Goldman Sachs Energy, Utilities & Mining Pulse: Investor Questions—How Mid-Cycle Commodity Discussions Are Changing After the Recent Rally
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Goldman Sachs' Energy, Utilities and Mining Pulse responds to investor questions about how mid-cycle commodity conversations have shifted following the recent rebound across the complex. The note is exhibit-led. It opens with a 90-day performance review of energy, utilities, and mining subsectors covering June 11 through September 9, 2026. On equities, Goldman argues that exploration and production (E&P) share prices now reflect their cost of capital, and that E&P valuations embed a WTI oil price slightly below the five-year forward curve. On oil fundamentals, the working assumption is that Middle East supply adjustments persist while production recovers gradually. In natural gas, the note compares Goldman's view with market consensus and the forward curve, and shows gas inventories running at a modest surplus relative to the five-year average. Together the exhibits frame how the firm is fielding client questions about the durability and positioning implications of the recent rally across the energy and mining space at what it treats as a mid-cycle juncture.
Key exhibits
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Exhibit 5
Exhibit 6
