Monthly Energy Demand Summary: Global | Energy

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Monthly Energy Demand Summary: Global | Energy

Global | Energy EquityJulyResearch16, 2026

Monthly Energy Demand Summary

The Jefferies Energy US Demand Composite is a leading indicator for underlying

US Energy Demand on a monthly basis. The composite incorporates 20

variables normalized monthly and benchmarked against historical data. These

values are aggregated into four sub-indices and then combined to form the

overall index. The headline measure is the YoY percentage change in the

composite. Detailed Methodology Within. Here we publish the June results in

our inaugural report.

Exhibit 1 - JEF US Demand Composite June

JEF US Demand Composite June

Inputs Current Period Prev. Year YoY % ∆

Travel, Freight & Mobility Index 106.53 104.69 1.75%

Industrial Index 100.96 99.13 1.85%

Power & Heating Index 118.64 115.56 2.66%

Macro Index 93.84 94.87 -1.09%

JEF Demand Composite June 106.09 104.15 1.86%

.

Source: Jefferies, Bloomberg.

Exhibit 2 - JEF Demand VS. Benchmarks

JEF Demand VS. Benchmarks

US Real GDP Quarterly (YoY%) 24,152.66 23,548.21 2.57%

Total Implied Demand (DOE) 20,379.50 19,997.25 1.91%

Source: Jefferies, DOE, EIA.

Jefferies US Demand Composite: +1.86% (June 2026 vs. June 2025) Lloyd Byrne * | Equity Analyst

+1 (212) 323-7528 | lloyd.byrne@jefferies.com

Key Takeaways For the Month: Julien Dumoulin-Smith * | Equity Analyst

+1 (281) 774-2066 | jds@jefferies.com

1) Power and heating (+2.66 YoY%) drive the upside with forward power and gas markets• Paul Zimbardo * | Equity Analyst

tightening. +1 (212) 778-8497 | pzimbardo@jefferies.com

2) Trucking (+9.30 YoY%) and rail (+7.26 YoY%) drive growth in Travel, Freight and Mobility• Sam Burwell, CFA * | Equity Analyst

(+1.75 YoY%) signaling strength in industrial-tied activity YTD. +1 (212) 284-2114 | sburwell@jefferies.com