高盛-冲突、气候与大宗商品多元化的必要性-Conflict,Climate and the Case for Commodity Diversification-20261020

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20October2026|6:38AMEDT

COMMODITYVIEWS

Conflict,ClimateandtheCaseforCommodityDiversification

TheBCOMcommoditiesbaskethasgenerateda36%totalreturnyear-to-date.Wecontinuetorecommendapositivecommoditiesallocation,bothtacticallyandstructurally,despiteourbasecasethatcrudeoilandEuropeannaturalgaspricesmoderateasMideastsupplyadapts.

Tactically,threefactorssupportlongcommoditiespositionsasaportfoliohedge.

Weremainconcernedthatgeopoliticalescalation—suchasintensifiedshippingattacksordamagetoenergyinfrastructure—and,forEuropeannaturalgas,acoldwintercouldpushenergypricessignificantlyhigher.

SincetheIranwarbegan,equity—andespeciallybond—priceshave

becomeunusuallysensitivetoenergyprices.ThisincreasedsensitivitylikelyreflectsresilientglobalGDPgrowthandfiveyearsofabove-targetinflation,whichhavepromptedcentralbankstorespondtothe

inflationaryimpactofhigherenergyprices.

TheIranandRussia-Ukrainewars,ahighprobabilityofa

weather-disruptingSuperElNiño,andpotentialfoodexportrestrictionscreateupsideriskstoagriculturalprices.

Becausemanyspotenergypricesalreadyembedasizableriskpremium,wefavortargetedenergyhedgeswithmoreasymmetricupsideandattractivevaluations:

LongEuropeansummer2027gasolinefutures

TTFEuropeannaturalgas2027Q1callspreads

Structurally,portfolioscanbenefitfromcommoditydiversificationfortworeasons:

Commoditiesprovideinsuranceasrisingsupplyconcentration,US-ChinacompetitioninAIandgeopolitics,andbroadergeopoliticalfragmentationstructurallyincreasesupplydisruptionrisk.

Commoditiesinwhichrisingdemandmeetspersistentsupplyconstraintsfacestructuralupwardpricepressure,especially:

Copper,wheredemandfromelectrification,datacenters,energysecurity,quasi-strategicstockpiling,andAIisfacingconstrainedminesupply

DaanStruyven

+1(212)357-4172|

daan.struyven@GoldmanSachs&Co.LLC

SamanthaDart

+1(212)357-9428|

samantha.dart@GoldmanSachs&Co.LLC

LinaThomas

+44(20)7051-3062|

lina.thomas@

GoldmanSachsInternational

YuliaZhestkovaGrigsby

+1(646)446-3905|

yulia.grigsby@

GoldmanSachs&Co.LLC

LaviniaForcellese

+44(20)7774-9243|

lavinia.forcellese@

GoldmanSachsInternational

LauraCyr

+1(212)902-3435|laura.x.cyr@GoldmanSachs&Co.LLC

FilippoCuscito

+44(20)7051-9073|

filippo.cuscito@

GoldmanSachsInternational

AlexandraPaulus

+1(212)902-7111|

alexandra.paulus@GoldmanSachs&Co.LLC

HongcenWei

+1(212)934-4691|

hongcen.wei@

GoldmanSachs&Co.LLC

Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcertificationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto

/research/hedge.html.

GoldmanSachs

htCtop:m/wit.Views

Gold,wherecentralbankdiversificationisboostingdemandwhile

annualminesupplyremainssmallrelativetotheabove-groundstock

Selectpowermarkets,suchasUSPJM,wherethegeographicallyhighlyconcentrateddatacenterdemandboomisrunningintopowersupplyconstraints.

20October20262

GoldmanSachsCommodityViews

Conflict,ClimateandtheCaseforCommodityDiversification¹

TheBCOMcommoditiesbaskethasgeneratedastrong36%totalreturnyear-to-date,outperformingequitiesandespeciallybonds(Exhibit1).Wecontinuetorecommendapositivecommoditiesallocation,bothtacticallyandstructurally,despiteourbasecasethatcrudeoilandEuropeannaturalgaspricesmoderateasMideastsupplyadaptstohighsupply-andshippingdisruptionrisks.

