Goldman Sachs flags these stocks as beneficiaries of gas price surge

Investing.com -- Goldman Sachs said renewed volatility in global gas markets following supply disruptions in Qatar is tightening balances and creating upside for European energy companies with exposure to spot pricing and LNG trading.

There was damage to facilities at Ras Laffan, which account for about 17% of Qatar’s LNG export capacity, pushing European gas prices above €60/MWh and prompting Goldman to raise its commodity forecasts.

The bank now expects Brent crude at $92.7 per barrel in 2026 and $80.2 in 2027, while raising its European gas price assumptions well above consensus, citing prolonged supply constraints after disruptions linked to the Strait of Hormuz.

Among large-cap oil companies, Goldman highlighted BP as a key beneficiary, pointing to its strong LNG trading business and higher exposure to spot markets. Unlike some peers, BP has no direct exposure to Qatar-linked assets, allowing it to benefit from price volatility without operational risk tied to the region.

The bank said periods of heightened volatility have historically driven strong earnings from LNG trading. During the 2022 energy crisis, integrated gas earnings surged across major oil companies, and Goldman sees scope for a similar, though more moderate, upside if elevated prices persist.

In the upstream segment, Goldman identified Vår Energi as the most leveraged to higher European gas prices, given its high share of unhedged production exposed to spot markets.

It added that other producers, including Equinor ASA and Harbour Energy plc, would also benefit from tighter gas supply, though to a lesser extent.

The bank said around 19% of global LNG supply is currently offline, tightening the market and driving price increases across Europe and Asia, with Asian LNG benchmarks rising faster to attract cargoes away from the Atlantic basin.

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