Goldman Sachs Podcast: Daan Struyven Explains Why Oil Prices Remain High Despite Supply Recovery
Daan Struyven, co-head of Global Commodities Research and head of Oil Research at Goldman Sachs, explains on the 'Goldman Sachs Exchanges' podcast how precautionary physical buying and portfolio hedging keep oil prices elevated despite rebounding Middle East crude flows.
The official Goldman Sachs podcast 'Goldman Sachs Exchanges' published an episode titled 'Why Oil Prices Are Surging Despite Recovering Supply' on October 23, 2026. The episode features Daan Struyven, co-head of Global Commodities Research and head of Oil Research at Goldman Sachs, recorded on October 22, 2026.
According to the episode description, Struyven notes that although Middle East crude flows have rebounded, two main factors keep prices elevated: physical buyers bidding up available crude amid growing downside risks to supply (precautionary physical buying), and bond and equity prices being unusually sensitive to oil prices, prompting institutional investors to buy crude to hedge their portfolios (portfolio hedging).
The program also discusses challenges in the refined products market. Persian Gulf exports of refined products like diesel and gasoline are still only at around 40% of their 2025 average levels due to damage to refineries and underinvestment in manufacturing. Struyven also offers views on metal markets, expecting copper prices to increase another 10% by the end of 2027, and suggesting gold may climb amid central bank demand.
This episode is suitable for investment readers interested in macro commodity dynamics, particularly those seeking to understand the mechanisms behind the current divergence between oil prices and supply recovery.