Greg Shearer speaks with Otar Dgebuadze and Nina Fahy on the rising global LNG supply, slowdown of demand in key established markets and how the infrastructure challenges limits significant demand growth in emerging LNG markets. Team thinks this ultimately warrants higher flexibility through storage and production in the US natural gas market.   Speakers:   Nina Fahy, Head of US Natural Gas Research Otar Dgebuadze, Natural Gas Research Greg Shearer, Head of Base & Precious Metals Research   This podcast was recorded on November 14, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5112751-0 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.