Exhibit1:BCOMCommoditiesBasketReturned36%Year-to-Date,OutperformingEquitiesandBonds

%

Year-to-DateTotalReturn136%

CollateralReturn

%

100

98%

RollReturnSpotReturn

TotalReturn

100

50

36%

13%

50

0

BCOM

BCOMEnergy

Oil

Products

S&P500US

-5%8%

TreasuryUSTreasury10Y30Y

0

Commodities

Totalreturnisthesumofspotreturn,rollreturnfromrollingfuturesalongthecurve,andcollateralreturn.

Source:Bloomberg,GoldmanSachsGlobalInvestmentResearch

1TheauthorswouldliketothankSamuelJönssonaninternonourcommoditiesresearchteamforhiscontributionstothisreport.

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GoldmanSachsCommodityViews

20October2026

TacticalCaseforCommodityDiversification

Tactically,threefactorssupportlongcommoditiespositionsasaportfoliohedge:upsiderisktoenergyprices,thehighsensitivityofbond-andequitypricestoenergyprices,andupsideriskstoagriculturalprices.

Factor1:UpsideRisktoEnergyPrices

OurbasecaseisthatafurtherrecoveryinMideastsupplyandamoderationintheriskpremiumreducepricesofBrentcrudeandEuropeannaturalgasto$90/bbland

EUR70/MWh,respectively,byend-2026.2However,weremainconcernedthat

geopoliticalescalation—suchasintensifiedshippingattacksordamagetoenergy

infrastructure—and,forEuropeannaturalgas,acoldwintercouldpushenergypricessignificantlyhigher.

WhileestimatedPersianGulfexportsofcrudeoil—includingestimateddarkexports—remainedneartheir2025averageoverthepast7days(Exhibit2),theyedgeddownfromtheearlyOctoberhighsasattacksonshipsattemptingtocrossHormuzhave

pickedup(Exhibit2).EstimatedGulfexportsofrefinedoilproductsaremuchlowerataround40%ofthe2025average,inpartreflectingMideastrefineryoutages.Similarly,visibleLNGcrossingsthroughHormuz,haveedgeddownthismonthrelativetolate

Octoberlevels.

Exhibit2:EstimatedPersianGulfExports—IncludingDarkExports—HaveRecoveredForCrude,WhileRefinedOilProductsandLNGExportsRemainLow

%of2025Average%of2025Average

(7DMA)EstimatedPersianGulfExports(7DMA)

175

一Crude

175

150一RefinedProducts

150

125一LNGSoHCrossings

125

100

100

75

75

50

50

25

25

FebMarMayJunJulAugSepOct

2026

Dataasof19/10/2026.Ourcrudeandrefinedproductsexportsestimatesincludeestimateddarkexports.

Source:Kpler,GoldmanSachsGlobalInvestmentResearch

MissesinMideastsupplycouldpushenergypricessignificantlyhigher:

■Brentmightrallyto$140inearly2027andaveragearound$125/bblin2027(redline,Exhibit4)if2027averageGulfoutputremains5mb/dbelowFeb26levels(whilerefinedproductpriceswouldlikelyrisefurtherfromalreadyveryhighlevels)

2Ourbasecaseassumesthat1)PersianGulfoiloutputreturmstoitsFeb2026levelinmid-27and2)MideastLNGexportsreach2/3ofnormalbymid-Jan27.

GoldmanSachsCommodityViews

■TTFmightrallyto150EUR/MWhbyyear-endifPersianGulfLNGexportsdon't improvebeyond25%ofnormalandifthewinterrealizes1std.dev.colderthanaverage(Exhibit5)

Exhibit3:TheFrequencyofReportedAttacksonShippingintheStraitofHormuzHasPickedUpinOctober

#ofincidentsUKMTOReportedAttacks-StraitofHormuz#ofincidents

Source:UKMTO,GoldmanSachsGlobalInvestmentResearch

Exhibit4:DownsideRisktoGulfSupplyMeansNetUpsideRisktoOur$90/80BrentDec2026/2027AverageForecasts

DollarsperBarrelBrentCrudeOilMonthlyAverageClosingPriceDollarsperBarrel

160

Price

Upside(2027GulfSupply5mb/dBelowFeb'26)

160

140

Base

Case(2027GulfSupply0.3mb/dBelowFeb'26)

Price

Downside(2027GulfSupply

1mb/d

AboveFeb'26)

140

120

120

100

100

80

80

60

Apr

JulOct2027Apr

Jul

Oct

2028

60

Note:FuturespricingasofOct15close.

