SHEL, TE, ENI, SUBC, SPM, BP: EU Energy Sector Specialist Commentary Oil - O‘G‘s - Utilities - Infrastructure

Research evidence excerpt

SHEL, TE, ENI, SUBC, SPM, BP: EU Energy Sector Specialist Commentary Oil - O‘G‘s - Utilities - Infrastructure

Ian Mitchell - Specialist Sales - European Energy AC (44-20) 7134-1356 Europe Specialist Sales J P M O R G A Nian.e.mitchell@jpmorgan.com

J.P. Morgan Securities plc 30 July 2026

- A QatarEnergy-controlled liquefied natural gas tanker exited the Strait of Hormuz overnight, the first such vessel visible on ship-

tracking data to leave the waterway since July 11, data from analytics firms showed on Thursday. The Al Areesh tanker, which

loaded a cargo at Qatar’s Ras Laffan terminal around July 4-6, sailed out of the strait overnight on July 29, according to Kpler and

LSEG data

J. P. Morgan View

- FP rallied ~$5 on renewed escalation but remains ~$8 below last week's highs. The Houthis appear to be continuing their

blockade on Saudi Arabia while allowing Chinese tankers to pass through Bab el-Mandeb. The conflict continues to cycle through

escalation and de-escalation, but view from here is bullish FP and spreads.

- Stats showed headline inventories drawing 7mb and Cushing drawing 770kb to 18.6mb, both more bullish than APIs and our

projections. If flows remain compromised as the conflict escalates, US inventories are at distressed levels and can no longer serve

as the global supplier of last resort. With fewer fallback options such as SPR releases available, I would expect TI spreads to

move higher from current levels.

Markets - US mkts ended 70bps below European close, NYSE volume 8% above 20day avg. Energy and Consumer Staples

outperformed, while Tech and Industrials lagged. FOMC voted 9-3 to leave rates on hold, an outcome close to expectations.

Garmin +16.2% Q2 earnings and revenue beat. Biogen +1.8% Q2 revenue and earnings beat.