Energy Natural Resources and Utilities Preview

Goldman Sachs provides an update on Energy and Utilities, highlighting significant power grid reliability concerns in the PJM market and shifting investor positioning in the refining sector.

Key Takeaways

• 1.Weakness in Independent Power Producers (IPPs) is driven by FERC concerns regarding PJM grid reliability and the urgent need for new generation.
• 2.Investor positioning in the refining complex has cooled from extreme highs (11/10) to more moderate levels (7/10) due to demand and policy concerns.
• 3.Refining inventories (specifically gasoline) remain low vs. five-year averages ahead of the summer driving season, supporting crack spreads.

Table of Contents

• Survey + IPP questions + Refining inbounds...
• Additional Disclaimers
• Legal Entities Disseminating this Material
• Not a Municipal Advisor

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