Natasha Kaneva

Natasha Kaneva, J.P. Morgan's Head of Global Commodities Research, dives into the future of oil markets. She explains why crude prices plummeted in 2025 due to oversupply and predicts a supply growth outpacing demand through 2027. With insights on global shale developments like Argentina's Vaca Muerta, she outlines significant inventory builds and price forecasts, including Brent at $58 in 2026. Natasha emphasizes that a market rebalancing will hinge more on supply adjustments than demand increases.

In this conversation, Natasha Kaneva, Head of Global Oil and Commodities Research at J.P. Morgan, dives deep into the surprising resilience of oil prices amid Middle Eastern conflicts. She discusses geopolitical dynamics shaping these trends, particularly focusing on critical regions like the Strait of Hormuz. Natasha also forecasts supply-demand shifts post-ceasefire and examines the alarming state of the U.S. Strategic Petroleum Reserve. Lastly, she highlights how changing oil prices are affecting Asian economies, including currency dynamics and bond market resilience.

Join Bruce Kasman, Chief Global Economist at J.P. Morgan, Mislav Matejka, Head of Global Equity Strategy, and other experts as they dissect the 2026 market outlook. They discuss the impact of uneven monetary policy and the AI cycle on economies. Kasman highlights sticky inflation trends, while Matejka predicts significant equity gains driven by AI. Stephen Dulake addresses credit market dynamics amidst technological shifts, and Natasha Kaneva shares insights on bearish oil forecasts and bullish gold predictions.

Natasha Kaneva, Head of Global Commodities Research at J.P. Morgan, shares her insights on how geopolitical tensions, particularly from the Ukraine conflict, are affecting global oil supply. She explains why oil demand remains robust despite fears of a slowdown and discusses the dynamics of metal demand among China, the US, and Europe. Natasha also analyzes how historical Fed rate cuts impact commodities and the reasons behind gold's rally during these cycles, revealing intriguing links between financial policies and commodity prices.

Natasha Kaneva, Head of Global Commodities Strategy, and Gregory Shearer, Head of Base and Precious Metals Strategy, discuss the bullish outlook for gold and silver in 2024, fueled by rate cuts and decreasing US 10-year real yields. They also explore the potential upside for silver prices and the relationship between precious metals and other commodity markets, emphasizing commodities as a preferred option for hedging inflation.