At Any Rate

• Global Commodities: Are oil prices $10 too low or $20 too high?

  Global oil inventories are visibly increasing, yet prices have remained surprisingly stable, with market opinion divided on whether current oil prices are too low or too high. We anticipate prices to stay within current ranges before easing into the high $50s by year-end. The global oil surplus has widened to 2.2 mbd, likely necessitating a price adjustment to prompt a supply-side response and restore balance. Yet, despite supply pressures, three strong market forces are providing a firm floor in the $55-60 Brent ($50-55 WTI) range. Following the July hike, most OPEC members, excluding Saudi Arabia, appear to be producing at or near maximum capacity. The US administration may begin repurchasing oil for the SPR as early as August. Meanwhile, US shale wellhead breakeven prices, assuming zero return, are estimated at around $47 WTI.   Speaker Natasha Kaneva, Head of Global Commodities Research   This podcast was recorded on 30 May 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4977650-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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.

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• Global FX: Talking through the tariff rulings, payrolls and fiscal threads

  Meera Chandan and Patrick Locke discuss the latest CIT ruling on tariffs, expectations for the upcoming payrolls report and the recent fiscal-driven rates moves  with implications for the broad dollar and FX markets.   Speakers: Meera Chandan, Global FX Strategy Patrick Locke, Global FX Strategy   This podcast was recorded on 30 May 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4994884-0  for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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.

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• Global Rates: ECB preview and long end curve thoughts

  In this podcast Francis Diamond and Khagendra Gupta discuss their thoughts on Euro area rate markets ahead of the June ECB meeting and also discuss thoughts on the long end of EUR and GBP curves.   Speakers: Francis Diamond, Head of European Rates Strategy Khagendra Gupta, European Rates Strategist   This podcast was recorded on 30 May 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4998044-0  for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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.

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• Asia Cross Asset: Takeaways from J.P. Morgan Global China Summit

  Featured in this podcast are Haibin Zhu, Wendy Liu, Alex Yao and Karen Li On May 21-23, the J.P. Morgan Global China Summit convened over 2,900 delegates representing 1,300 companies from 30 countries and markets, establishing itself as one of the largest and most influential annual gatherings of business leaders in China. Our Research team organized 13 sector tours in conjunction with the event. Haibin Zhu, Wendy Liu, Alex Yao, and Karen Li shared their key insights and notable observations on global diplomacy, macroeconomics, investment community, and advancements in AI and automation.   This podcast was recorded on May 30, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://jpmorganmarkets.com/research/content/GPS-4994766-0, https://jpmorganmarkets.com/research/content/GPS-4993821-0 and https://jpmorganmarkets.com/research/content/GPS-4993789-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved.

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  17:01
• EM Fixed Income Focus: Even the uncertainty has uncertainty

  Jonny Goulden and Saad Siddiqui discuss the latest market developments and their impacts for the EM fixed income asset class.   This podcast was recorded on 30 May 2025. This communication is provided for information purposes only. For more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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.

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  21:33

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