** 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 COP.N to "overweight"; downgrades Devon Energy DVN.N, SM Energy SM.N to "neutral" from "overweight" and CNX Resources CNX.N to "underweight" from "neutral"

Brokerage changes PT on the following firms:

(Reporting by Pooja Menon in Bengaluru)

((Pooja.Menon@thomsonreuters.com;))