JPM | US Energy: Oil Nears $100 on Red Sea Attacks, TTF Win Streak Longest Since ‘18, GEV & GOOGL Capex, Gas E&Ps See Best Day Since Feb, DC Copper Demand +80% in ‘26, Vene Imports Highest Since ‘17, PCG, CLF

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JPM | US Energy: Oil Nears $100 on Red Sea Attacks, TTF Win Streak Longest Since ‘18, GEV & GOOGL Capex, Gas E&Ps See Best Day Since Feb, DC Copper Demand +80% in ‘26, Vene Imports Highest Since ‘17, PCG, CLF

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 23 July 2026

JPM | US Energy: Oil Nears $100 on Red Sea Attacks, TTF Win Streak

Longest Since ‘18, GEV & GOOGL Capex, Gas E&Ps See Best Day

Since Feb, DC Copper Demand +80% in ‘26, Vene Imports Highest Since

‘17, PCG, CLF

Brendan Henrici

+1 212 622 2729

brendan.henrici@jpmorgan.com

Key Highlights Today:

• Oil Approaches $100/bbl on Houthi Red Sea Attacks

• TTF Nears Longest Winning Streak Since 2018

• Thoughts + Feedback on GEV & GOOGL Capex

• Gas E&Ps Rise by Most Since February

• TSLA Storage Deployments

• DC Copper Demand to Rise 80% in ‘26

• Refiners Run Hardest Since 2019

• US Veneuela Imports Hit Highest Level Since ‘17

• PCG, CLF Earnings

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