Source:ICE,GoldmanSachsGlobalInvestmentResearch

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htCtop:m/wit.Views

Exhibit5:LowerPersianGulfLNGExportsandaColderThanAverageWinterLeaveSignificantUpsidePriceRiskforEuropeanNaturalGasTTFPrices

PeakWinter(Dec26)GSPriceScenariosfor

EuropeanNaturalGAS(TTF),€/MWh

(Forwards:86)

MideastSupply

BaseCaseLowSupply

2026-2027

Winter

BaseCase

(10-YearAverage)

1St.Dev.ColderThanAverage

1St.Dev.WarmerThanAverage

70105

115150

4590

Source:GoldmanSachsGlobalInvestmentResearch

Factor2:HighSensitivityofBond-andEquityPricestoEnergyPrices

SincetheIranwarbegan,equityprices—andbondpricesinparticular—havebecomeunusuallysensitivetoenergyprices.

Overthepastsixmonths,thecorrelationbetweendailychangesinBrentpricesandtheS&P500hasaveragednearly-0.5,whileBrent’scorrelationwithdailychangesin

10-yearUSTreasuryyieldshasaveragednearly0.6(Exhibit6).Hadenergypricesnotrisensincethewarbegan,yieldswouldlikelyhaveincreasedless,whileequityprices—wherestrongearningsgrowthhasoutweighedlowervaluationmultiples—wouldlikelyhaverisenevenmore.

ThisincreasedsensitivityofassetpricestoenergypriceslikelyreflectsnotonlythesizeanduncertaintyoftheenergysupplyshockbutalsoresilientglobalGDPgrowthandfiveyearsofabove-targetinflation,whichhavepromptedcentralbankstorespondstronglytotheinflationaryimpactofhigherenergyprices.

Thisheightenedsensitivityofassetpricestoenergypricessuggeststhatthepotential

realizationoftheupsideriskstoenergypricescouldweighmeaningfullyonequity-bondportfolios.

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GoldmanSachsCommodityViews

20October2026

Exhibit6:EquityandBondPricesHaveShownanUnusuallyHighSensitivityToOilPricesOverthePastSixMonth

Rolling6-MonthCorrelationofDailyChanges

0.6

0.4

0.2

0.0

-0.2

-0.4

-0.62028

10-YearTreasuryYieldandBrentPriceBrentPriceandS&P500

200420082012201620202024

Correlation0.8

0.6

0.4

0.2

0.0

-0.2-

-0.4

-0.6

Correlation0.8

2000

Shadedareasindicatedperiodswithnegativecorrelationbetweenoilpricesandequitiesandpositivecorrelationbetweenyieldsandoilprices,indicatingoil-supplyshocksdriveninflationfears.

Source:ICE,Bloomberg,GoldmanSachsGlobalInvestmentResearch

Factor3:UpsideRisktoAgriculturalPrices

TheIranandRussia-Ukraineconflicts,ahighprobabilityofaweather-disruptingSuperEINino,andpotentialfoodexportrestrictionscreateupsideriskstoagriculturalprices,whichhaverisen19%year-over-year(usingtheBCOMagricultureindex).

Recentdeclinesinagriculturalandgrainpricesdon’timplythatagriculturalriskshavefaded.GrainpricescorrectedinSeptemberafterUSgovernmentdatashoweda

less-tight-than-fearedUScornbalanceandspeculativelengthbegantoreverse,removingriskpremium.

TheUS-IranandRussia-Ukrainewarscanraiseagriculturepricesby:

■Raisingtheinputcostsofdieselandfertilizersviaexportdisruptions.Fertilizer

exportsviaHormuz—whichtypicallyaccountfor1/3ofglobalfertilizerexports—remainlow(Exhibit8,left).

■ReducingUkraineandRussiaexportsofgrainsviatheBlackSea(Exhibit8,right),whichtypicallyaccountsfor15-20%ofglobalgraintrade.

■Encouragingthediversionofcropsintobiofuelproductionviaincreasesinfuelpricesandbiofuelmandates.³

3Brazil(sugar)andIndia(sugar/corn)haverecentlyraisedethanolmandates,whileIndonesia(palmoil)hasraisedbiodieselblendingmandates.

