JPM | US Energy: Megawatts, Molecules & Minerals: No Signs of a Chase in Energy, EPS Puts Crowding on Display, The Power Music Slows, Renewables Weakness, EPS Ahead

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JPM | US Energy: Megawatts, Molecules & Minerals: No Signs of a Chase in Energy, EPS Puts Crowding on Display, The Power Music Slows, Renewables Weakness, EPS Ahead

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 26 July 2026

JPM | US Energy: Megawatts, Molecules & Minerals: No Signs of a Chase

in Energy, EPS Puts Crowding on Display, The Power Music Slows,

Renewables Weakness, EPS Ahead

Brendan Henrici, CFA

+1 212 622 2729

brendan.henrici@jpmorgan.com

Hello all! Some earnings recaps, thoughts on price action & the (earnings) week ahead. As always, the views below are that of

sales and investor feedback and not those of research unless explicitly stated.

Sections:

• No Signs of Chase in Energy Positioning

• Shooting Fish in a Barrel: This Week in Energy EPS

• The Power Music Slows, Historical Analogs

• Utilities EPS

• Why Are Renewables So Weak?

• EPS for the Week Ahead

Still No Pickup In Energy Positioning: Our Positioning Intelligence team has added some interesting data to the narrative I have

been speaking to over the past few weeks: Unlike the first geopolitical flare up this spring, there is currently no evidence that

folks are chasing his rise in energy prices via equities in the same manner they were earlier in the year. From our PI Team:

Despite Brent rallying 35% over the past 3 weeks, we haven't seen any material pickup in energy positioning, unlike what we saw

in March. For example, Global Energy L/S ratio is at the 30th%-tile and Net exposure is at the 24th. The 12m average is more

neutral at the 57th %-tile.

There is plenty other evidence of this as well. Namely, ETF flows. There has been a measly $335mm worth of inflows to Energy

ETFs in July.