February 2026 Oil Update Daan Struyven Managing Director Co-Head of Commodities Research; Head of Oil Research Goldman Sachs & Co. LLC +1 212-357-4172 daan.struyven@gs.com Yulia Grigsby Vice President Senior Energy Strategist Goldman Sachs & Co. LLC +1 646-446-3905 yulia.grigsby@gs.com The estimated fair value sums the fair value estimates for 1m/36m timespreads and for 36m futures. The fair value estimate of timespreads uses OECD commercial stocks as days of demand (1-4 months ahead) and interest rates. Th ...