GoldmanSachsCommodityViews

Exhibit7:TheBCOMAgricultureSpotIndexHasRisen19%YoY,LedByIncreasesinSugarandWheatPrices

IndexBCOMAgricultureSpotIndexIndex

1Jan2026=1001Jan2026=100

130130Straitof

125Closure125

120RenewedBTlsSi120

115115

110USCorn110Supply

105RevisedUp:105

100NOAASuper100

95EINinoAnnoupcement95AugSepOctNov

2026

%

30

20

%

Coffee

YoYSpotReturn

+32%+32%+31%

30

20

+29%

+26%+25%

+19%

+12%

-10

-20

6%

-22%

Cocoa

SugarWShoanMealCottonyObaAnasriculture

Source:Bloomberg,GoldmanSachsGlobalInvestmentResearch

Exhibit8:HormuzDisruptionstoFertilizerExportsIncreaseCroplnputCosts;BlackSeaDisruptionsLowerGrainExports

MTonnesFertilizerExportsviaStraitofHormuzMTonnesMTonnesUkraineWheatExportsMTonnes

1750

StraitofHormuzClosure

1750

2.5

2026

2022-2025Average2022-2025Range

2.5

1500

US-IranMOU

Agreement

1500

2.0-

2.0

1250

Renewed

1250

1000

Escalation

1000

1.5-

1.5

750

750

1.0-

1.0

500

500

250

Jan

Feb

MarAprMayJun

JulAug

Oct

250

0

0.5

Jan

FebMarAprMayJunJulAug

0.5

0.0SepOctNovDec

Source:Kpler,UGA,GoldmanSachsGloballnvestmentResearch

AstrengtheningEINinohasagreaterthan81%probability⁴ofreaching“super”EINinoconditions.AsuperEINinocouldsimultaneouslydisruptmultiplecropregionsthroughseveredroughtsandfloods(Exhibit9).andreduce.forinstance,sugaroutputinBrazil,IndiaandThailand.

4SuperEINinoprobabilityreferstoNOAA/CPC'sOctober2026ENSOstrengthforecast,whichassignsan81%probabilitythattheDJF2026/27RelativeOceanicNinoIndex(RONI)intheNino-3.4regionisatleast+2.0°℃.

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GoldmanSachsCommodityViews

20October2026

Exhibit9:EINinoIncreasesBothFloodandDroughtRiskAcrossKeyCropRegionsintheWorld

FloodDrought

RiskRisk

USCorn/Soybean

(-40%/-20%ofGlobal

Exports)

WestAfricaCocoa

(-70%GlobalProduction)

PanamaCanal

Cereal/Soybean—

(-10%/-17%ofGlobal

Trade)

Exports)

BrazilSugar

(-55%ofGlobal

Exports)

IndiaSugar/Rice-

(-6%/40%ofGlobal

Exports)

—MalaysiaPalmOil(-30%ofGlobalExports)

IndonesiaPalmOil—

(-50%ofGlobalExports)

BrazilCorn/Soybean(-20%/-60%ofGlobal

ThailandSugar/Rice(-10%/-10%ofGlobal

Source:GoldmanSachsGlobalInvestmentResearch

TargetedEnergyHedges

Manyspotenergypricesalreadyembedasizableriskpremium,includinga$25

estimatedriskpremiumforBrentspotfutures.Wethereforefavortwotargetedenergyhedgeswithmoreasymmetricupsideandattractivevaluations.

LongEuropeansummer2027gasolinefutures

Forinvestorsseekingtohedgegeopoliticalupsideriskstooilprices,wecontinueto

recommendlongsummerEuropeangasoline(EBOBJun27)futuresbecauserefiners'switchingoutputfromgasolinetodieselandjetfuelproductssoldathighermarginsthangasolineisrapidlytighteninggasolinemarkets(Exhibit10).LesselevatedpricelevelsforgasolinethanfordieselalsoleaveroomforsharpgasolinepriceupsideiftheMideastandRussia-Ukraineconflictscontinuedtocurtailstructurallyconstrained

refiningoutputforlongerorifmoreenergyinfrastructureweretobedamaged.

