Mar. 20 at 7:31 PM
Goldman Sachs said renewed global gas market volatility after supply disruptions in Qatar is straining balance sheets and creating upside potential for European energy companies exposed to spot pricing and LNG trading.
Damage at Ras Laffan, responsible for about 17% of Qatar’s LNG export capacity, pushed European gas prices above €60/MWh, prompting Goldman to raise its commodity forecasts.
The bank now expects Brent crude at
$92.7/bbl in 2026 and
$80.2/bbl in 2027, while projecting European gas prices well above consensus due to prolonged supply constraints linked to the Strait of Hormuz.
Among large-cap oil companies, Goldman highlighted BP as a key beneficiary due to its strong LNG trading business and spot market exposure, with no direct Qatar-linked assets. Historically, periods of high volatility have driven strong LNG trading profits, as seen in the 2022 energy crisis.
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