX’s Tengiz field has more than halved to 406kpd (from 925kpd in July). 4) NYT reporting that Iran has

rejected Ceasefire deal proposed by Iraq.

• Despite Brent’s ~40% July rally, Natasha Kaneva sees only a modest geopolitical premium as the market rebalanced via an

extraordinary 5.1 mbd demand drop—mainly absorbed by China—rather than inventory draws. With US and global buffers