The weather forecasts for early 2025 in both the US and Europe have turned colder, leading to increased natural gas demand and stress on projected end of season storage levels. While current conditions suggest a bullish outlook, we caution that there is still plenty of winter and time left in the year, creating significant uncertainty regarding price formation over the balance of 2025 in both markets.

Speakers:

Shikha Chaturvedi, Head of Global Natural Gas Research 

Otar Dgebuadze, Global Natural Gas Research 

This podcast was recorded on 17 January 2025.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4888451-0 and https://www.jpmm.com/research/content/GPS-4884963-0 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.

Arindam Sandilya , Junya Tanase, James Nelligan and Patrick Locke discuss the FX outlook heading into the US Presidential inauguration next week.

Speakers:

Arindam Sandilya, Global FX Strategy

Junya Tanase, Global FX Strategy

James Nelligan, Global FX Strategy

Patrick Locke, Global FX Strategy

This podcast was recorded on January 17, 2025.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4887086-0 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

Luis Oganes, head of Global Macro research at J.P. Morgan, discusses the outlook for government bond issuance in 2025 with strategists Jay Barry and Aditya Chordia. The team discusses how ongoing central bank QT amplifies issuance trends, and wide budget deficits suggest term premium should remain elevated in the US and UK, while these trends should be less impactful for Euro-area and Japanese yields.

Speakers:

Luis Oganes, Head of Global Macro Research

Jay Barry, Head of Global Rates Strategy

Aditya Chordia, European Rates Strategy

This podcast was recorded on 17 January 2025.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4887257-0, 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.

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 17 January 2025.

© 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.

This week our Global FX Strategists discuss how much upside the dollar still has given US exceptionalism and tariff risks. They also touch on implications from the UK’s fiscal outlook for GBP, as well as the read-through from political developments in Canada to CAD.

Speakers:
Meera Chandan, Global FX Strategy
James Nelligan, Global FX Strategy
Patrick Locke, Global FX Strategy

This podcast was recorded on 10 January 2025.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4881532-0 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.

US Short Duration strategists Teresa Ho and PJ Vohra discuss the surprisingly benign year-end for the repo marketsand what that might mean for the timing of QT’s end.

Speakers:

Teresa Ho, Head of U.S. Short Duration Strategy

PJ Vohra, U.S. Short-Term Fixed Income Strategy

This podcast was recorded on January 10, 2025. 

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4879319-0 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.

Speaker:

Natasha Kaneva, Head of Global Commodities Research

Between December 23 and January 8, oil prices rose over 6%, with Brent hitting $77/bbl and WTI nearly $75/bbl, a three-month high. The gap between realized and forecasted prices, which widened to nearly $10 last year, has now closed, aligning Brent with our $75 fair value for January. This price action is likely driven by concerns over supply disruptions from tightening sanctions, low oil stockpiles, freezing temperatures in the US and Europe, improved sentiment on China’s stimulus, cleaner positioning, and CTA short-covering flows. We expect prices to remain stable for most of the year, dipping below $70 in the final quarter, averaging $73 for the year.

This podcast was recorded on 10 January 2025.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4879370-0 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.

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 10 January 2025.

This communication is provided for information purposes only. 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.

In this podcast, Francis Diamond and Aditya Chordia discuss their latest thoughts on European rate markets given the increase in yields seen since the start of this year.

This podcast was recorded on 08 January 2025.

This communication is provided for information purposes only. Institutional clients can view the related reports at:

https://www.jpmm.com/research/content/GPS-4880271-0

https://www.jpmm.com/research/content/GPS-4879160-0

https://www.jpmm.com/research/content/GPS-4879138-0.pdf

© 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.

Having marketed our 2025/2026 Oil Outlook over the last couple weeks, we address the feedback and questions we received from our clients. To recap, Brent crude oil is on track to average $80 per barrel in 2024, which is $3 below our projections from last June. We expect the price to decline to $73 in 2025, remaining largely consistent with our 2024 Outlook published last November, before slipping to $61 in 2026. Surprisingly, our demand outlook did not face significant pushback; however, there was considerable disagreement regarding our supply forecasts, especially concerning production levels in Brazil and the US. Additionally, our perspectives on Iran positioned us as outliers compared to the broader market consensus. Notably, there were no strong opinions expressed regarding the outlook for 2026.

Speakers
Natasha Kaneva, Head of Global Commodities Research 

This podcast was recorded on December 20, 2024.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4869906-0 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.

Arindam Sandilya and Octavia Popescu discuss the outlook for currencies following a busy week of central bank meetings.

Speakers:
Arindam Sandilya, Global FX Strategy
Octavia Popescu, Global FX Strategy

This podcast was recorded on 20 December 2024.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4870676-0 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.