Global Commodities: High maintenance

It took an escalation in Iran-Israel tensions and the optimism generated by the Chinese government’s stimulus efforts to lift oil out of its three-month downward trajectory.  Nevertheless, sustaining bullish price momentum in oil has proven to be a high maintenance task: without additional catalysts, the ‘war’ and ‘stimulus’ premiums have been prone to fading. While possible, Israel is likely to avoid Iranian oil infrastructure. Conversely, the rising expectations for RMB 2 trn fiscal stimulus are likely to be met.   Speaker: Natasha Kaneva, Head of Global Commodities Research   This podcast was recorded on 11, October, 2024. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4814501-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.