GoldmanSachsCommodityViews

Exhibit10:RefinersSwitchingOutputFromGasolinetotheHigherMarginsDieselandJetProductsReducesGasolineOutput

USRefinedProductsYields

PercentPercent

Gasoline4WMA

60.0

58.0

56.0

54.0

Latest:56.0%YoY:-2.0pp,-3%

Gapvs.Median:-3.9pp,-7%

52.0

4WMA62.0

60.0

56.0-

Percent

Diesel+Jet4WMA

42.041.040.0 39.0 38.0 37.0

Latest:41.8%YoY:+1.1pp,+3%

Gapvs.Median:+1.5pp,+4%

35.0

42.0

41.0

40.0

39.0

38.0

37.0

36.0

Median(2018-2025Ex2020)2026

Percent

4WMA43.0

35.0

Source:EIA,GoldmanSachsGlobalInvestmentResearch

TTF2027Q1callspreads

Toinvestorsseekingtohedgenear-termupsidetoEuropeannaturalgaspricesfromMideastLNGsupplyweaknessandpotentiallyacoldwinter,werecommendTTF:

■Callspreadsratherthanoutrightcallsbecauseimpliedvolatilityandcallskewarehigh.

■A2027Q1horizonbecausethispartoftheTTFfuturescurveislikelytoincreasethemostfollowingapotentialearlywintercoldshock.

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GoldmanSachsCommodityViews

StructuralCaseforCommodityDiversification

Reason1:InsuranceValueAgainstStructurallyHeightenedSupplyDisruptionRisk

Commoditiescaninsureportfoliosagainstsupplyshocks,whichtendtoraiseinflation,slowGDPgrowth,andweighonequityandbondprices

The2022Russiannaturalgasshock,lastyear'sChineserareearthsshock,andthisyear'sHormuzcross-commodityshocksuggestthatcommoditydisruptionriskhaslikelyrisenstructurallywithrisingcommoditysupplyconcentration(Exhibit11),US-China

competitioninAlandgeopolitics,andbroadergeopoliticalfragmentation

Exhibit11:SupplyofCommoditiesTendstoConcentratedinaHandfulofRegions

CobaltCrudeOilCoalLNGNaturalGas

TopProducersShare

ChinaUS

QatarIndia

60

40

20

0

80

60

40

20

0

Russia

Australia

OPEC

DRCongo

80

%

%

%

Source:IEA,EIA,NationalMiningAssociation,GoldmanSachsGlobalInvestmentResearch

Moreprominentsupplyshockscanposeachallengetothediversificationpotentialofequity-bondportfoliosbecausesupplyshockstypicallymovestockpricesandbond

pricesinthesamedirection.Thechangingcorrelationbetweenmonthlychangesin

equitypricesandbondyieldsalsosuggeststhattheeconomy'sperceiveddominantriskhasshifted(Exhibit12).Duringtheglobalization-driven2000sand2010s,demand

shocksdominated,movingactivityandinflation—andthereforeequitypricesand

yields—inthesamedirection.Overthepastfivetosixyears,supplyshocksappeartohavebecomemoreprominent,generallymovingactivityandinflationandthusstocksandbondyieldsinoppositedirections.5

5Asourassetallocationteamrecentlyshowed,regime-neutraloptimalallocationstocommoditiesarelikelytobehigherifyouincludealongerhistoryofsupply-drivenpriceshocks.Whilethehitratiosforcommoditiescanbelow,theyoffersignificantconvexityanddiversificationbenefitsformulti-assetportfoliosinthoseinstances

20October2026

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GoldmanSachsCommodityViews

Exhibit12:SupplyShocksAppeartoHaveBecomeMoreProminentinthePast5-6YearsWithStocksandBondTypicallyYieldsMovinginOppositeDirections(WhichPosesaChallengetoBond-EquityPortfolioDiversification)

S&P500Returnsand10YUSTreasuryYieldChange

60MonthRollingCorrelation

1.00

1.00

0.75

US-IranRussia-UkraineStart

0.75

0.50

Equity-BondDiversification

Start

0.50

0.25

0.25

0.00

0.00

-0.25

Globalization

-0.25

-0.50

-0.50

-0.75

-0.75

-1.00

-1.00

1968

19761984

1992

2000

200820162024

S&P500returnisdefinedasmonthlypricereturn

Source:Bloomberg,GoldmanSachsGlobalInvestmentResearch

Reason2:UpwardPricePressureinCommoditiesWhereRisingDemandMeetsSupplyConstraints

Commoditiesinwhichrisingdemandmeetspersistentsupplyconstraintsfacestructuralupwardpricepressure,especially,copper,gold,andselectpowermarkets.

