Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

Commodities

<ul><li>Trump prioritizes reducing US trade deficit by urging nations with trade surpluses to increase oil and gas purchases or face tariffs</li><li>To reduce bilateral deficits, US would need to significantly increase oil and gas exports to Europe, China, South Korea, and Japan</li><li>Trump administration aims to accelerate US oil and gas production growth to meet demand and potentially lower costs for producers to achieve goals of reducing trade deficit and increasing energy exports</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Trump prioritizes reducing US trade deficit by urging nations with trade surpluses to increase oil and gas purchases or face tariffsTo reduce bilateral deficits, US would need to significantly increase oil and gas exports to Europe, China, South Korea, and JapanTrump administration aims to accelerate US oil and gas production growth to meet demand and potentially lower costs for producers to achieve goals of reducing trade deficit and increasing energy exportsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>For the week ending 24/Jan, US crude inventories increased by 3.5m barrels, missing expectations of a 2.2m barrel build. Gasoline stockpiles rose, while distillate stocks fell more than expected.</li>
<li>US natural gas inventories fell by 321 Bcf for the week ending 24/Jan, beating analyst expectations of a 317 Bcf drawdown. Inventories are 4.1% below the 5-year seasonal average.</li>
<li>Shell’s Q4 adjusted earnings dropped 38.3% QoQ and 49.9% YoY, missing estimates due to weak margins and oil prices. HSBC raised its PT on Chevron but cut it for Exxon.</li>
</ul>


For the week ending 24/Jan, US crude inventories increased by 3.5m barrels, missing expectations of a 2.2m barrel build. Gasoline stockpiles rose, while distillate stocks fell more than expected.
US natural gas inventories fell by 321 Bcf for the week ending 24/Jan, beating analyst expectations of a 317 Bcf drawdown. Inventories are 4.1% below the 5-year seasonal average.
Shell’s Q4 adjusted earnings dropped 38.3% QoQ and 49.9% YoY, missing estimates due to weak margins and oil prices. HSBC raised its PT on Chevron but cut it for Exxon.


[ETP 2025/05] WTI Falls on Trump’s Trade Policies; Henry Hub Drops on Milder Weather Forecasts

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>Let’s start with DeepSeek.</li><li>The trajectory toward singularity may be accelerating faster than previously forecasted.</li><li>With barriers to entry for AI development rapidly lowering and efficiency gains fueling greater demand rather than less, it seems inevitable that this trend will reshape the AI landscape.</li></ul>

Let’s start with DeepSeek.The trajectory toward singularity may be accelerating faster than previously forecasted.With barriers to entry for AI development rapidly lowering and efficiency gains fueling greater demand rather than less, it seems inevitable that this trend will reshape the AI landscape.

The Drill: The commoditization of AI is here

<ul>
<li>The U.S. oil and gas rig count dropped for the third consecutive week, falling by 4 to 576 for the week ending 24/Jan.</li>
<li>For the week ending 17/Jan, U.S. oil production moderately fell to 13.477m bpd from 13.481m bpd the week prior.</li>
<li>The number of active U.S. oil rigs fell by 6 to 472, while gas rigs grew by 1 to 99. U.S. producers cut four rigs in Texas.</li>
</ul>


The U.S. oil and gas rig count dropped for the third consecutive week, falling by 4 to 576 for the week ending 24/Jan.
For the week ending 17/Jan, U.S. oil production moderately fell to 13.477m bpd from 13.481m bpd the week prior.
The number of active U.S. oil rigs fell by 6 to 472, while gas rigs grew by 1 to 99. U.S. producers cut four rigs in Texas.


U.S. Rig Count Falls for Third Straight Week Amid Sharp Oil Rig Count Decline

Data-Driven Commodity Research, The Commodity Report

The Commodity Report

Data-Driven Commodity Research

A unique newsletter about commodities and macro analysis in a weekly format.

<ul><li>Soybean-Meal Oversupply Crisis Incoming? When you crush soybeans, you get one part of soy oil and another part of soy meal.</li><li>Per soybean crushed, you get something like an 80/20 meal to oil share.</li><li>While the soy oil part is currently in high demand due to a higher bioethanol requirement (Brazil increased the share from 14% to15% as of 2025), there isn’t an additional demand driver for soy meal.</li></ul>

Soybean-Meal Oversupply Crisis Incoming? When you crush soybeans, you get one part of soy oil and another part of soy meal.Per soybean crushed, you get something like an 80/20 meal to oil share.While the soy oil part is currently in high demand due to a higher bioethanol requirement (Brazil increased the share from 14% to15% as of 2025), there isn’t an additional demand driver for soy meal.

United States

Natural gas is a naturally occurring hydrocarbon gas mixture consisting primarily of methane, but commonly including varying amounts of other higher alkanes, and sometimes a small percentage of carbon dioxide, nitrogen, hydrogen sulfide, or helium. It is formed when layers of decomposing plant and animal matter are exposed to intense heat and pressure supplied by existing under the surface of the Earth over millions of years. The energy that the plants originally obtained from the sun is stored in the form of chemical bonds in the gas.

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Natural Gas (NATURAL GAS COMDTY)

Global Commodities: $45 is the new $55

Trump aims to reduce US trade deficit by increasing oil and gas sales, which may require a significant boost in exports and higher oil prices to...

At Any Rate

[ETP 2025/05] WTI Falls on Trump’s Trade Policies; Henry Hub Drops on Milder Weather Forecasts

US oil inventories rose more than expected, while natural gas inventories fell more than expected. Shell's earnings declined due to weak margins...

Mint Finance

The Drill: The commoditization of AI is here

Let’s start with DeepSeek. The trajectory toward singularity may be accelerating faster than previously forecasted. With barriers to entry for AI...

Steno Research

U.S. Rig Count Falls for Third Straight Week Amid Sharp Oil Rig Count Decline

The U.S. oil and gas rig count continues to decline, with oil production also dropping slightly. U.S. producers cut four rigs in Texas and one in...

Mint Finance

Soybean-Meal Oversupply Crisis Incoming?

Soybean-Meal Oversupply Crisis Incoming? When you crush soybeans, you get one part of soy oil and another part of soy meal. Per soybean crushed,...

The Commodity Report

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Global Commodities: $45 is the new $55

Trump aims to reduce US trade deficit by increasing oil and gas sales, which may require a significant boost in exports and higher oil prices to...

At Any Rate

[ETP 2025/05] WTI Falls on Trump’s Trade Policies; Henry Hub Drops on Milder Weather Forecasts

​US oil inventories rose more than expected, while natural gas inventories fell more than expected. Shell's earnings declined due to weak margins...

Mint Finance

The Drill: The commoditization of AI is here

Let’s start with DeepSeek. The trajectory toward singularity may be accelerating faster than previously forecasted. With barriers to entry for AI...

Steno Research

U.S. Rig Count Falls for Third Straight Week Amid Sharp Oil Rig Count Decline

​The U.S. oil and gas rig count continues to decline, with oil production also dropping slightly. U.S. producers cut four rigs in Texas and one in...

Mint Finance

Soybean-Meal Oversupply Crisis Incoming?

Soybean-Meal Oversupply Crisis Incoming? When you crush soybeans, you get one part of soy oil and another part of soy meal. Per soybean crushed,...

The Commodity Report

US oil inventories rose more than expected, while natural gas inventories fell more than expected. Shell's earnings declined due to weak margins...

The U.S. oil and gas rig count continues to decline, with oil production also dropping slightly. U.S. producers cut four rigs in Texas and one in...