JPM | 美国能源：FOMC前风险资产反弹，俄罗斯延长出口禁令，中国库存下降，沙特装载量翻倍，STS转运/流量上升，黄金ETF在FOMC前偏高，TTF 4z资金流入，DVN资产出售，BTM深度解析第二部分

研报英文原文证据摘录

Brendan Henrici - Specialist Sales - US Energy AC

J.P. Morgan Securities LLC

North America Specialist Sales

JPMORGAN

16 September 2026

JPM | US Energy: Risk Rallies Pre-FOMC, Russia Extends Export Ban,

China Inventories Wane, Saudi Doubles Loadings, STS Transfers/Flows

Pickup, Gold ETFs Top Heavy into FOMC, TTF 4z Inflow, DVN Asset

Sales, BTM Deep Dive Pt. II

Brendan Henrici, CFA

Key Highlights Today:

Risk Rallies Ahead of FOMC, Energy Vol Falls

Russia Extends Export Ban, China Inventories Wane

Saudi Doubles Ras Tanura/Juymah Loadings

STS Transfers & Hormuz Flows Pickup To Compensate

Metals Research: Gold ETFs Top Heavy into FOMC

TTF ~4z Inflow Over Past 4 Weeks

DVN Asset Sales

BTM Deep Dive - Day 2

Access, Calls & Surveys:

SAVE THE DATE: J.P. Morgan Global Energy Conference, Nov 30th-Dec 1st, in-person, London.

9/16 Sep @ 11am EST: US Equity Research Fall Series | E&P, Integrated Oils and OFS Register Here

9/17 @ 10 am EST: Clean Energy and Power Infrastructure Fall Series Register Here

10/02 @ 10:30am EST: US Equity Research Fall Series | Jeremy Tonet | North American Midstream Here

Brendan’s Brief:

In Brief: Subdued energy volatility is helping arrest the slide in risk assets ahead of FOMC this afternoon. On the latter and as

priced into markets, we anticipate the fed will move to increase the funds rate by 25bps this afternoon. More important than the

hike itself is the direction of travel into 2027. Markets now anticipate close to 4 hikes by this time next year (up from just one in

the summer). Our team anticipates that the fed will also hike 25 in December. Still, we view the dual hikes in 2026 as a

“recalibration” rather than the start of a more sustained hiking cycle. Any evidence that would corroborate this— a recalibration

as opposed to the steeper path the market is pricing—is where upside lies for markets this afternoon.

Markets Now Price ~4 Hikes by Next Fall...

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