GS Wijaya Energy Monday Thoughts

GS Adam Wijaya - Energy, Natural Resources and Utilities Preview Monday Thoughts 17 Aug 2026 Adam Wijaya · Goldman Sachs · Associate, Energy, Natural Resources and Utilities Mon 17 Aug 2026, 7:40am ET

Uranium M2M. For the most part – EPS season was relatively quiet for the entire complex – and most companies continued to highlight similar trends we have heard discussed for the last couple of years – tightening S/D, AI / power demand upside, lack of new supply coming online and continued government support across regions. While the uranium spot price has been lackluster (+3% over the last month and +7% YTD) – the term price continues to grind higher – with the most recent indicators showing $95.50/lb (at this time last year – we were looking at a relatively stagnant $81/lb). We think this will be important to watch over the coming months – especially with a heavier conference season kicking off in September (think WNA on 9/9). One thing that sticks out to us: most of the uranium names have underperformed the broader power thematic over the last 6 months. We have traditionally said that ‘power demand upside is really just the cherry on top’ for the uranium story (ie if the DC buildout went away tomorrow – the fundys are still intact for uranium). That said – increasing number of convos on the desk over the couple of months (maybe even the last year) have tied uranium + nuclear and the broader power demand theme together. IF this is the case – take a look at our GS Power Basket vs CCJ, DNN and NXE…

Commodity Desk Thoughts. Our commods desk out with some high level thoughts on the evolving macro this weekend.

1. Oil: Outside Hormuz, risks continued to spread across the wider region. Houthi attacks on shipping and infrastructure persisted throughout the week, including another strike on Aramco's 400kb/d Jazan refinery, forcing a delay to the facility's restart until the end of August and keeping maritime risks elevated across the Red Sea and Bab el-Mandeb. Continued Ukrainian attacks on Russian energy infrastructure also remain a key source of supply risk. Combined with ongoing issues at Saudi refining assets, middle- distillate balances remain considerably tighter than crude. Chinese refinery activity is recovering, but