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what caused the price spikeVideo

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Description: Oil prices have slightly pulled back from September’s high point, but concern remains around pump prices and supply risk. Global Investment and Commodity Strategist Stephen Jury explains what caused the price spike and what investors can expect in months to come.

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Length (seconds): 109

Transcript: <h2>Note:</h2> <p>Background music plays.</p> <h2> </h2> <h2>On screen:</h2> <p>This video opens with a man in a brown blazer, speaking from an office with natural wood accents and plants.</p> <h2> </h2> <h2>Note:</h2> <p>A bold disclaimer in a text box reads:</p> <h2> </h2> <h2>On screen:</h2> <p>INVESTMENT AND INSURANCE PRODUCTS:</p> <ul> <li>NOT A DEPOSIT</li> <li>NOT FDIC INSURED</li> <li>NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY</li> <li>NO BANK GUARANTEE</li> <li>MAY LOSE VALUE</li> </ul> <h2>Stephen Jury:</h2> <p>Here are your top market takeaways.</p> <h2>On screen:</h2> <p>A circle with a title expands: 'Top Market Takeaways.' A question appears over gray: 'What has happened in the oil market?'</p> <h2>On screen:</h2> <p>Text appears below the speaker: 'Stephen Jury, Managing Direc-tor, Global Investment and Commodity Strategist, J.P. Morgan Wealth Management. November 3, 2023'</p> <h2>Stephen Jury:</h2> <p>Oil prices have soared since June, rising almost 35% to the high point seen in September.</p> <h2>On screen:</h2> <p>A graph appears, titled 'Brent Crude price,' with dollars per BBL on the vertical axis and months April through October on the horizontal axis. Prices largely decline from $85 in April '23 to near $75 in June '23. Prices rise steeply with some smaller peaks and valleys from June to September, where it peaks at over $95. An inclining arrow indicates the rise at 34.5%.</p> <h2>Note:</h2> <p>Small print text appears.</p> <h2>On screen:</h2> <p>'Source: Bloomberg Finance L.P. Data as of October 26, 2023.'</p> <h2>Stephen Jury:</h2> <p>They have since pulled back about 8%, but remain elevated because traders are concerned about Middle East supply risk in the wake of the tragic events.</p> <h2>On screen:</h2> <p>Another question appears over gray: 'What drove the market higher?'</p> <h2>Stephen Jury:</h2> <p>Initially, Saudi Arabia cut its production by 1 million barrels a day in an attempt to support prices as they dipped towards $70. Secondly, fears of an escalation in the conflict cause worries that Iran may attempt to block supplies from the Persian Gulf reaching markets.</p> <h2>On screen:</h2> <p>Another question asks: 'How will this affect consumers?'</p> <h2>Stephen Jury:</h2> <p>We believe that prices will move lower from here to end the year close to $80. Fears of a major supply interruption are overblown and higher prices unlock more supply, especially here in the United States.</p> <h2>On screen:</h2> <p>Another question: 'How is it impacting gasoline prices, and will there be a shortage?'</p> <h2>Stephen Jury:</h2> <p>Higher gasoline prices hurt households and they often react quickly.</p> <h2>On screen:</h2> <p>Downward facing arrows extend from an icon of a car, then a gas pump.</p> <h2>Stephen Jury:</h2> <p>We're already seeing this with gas station visits down 6% so far this month and gasoline prices are coming down they’re off 30 cents from the highs seen in September. In our opinion, there will not be a shortage. The energy world is a very different place than it was in 1973 when we saw long lines to buy gas. The United States is now the largest producer of energy in the world. That’s a big shift and that's a big positive for U.S. consumers.</p> <h2>On screen:</h2> <p>A bulleted list appears beside a magnifying glass:</p> <h2>On screen:</h2> <p>'Key Takeaways.</p> <ul> <li>First: We believe oil prices can come back down and will likely stay there for some time</li> <li>Second: Saudi Arabia could quickly bring back 1 million bar-rels a day if prices do spike higher</li> <li>And third: The market could solve the problem with more supply and lower demand'</li> </ul> <h2>Stephen Jury:</h2> <p>To learn more, please visit chase.com/theknow.</p> <h2>On screen:</h2> <p>A logo appears over grey:</p> <h2>On screen:</h2> <p>J.P. Morgan Wealth Management.</p> <h2>Note:</h2> <p>Legal disclosures:</p> <h2>On screen:</h2> <p>The views, opinions, estimates and strategies expressed herein constitutes the speaker's judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan. This information in no way constitutes J.P. Morgan Research and should not be trusted as such. You should carefully consider your needs and objectives before making any decisions --including whether the services, products, asset classes (e.g. equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with any investment or financial service, product or strategy prior to making an investment decision. For additional guidance on how this information should be applied to your situation, you should consult your advisor.</p> <h2>Note:</h2> <p>A disclosure in bold reads:</p> <h2>On screen:</h2> <p>Investing in securities involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved. Outlooks and past performance is not a guarantee of future results.</p> <h2>Note:</h2> <p>A disclosure in regular reads:</p> <h2>On screen:</h2> <p>Investment in alternative investment strategies is speculative, often involves a greater degree of risk than traditional investments including limited liquidity and limited transparency, among other factors and should only be considered by sophisticated investors with the financial capability to accept the loss of all or part of the assets devoted to such strategies.</p> <h2>Note:</h2> <p>A disclosure in bold reads:</p> <h2>On screen:</h2> <p>Asset allocation/diversification does not guarantee a profit or protect against loss.</p> <h2>Note:</h2> <p>A disclosure in regular reads:</p> <h2>On screen:</h2> <p>J.P. Morgan Wealth Management is a business of JPMorgan Chase &amp; Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan.</p> <p>Copyright {{copyrightCurrentYear}} JPMorgan Chase &amp; Co.</p>

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