Exhibit13:RisingDemandandConstrainedSupplyLeavePriceUpsideforGoldandCopper

$/TroyOunceMetalPricesS/Tonne

5000

—Gold(Left)

一Copper(Right)

FreezingofRussiaCentralBankReserves

16000

14000

4000

GreatFinancialCrisis

12000

10000

3000

8000

2000

6000

1000

4000

2000

0

20042008

201220162020

2024

2028

Source:Bloomberg,GoldmanSachsGlobalInvestmentResearch

Copper.Onanannualaveragebasis.weexpecttheLMEcopperpricetorisefurther

fromiustunder$10.000lastvearto$15.400nextvear.+7%fromspot(Exhibit13).Thelong-termcopperpricetrendissupportedbysoliddemandgrowthrelatedto

electrification,energysecurity,quasi-strategicstockpiling,datacentersandAl,while

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GoldmanSachsCommodityViews

minesupplyisfairlyconstrained.

Refinedcopper("cathode")inventoriesoutsidetheUSaredeclining(Exhibit14)astheUSandChinacompeteforconstrainedsupply—adynamicweexpecttopersistoverthenextyear.UncertaintyoverpotentialUSimporttariffscontinuestospurUScopper

importsandstockpiling,tighteningtheex-USmarketwhereLMErefinedcopperpricesareset.Meanwhile,Chinesesemi-fabricatedcopperproducers—whomakerods,wires,andtubesusingeithercoppercathodeorcopperscrap—areincreasingcoppercathodedemandastighterscrap-invoicingrulesconstraindomesticscrapsupply,further

drawingdownChina'scathodeinventories.

Exhibit14:Ex-USVisibleCopperInventoriesHaveFallentoSeasonalLowsasMetalContinuestoFlowintheUS

kt

VisibleCopperCathodeStocksex-US

kt

1200

1200

1000

5yearrange(2020-2024)

1000

800

800

600

600

400

400

200

MayJulAugSepOctNovDec

200

0

Source:Bloomberg,SMM,WIND,GoldmanSachsGlobalInvestmentResearch

Gold.Wecontinuetoexpectthegoldpricetotrendhigherto$5,400byend-2027.Thatsaid,theSeptemberdeclineingold-relatedcalloptionsdemand(followingarepricingoftheFedfundsrateoutlookandreducedmarketfocusonthedebasementtheme)impliesdownsiderisktoourend-2026forecastof$4,650.

Theriseingoldoptionspositioning(looselyassociatedwiththedebasementtheme)hascontributedtohighergoldpricevolatilitysince2025.Thatsaid,continuedcentralbankdiversificationfollowingthe2022freezeofRussiancentralbankassetswhileannual

minesupplyremainssmallrelativetotheabove-groundstockremainsthestructuraldriverofourconstructiveviewonthegoldpricetrend.Weassumecentralbankgoldpurchaseswillcontinueatthepast12months'paceofroughly60tonnespermonthin2026-2027.wellabovethepre-2022averageof17tonnespermonth(Exhibit15).

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GoldmanSachsCommodityViews

Exhibit15:StrongCentralBankGoldDemandRemainsaStructuralDriverofGoldPricesSincethe2022FreezingofRussiaReserves

TonnesGSCentralBankGoldDemandNowcastTonnes

140

RussianReservesFreeze

140

120

120

100

100

80

80

60

60

40

40

20

20

0

2008201020122014

2016201820202022202420262028

Centralbank12-monthmovingaveragegolddemandestimate

Source:GoldmanSachsGlobalInvestmentResearch

Power.Powerpriceshaveriseninselectedmarkets,includingtheUSPJMmarket,wheregeographicallyconcentrateddatacentergrowthisstrainingpowersupply.Spanning13Mid-Atlanticstates—includingVirginia,theworld'sdatacentercapital—PJMnow

accountsforroughly38%ofUSandone-sixthofglobaldatacentercapacity.

Exhibit16:TheGeographicallyConcentratedDataCenterPowerDemandBoomintheUSPJMPowerMarketRaisesPJMPowerPrices

Source:Bloomberg,GoldmanSachsGlobalInvestmentResearch

20October2026

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GoldmanSachs

htCtop:m/wit.Views

DisclosureAppendix

RegAC

We,DaanStruyven,SamanthaDart,LinaThomas,YuliaZhestkovaGrigsby,LaviniaForcellese,LauraCyr,FilippoCuscito,