JPMorgan's chief global markets strategist, Marko Kolanovic, advises investors to play commodities against recession risks. Kolanovic named natural gas as his top pick within the commodities sector. Investors can look to the United States Natural Gas Fund LP (UNG) to gain exposure to the commodity; it's down about 48% year to date. The strategist forecasts U.S. natural gas prices to undergo a 25% rally in the next few months on expectations of a supply growth reversal. Backwardation is what happens when the spot price is higher than the price of the approaching futures' contracts.

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Persons: Marko Kolanovic, Kolanovic, — CNBC's Michael Bloom Organizations: United States Natural Gas Fund, DB Agriculture Fund, Brent Oil Fund Locations: U.S