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US NEWS 
** J.P. Morgan expects natural gas producers to benefit from three distinct demand trends; build-out of LNG export capacity, rising power demand from electrification and coal-to-gas switching
** Says expectations of record U.S. oil supply, OPEC+ barrels return in 2025, Non-OPEC 2025 supply growth and potential policy de-regulations due to Republicans gaining control of the presidency and both chambers of Congress, has softened near-term enthusiasm for the oil macro outlook
** Brokerage will “continue to favor natgas levered producers given the supply response to low gas prices, the imminent start-up of meaningful LNG feedgas flows, and a number of positive data center/AI data points”
** Upgrades ConocoPhillips to “overweight”; downgrades Devon Energy, SM Energy to “neutral” from “overweight” and CNX Resources to “underweight” from “neutral”
Brokerage changes PT on the following firms:
| Company | New PT | Old PT | Upside/Downside to Stock’s Last Close |
|---|---|---|---|
| Civitas Resources | $68 | $66 | 40% |
| CNX Resources | $37 | $31 | 3% downside |
| ConocoPhillips | $123 | $120 | 19% |
| Coterra Energy Inc | $31 | $29 | 21% |
| Crescent Energy | $16 | $14 | 10% |
| EOG Resources | $141 | $132 | 9% |
| EQT Corp | $50 | $44 | 12% |
| SM Energy | $53 | $51 | 26% |
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Supreme Court Declines to Hear From Oil and Gas Companies Trying to Block Climate Change Lawsuits