Global Markets Strategy 05 February 2026 J P M O R G A N Global Commodities Are commodities telling us something? Prices for everything from gold and silver to copper and bitcoin plunged last Friday in the most significant bout of market turbulence since November. Gold experienced its steepest one-day drop since 1983, falling more than 9%, while silver plummeted by 26%—the largest daily decline on record. Grain and livestock futures also melted down, swept up in the turmoil in precious metals. The selloff c ...

U.S. stocks traded higher this morning, with the Dow Jones index gaining more than 200 points on Wednesday.Following the market opening Wednesday, the Dow traded up 0.51% to 50,444.80 while the NASDAQ rose 0.50% to 23,217.32. The S&P 500 also rose, gaining, 0.50% to 6,976.25.Check This Out: How To Earn $500 A Month From Goldman Sachs Stock Ahead Of Q4 EarningsLeading and Lagging SectorsEnergy shares gained by 2.2% on Wednesday.In trading on Wednesday, communication services stocks fell by 0.5%.Top HeadlineT ...

U.S. stocks traded higher this morning, with the Dow Jones index gaining more than 200 points on Wednesday.Following the market opening Wednesday, the Dow traded up 0.51% to 50,444.80 while the NASDAQ rose 0.50% to 23,217.32. The S&P 500 also rose, gaining, 0.50% to 6,976.25.Check This Out: How To Earn $500 A Month From Goldman Sachs Stock Ahead Of Q4 EarningsLeading and Lagging SectorsEnergy shares gained by 2.2% on Wednesday.In trading on Wednesday, communication services stocks fell by 0.5%.Top HeadlineT ...

Core Insights - Oil demand is projected to rise by 1.34 million barrels a day next year, driven by easing inflation, fiscal measures, and improving global trade [1] Industry Summary - The increase in oil demand is attributed to several factors, including easing inflation, which may enhance consumer spending and economic activity [1] - Fiscal measures implemented by governments are expected to support economic growth, further contributing to the rise in oil demand [1] - Improving global trade conditions are anticipated to bolster oil consumption as international commerce picks up [1]

Core Viewpoint - PTTEP has made a final investment decision for the Malaysia SK405B Project, marking its first greenfield venture in the country with a focus on environmental sustainability [1][2]. Group 1: Project Details - The SK405B project includes the Sirung and Chenda fields, with plans for a central processing platform and a wellhead platform [2]. - Initial oil production is expected to commence in 2028, with a projected combined output of approximately 15,000 barrels per day (bpd) [2]. Group 2: Environmental Commitment - The project will implement Zero Routine Flaring initiatives and advanced remote-operated offshore operations to prioritize environmental considerations [1][3]. - PTTEP's strategy aims to reduce greenhouse gas emissions and enhance operational efficiency [3]. Group 3: Company Positioning - PTTEP Sarawak Oil holds a 49.5% interest in the SK405B Project, while PETRONAS Carigali and Mitsui Energy Development own 25% and 25.5%, respectively [4]. - PTTEP is currently involved in over ten projects across Malaysia, encompassing exploration, development, and production activities [4]. Group 4: Strategic Growth - The development of the Sirung and Chenda fields is seen as a significant step for PTTEP from exploration to development, laying the groundwork for future greenfield opportunities [3]. - The project supports PTTEP's long-term growth and strengthens its presence in Malaysia while focusing on environmental stewardship [4].

Core Insights - Chevron experienced a transformational year in 2022, achieving record production levels and completing the acquisition of Hess, which contributed to a 35% increase in adjusted free cash flow despite a 15% decline in oil prices [1][2][5] - The company returned a record $27 billion to shareholders through dividends and stock repurchases [1] Production and Growth - Chevron initiated several major growth projects, including Ballymore and Whale in the Gulf of Mexico, and completed its Future Growth Project in Kazakhstan [4] - The company expects to increase its output by 7% to 10% in 2023, building on a production level of 3.7 million barrels of oil equivalent per day in the previous year [5] - Chevron aims to achieve $3 billion to $4 billion in structural cost savings by the end of 2023 [5] Free Cash Flow Expectations - The combination of increased production and reduced costs positions Chevron to reach a free cash flow inflection point in 2023, with the potential to generate an additional $12.5 billion in free cash flow at an average oil price of $70 per barrel [6] Market Catalysts - Chevron's strong execution sets the stage for robust production and free cash flow growth in 2026, particularly if oil prices exceed $70 [7] - Geopolitical tensions, such as those between the U.S. and Iran, could serve as catalysts for rising oil prices [7] Venezuela Operations - Chevron has significant operations in Venezuela and has increased production by over 200,000 barrels per day in recent years, with potential for a further 50% increase in the next 18 to 24 months [8] - Positive developments in Venezuela could enhance Chevron's stock price [8]

Financial Performance - Vår Energi reported a net income of $25 million for Q4 2025, a significant recovery from a net loss of $175 million in Q4 2024 [1] - The company's EBITDA for Q4 2025 increased by 57.2%, rising from $1.15 billion to $1.8 billion year-over-year [1] - Total income for Q4 2025 was $2.2 billion, reflecting a 32% increase compared to $1.6 billion in Q4 2024 [1] Production Metrics - Vår Energi achieved a production rate of 397,000 barrels of oil equivalent per day (boepd) in Q4 2025, up from 278,000 boepd in Q4 2024, driven by the ramp-up of the Jotun unit and reduced maintenance [2] - Oil production rose by 62.9%, from 159,000 boepd to 259,000 boepd [2] - Gas production increased by 15.8%, from 101,000 boepd in Q4 2024 to 117,000 boepd in Q4 2025 [2] - NGL production grew by 16.7%, from 18,000 boepd to 21,000 boepd [2] Annual Performance - Net profit for the full year 2025 climbed to $846 million from $327 million, resulting in earnings per share of $0.31 compared to $0.11 in the previous year [3] - Full year EBITDA grew by 11.1% to $6.3 billion from $5.7 billion [3] - Total income for the full year 2025 rose to $8.1 billion from $7.4 billion in 2024 [3] Production Guidance and Future Plans - The average production rate for 2025 was 332,000 boepd, slightly below the guidance range of 330,000–360,000 boepd due to operational issues [4] - Vår Energi plans a production range of 390,000–410,000 boepd for 2026, with ongoing developments across 13 projects targeting around 210 million barrels of oil equivalent in net reserves [5] - The company aims to explore up to 12 wells in 2026 as part of its exploration strategy [5] Capital Expenditure - Capital expenditure for 2026 is forecasted between $2.5 billion and $2.7 billion, with an average annual capex of $2.5 billion anticipated from 2027 through 2032 [6] - The focus is on unlocking long-term value through strategic investments and project developments [6]

10 February 2026 | 8:00PM EST Commodities Research COMMODITY ANALYST What the Great Gold Rally Could Signal for the Broader Commodity Outlook Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Lina Thomas +1(212)902-8376 | lina.thomas@gs.com Goldman Sachs & Co. LLC Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & C ...

Core Viewpoint - Oil prices increased during the early Asia session due to ongoing tensions between the U.S. and Iran, which may result in supply disruptions [1] Group 1 - The rise in oil prices is attributed to geopolitical factors, specifically the tensions between the U.S. and Iran [1]

Core Viewpoint - Oil prices remained stable as the market awaited further direction amid ongoing U.S.–Iran talks, with geopolitical uncertainty providing support for prices [1] Group 1 - The oil market is currently influenced by geopolitical factors, particularly the discussions between the U.S. and Iran [1] - Prices are being underpinned by the lingering uncertainty in the geopolitical landscape [1]