for its coronavirus vaccine, which sent the price of oil — determined largely by demand for gasoline and jet fuel — soaring. In a report Tuesday, the bank said companies tethered to rising oil prices and fuel demand are likely to gain value, with a successful vaccine "a key catalyst" for jet-fuel demand in the second half of next year.
A dip in shale-oil production in the US, as well as a potential stimulus package under a Biden presidency, would also be good for oil prices, the bank added. The coronavirus pandemic has dealt a devastating blow to the fossil-fuel industry by causing demand for its products to collapse. Though oil stocks jumped Monday and Tuesday, the Dow Jones US oil and gas index is still down about 43% from the start of the year, while oil prices are down about a third.
"We believe clean energy stocks – in particular solar equities – are poised to continue to outperform as fundamental trends such as technology costs, demand growth and financing/cost of capital continue to show faster-than-expected signs of improvement and resilience, despite the ongoing impacts of the COVID pandemic," Brian Lee, an analyst at Goldman Sachs, wrote in the report.
Goldman Sachs bucketed its top energy stock picks into a handful of categories, which we simplified below.
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