Global Energy Research Highlights: Week Ending Sep 18, 2026

This report summarizes the research produced by J.P. Morgan Global Energy Equity Research during the week ending 18 September 2026, spanning global oil & gas E&P, oil services & equipment, integrated oil, refining, midstream/MLPs, utilities and IPPs, coal, mining and metals. Key highlights include: the Behind-the-Meter (BTM) Distributed Power Deep Dive (Days 1-4) arguing that valuation supports an asymmetric risk-reward profile for LBRT and PUMP as embedded power expectations remain low; JPM Shale Land Rig Analysis showing U.S. land rig activity up +2 rigs WoW while Haynesville fell -3 rigs; the E&P Capex Survey showing upstream reinvestment normalizing to price-implied levels; the Natural Gas and NGL Reservoir model suggesting a looming 2027 air pocket but structural strength from 2028-30; China thermal coal prices likely surpassing ~Rmb1,000/t; China tanker shipping upside risk to VLCC TCE assumptions; utilities weighed by AI macro headlines with CEG's $715mm RISEC acquisition;