Bloomberg reports that JPMorgan Chase & Co.’s top executive in Europe says the energy market is facing a “perfect storm,” and there’s no “certainty on when oil and gas prices will recover.”

Vis Raghavan, chief executive officer of Europe, Middle East and Africa for the Wall Street firm, said that he expects “a volatile period of rallies and corrections for a while.” But with plenty of investors on the sidelines looking for opportunities to deploy unprecedented levels of cash, “we are not at the brink of a market crash.”

He also said capital markets activity remains high, especially in equities. “Equity volumes in both cash and derivatives are still high and that momentum looks set to continue,” he said “M&A activity has been at a record and that shows no sign of abating.” Credit and rates trades are “normalizing to pre-covid levels.”