J P M O R G A N Global Commodities Research 25 June 2025 Oil Demand & Inventory Tracker OECD oil product inventories start to build US travel demand improves while industrial fuel consumption remains weak Global liquid stocks have increaseed for the fourth consecutive week Global Commodities Research Prateek Kedia (1-646) 326 1124 prateek.kedia@jpmchase.com J.P. Morgan India Private Limited Natasha Kaneva (1-212) 834-3175 natasha.kaneva@jpmorgan.com JPMorgan Chase Bank NA See page 10 for analyst certificati ...

Joining us now is Arjun Mertie. He is partner for energy macro and policy at energy consultancy Veritin and former equity analyst at Goldman Sachs. Arjun, welcome.So does lawyer lower oil today just reflect that investors believe Iran has been defanged. I think that's right. I mean, keep in mind, we probably had built as much as a 15 to20 dollar per barrel premium in oil over the last week versus where we were trading pre-Israel Iran and we're now in the process of eliminating that and I think the market is ...

I think the best traders of oil are the Chinese. And so they're the real, you know, the power underneath this all is that is their buying of Iranian crude. They put the bid on oil. They put the bid on Iranian oil so that they're the main buyer by far.You know, 80% of Iranian oil is a lot of it actually goes to Malaysia and then is re flagged. So you see that Malaysia exports more oil to China than it produces oil. So it's obviously smuggled.And basically the other manipulation is the White House turning the ...

THE COUNTDOWN TO THE PULSE STARTS RIGHT NOW. ♪ >> NEWSMAKERS AND MARKET MOVERS, THIS IS "THE PULSE WITH FRANCINE LACQUA." >> GOOD MORNING AND WELCOME TO "THE PULSE." THESE ARE YOUR TOP STORIES. THE U.S. PRESIDENT HAS MADE AN EARLY EXIT FROM THE G7 SUMMIT BUT SAYS HIS DEPARTURE HAS "NOTHING TO DO WITH THE CEASE-FIRE BETWEEN ISRAEL AND IRAN." DONALD TRUMP LEFT CALLING FOR TEHRAN TO BE EVACUATED, FUELING SPECULATION OF GREATER U.S. INVOLVEMENT IN ISRAEL'S OFFENSIVE.IN A TRUE SOCIAL POST, PRESIDENT TRUMP TOOK A ...

The latest forecasts from the IEA this morning. What are they saying, particularly about China, the demand from the world's second largest economy. Yeah, they're bringing forward their estimate for when they think Chinese crude oil demand is going to peak.So they're saying oil demand peaking in China in about 2027. So that's earlier. And then in general, 2030, global crude oil demand peaking.And this has been a discussion in the oil market going back and forth because you'll have countries like those in OPE ...

At the moment. I think the big thing that came through was there were local reports that there was no damage to oil infrastructure in Iran. That was one of the threats, I think, in the morning when you saw Brent's prices spiked as much as 13%.We're now up 7%. So we've kind of curved back. Still up a lot, but not where we were a few hours ago.I think the market was carefully watching. What's the impact on the oil physically in the market right now. Right.If there was any impact on Iran's oil production capac ...

IEA月报：将2026年平均石油需求增长预期上调至76万桶/日（之前预估为69万桶/日）。 ...

IEA月报：在2025年剩余时间内，全球石油需求增长将放缓。 ...

Core Viewpoint - The content emphasizes the importance of conducting personal due diligence and consulting competent advisors before making any financial decisions, particularly in the context of investments and trading activities [1]. Group 1 - The website provides general news, publications, and personal analysis intended for educational and research purposes [1]. - It explicitly states that the information does not constitute any recommendation or advice for investment actions [1]. - Users are advised to perform their own research and consider their financial situation before making decisions [1]. Group 2 - The website includes information about complex financial instruments such as cryptocurrencies and contracts for difference (CFDs), which carry a high risk of losing money [1]. - It encourages users to understand how these instruments work and the associated risks before investing [1].

Core Viewpoint - The content emphasizes the importance of conducting personal due diligence and consulting competent advisors before making any financial decisions, particularly in the context of investments and trading activities [1]. Group 1 - The website provides general news, publications, and personal analysis intended for educational and research purposes [1]. - It explicitly states that the information does not constitute any recommendation or advice for investment actions [1]. - Users are advised to perform their own research and consider their financial situation before making decisions [1]. Group 2 - The website includes information about complex financial instruments such as cryptocurrencies and contracts for difference (CFDs), which carry a high risk of losing money [1]. - It encourages users to understand how these instruments work and the associated risks before investing [1].