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J.P. Morgan

July 9, 2026

Energy Shock Monitor

Market ReportCommoditiesEnergyIndustrials

This report monitors the global economic impact of energy shocks by tracking high-frequency transport activity and commodity price trends. It covers flight and vehicle usage, tanker imports, and retail fuel pricing across major global economies.

Key Takeaways

  • 1.Global tanker imports continue to drift downwards, with China leveling off below pre-conflict levels and Europe approaching post-conflict lows.
  • 2.Brent crude prices rose 9% in the past week, tightening the gap with retail fuel prices.
  • 3.Rising jet-fuel, natural gas prices, and container shipping costs indicate building core goods price pressures.

Table of Contents

  • Activity tracking
  • Prices
  • Exposure metrics
  • Appendix

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Authors

Nora SzentivanyiMaia CrookArtem Fakhretdinov

Securities

Brent Crude

Themes

Energy VolatilitySupply Chain Inflation

Regions

GlobalEuropeAsia PacificUnited StatesChinaJapan