JPM | US Energy: Energy Breadth Deteriorates, Crossings Tick Up, US Considering "VIP" Passes, IEA Projects ‘27 Oil Surplus, Will China Demand Return?, Commodity Open Interest Falls, Renewables Jolt, US Land Activity Review

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JPM | US Energy: Energy Breadth Deteriorates, Crossings Tick Up, US Considering "VIP" Passes, IEA Projects ‘27 Oil Surplus, Will China Demand Return?, Commodity Open Interest Falls, Renewables Jolt, US Land Activity Review

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 17 June 2026

JPM | US Energy: Energy Breadth Deteriorates, Crossings Tick Up, US

Considering “VIP” Passes, IEA Projects ‘27 Oil Surplus, Will China

Demand Return?, Commodity Open Interest Falls, Renewables Jolt, US

Land Activity Review

Brendan Henrici

+1 212 622 2729

brendan.henrici@jpmorgan.com

Key Highlights Today

• Energy Breadth Deteriorates

• MOU Details

• Visible Crossings Rise

• US Considers VIP Passes to Expedite Shipping

• IEA Now Project Oil Surplus

• Does China OIl Demand Come Back?

• Commodity Futures Positioning Continues to Fall

• Renewables & the War “Jolt”

• Reviewing US Land Activity Post War

Access, Calls & Surveys:

• SAVE THE DATE: JPM Webinar - Natural Resources Conference: Energy, Utilities, Power, Renewables & Mining

Preview Call: Thoughts Themes & Positioning on June 18, 2026 at 11:30 am ET. Link to Register.

• SAVE THE DATE: J.P. Morgan 2026 Natural Resources Conference: An Energy, Power, Renewables & Mining Event on

June 23-24, 2026 at the Intercontinental New York Barclay. Register here

• 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,