Skip to content
You can now search across every topic, entity and event.What's new
Iran Conflict 2026
16JUN

Goldman and OIES split the winter

4 min read
10:20UTC

Goldman Sachs held EUR 41/MWh for H2 2026 and pushed LNG normalisation to end-July, while OIES read the same data into a 70% November floor needing TTF above EUR 60 to pull cargoes west.

ConflictDeveloping
Key takeaway

The Goldman-OIES split turns the winter strip into a clean relative-value trade.

Goldman Sachs held its EUR 41/MWh forecast for H2 2026 and pushed its LNG normalisation call to end-July from end-June, while flagging a EUR 100+ winter if a Hormuz blockade holds, with around 500 vessels still anchored outside the strait at the time of the note 1. The same week, the Oxford Institute for Energy Studies (OIES), an independent research body whose gas reviews trading desks size balances against, read the identical data and landed somewhere else entirely.

OIES puts EU storage on track for 70% by November, ten points under the mandated floor . Closing that gap, on its read, needs TTF above roughly EUR 60 (about USD 20/MMBtu) to redirect Asian cargoes west against a net LNG shortfall of 2.1 bcm a month. The divergence sits on the same Atlantic cargo wave: Goldman prices a clean Qatari recovery that brings molecules back, while OIES prices a shortfall that only a price spike resolves by outbidding Asia for the new supply .

The investable point is the Q4 curve, not the prompt that event 2 covers. Desks long the winter strip against Goldman's base case are trading exactly that gap: the front-month can sit calm while the forward prices a fat tail on either side. One scenario pays if LNG normalises on schedule; the other pays if it does not.

What makes this a clean relative-value trade rather than a directional bet is that both forecasters agree on the inputs. They differ only on the LNG normalisation date, so the spread between them isolates a single, datable variable.

Deep Analysis

In plain English

Two major research institutions are looking at the same gas market and reaching very different conclusions about what winter energy prices will look like. Goldman Sachs, the investment bank, thinks prices will stay roughly where they are now; around EUR 41 per unit. The Oxford Institute for Energy Studies (OIES) thinks prices could need to reach EUR 60 before enough gas ships change course from Asia to Europe. The difference comes down to timing. Goldman expects Qatar's gas exports to start recovering by the end of July, once the disputed Strait of Hormuz shipping lane sorts itself out. OIES expects the same recovery, but reckons it will take two months longer because of insurance hurdles and the need to sweep mines from the shipping channel. That two-month difference sounds small, but it covers the peak of the summer filling season. If Qatar's gas arrives in September instead of July, the tanks will be two months' worth of fill behind, and winter gas prices would need to spike high enough to force factories and power stations to cut back; which is how prices reach EUR 60.

What could happen next?
  • Risk

    If JKM holds above USD 18/MMBtu through Q3; which Asian industrial restocking data suggests is plausible; Goldman's LNG normalisation call fails even if Hormuz reopens cleanly, making the OIES 70% floor scenario the base case rather than the downside.

    Short term · Assessed
  • Opportunity

    Desks long the Q4 2026 TTF strip against Goldman's EUR 41 base case gain roughly EUR 5,000 per lot for every EUR 1/MWh the winter strip settles above the Goldman forecast.

    Medium term · Assessed
  • Risk

    Goldman's EUR 100+ winter tail activates if Hormuz stays legally and physically closed through August, removing the end-July LNG normalisation assumption entirely and compressing the injection window to three months.

    Medium term · Suggested
First Reported In

Update #20 · Spark spread now feeds the winter deficit

InvestingLive· 22 Jun 2026
Read original
Different Perspectives
United States
United States
OFAC gazetted two wind-down licences expiring four days apart and adopted a presumption of denial for new Iran sanctions requests, while the State Department separately sanctioned Kataib Hezbollah and Hezbollah financial networks. Washington is closing legal channels on a published calendar rather than all at once.
United Arab Emirates
United Arab Emirates
Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan met Iran's president in New Delhi, the first known face-to-face since the war began, weeks after cutting all Emirati trade and financial dealings with Iran. Abu Dhabi is running economic pressure and diplomatic contact at the same time.
Houthis
Houthis
Houthi forces completed the capture of Yemen's Red Sea coast and Mayun island this week, an offensive a Houthi official confirmed alongside Yemeni government officers. The gain locks in the Bab al-Mandeb closure to Saudi crude declared as an embargo on 23 July.
Iran
Iran
Foreign Ministry spokesman Esmail Baghaei credited Iranian diplomacy backed by military strength for pushing neighbours to negotiate, citing the Oman safe-passage talks, while addressing none of the pipeline strike, the Iraqi dismissals or Saudi restraint directly.
Iraq
Iraq
Prime Minister Ali al-Zaidi sacked two Maysan officials, closed and reopened three Iran border crossings inside three days, and approved a joint inquiry with Tehran into the launch site on his own territory. He is managing a militia network he does not fully control rather than confronting it.
Saudi Arabia
Saudi Arabia
Riyadh's Foreign Ministry confirmed the Petroline strike, named no attacker, and said it would hold off retaliating at Iraq's request while reserving the right to act on its own sovereignty. It expects Baghdad's inquiry, not a Saudi strike, to be the next move.