高盛-油價(jià)核心更新Oil Update 09052024

OilUpdate

September5th2024

ManagingDirector+1212-357-4172

VicePresident

+1212-902-3053

VicePresident

+1917-709-0571

HeadofOilResearch

daan.struyven@

SeniorCommodityStrategist

callum.bruce@

SeniorEnergyEconomist

yulia.grigsby@

DaanStruyven

GoldmanSachs&Co.LLC

CallumAndrewBruce,CFA

GoldmanSachs&Co.LLC

_

YuliaZGrigsby

GoldmanSachs&Co.LLC

Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcerti?cationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto/research/hedge.html.

ChinaOilDemandIsSoft…

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Source:IEA,ICIS,Oilchem,Bloomberg,IIR,Kpler,GoldmanSachsGlobalInvestmentResearch

GlobalInvestmentResearch2

…GivenMacroandMicroSoftness

_

Source:S&PGlobal,WoodMackenzie,IEA,Wind,Haver,GoldmanSachsGlobalInvestmentResearch

GlobalInvestmentResearch3

WeForecastSolidNon-OPECexRussiaSupplyGrowthin2024(1.3mb/d)and2025(1.5mb/d)

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Footnote:WeusetheIEAfor2015-2019averages.

Source:IEA,GoldmanSachsGlobalInvestmentResearch

GlobalInvestmentResearch4

NaturalGasCompetition:GlobalOilandNaturalGasPricesHaveBeenInter-relatedAsSourcesofEnergy

3.5

Actual

ModelledonBrentCrudeOilPrice

3

ModelledonGSLongTermBrentOilPriceAssumption($80/bbl)

2.5

2

Log(GlobalNaturalGasPrice)

1.5

_

1

$4-6/mmbturangebetween

ligniteeconomicsandmarginalUSLNGcashcosts

0.5

1978

1979

1981

1983

1985

1987

1989

1991

1993

1995

1997

1999

2001

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

2025

2027

2029

Source:GoldmanSachsGlobalInvestmentResearch

GlobalInvestmentResearch5

DownsideRiskstoour$70-85BrentPriceRange

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EstimatedpeakimpactisrelativetoourbaselineforecastwithBrentcrudepricesat$77/bblforthe2025averageand$74/bblinDec2025.For

detaileddefinitionsoftheIran,tariff,andmoderaterecessionriskscenarios,seeDaanStruyvenandteam,OilAnalyst,"TrumpScenarios:UpsideRisktoVolatility;DownsideRisktoPrices",July25,2024.Thesaturationofthebarsriseswithoursubjectiveprobabilityforeachriskscenario.

Source:GoldmanSachsGlobalInvestmentResearch

GlobalInvestmentResearch6

WeStillSeeRiskstoImpliedOilVolatilityasSkewedtotheUpside

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Source:ICE,GoldmanSachsGlobalInvestmentResearch

GlobalInvestmentResearch7

Appendix

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8

WeForecastaBalancedMarketin2024anda0.6mb/dSurplusin2025

GSOilSupplyandDemandOutlook

(mb/d)

2024

QuarterlyLevels

202520242025

WorldSupply

Non-OPECex.RussiaSupplyTotalUS

Non-OPECLatamRussia

OPECSupply

Saudicrude

OPECexSaudi

WorldDemand

OECDDemandUS

OECDEurope

Non-OECDDemand

_

ChinaIndia

Othernon-OECDAsia

Imbalance(=Supply-Demand)

Level

103.0

59.721.46.510.832.69.023.6

103.1

45.920.513.557.116.35.79.3

0.0

YoY

0.8

1.30.80.3-0.2-0.3-0.60.3

0.9

0.30.20.10.6-0.10.30.2

-0.1

Level

105.2

61.3

22.1

6.9

10.8

33.1

9.2

23.9

104.5

46.220.713.558.316.65.99.5

0.6

YoY

2.1

1.60.70.40.00.50.20.3

1.5

0.30.2-0.11.20.30.20.3

0.7

Q1

101.8

58.8

20.7

6.5

10.6

32.4

9.0

23.4

101.4

44.819.912.956.616.55.79.2

0.5

Q2

103.0

59.521.46.310.932.69.023.6

102.7

45.720.613.657.016.35.79.3

0.3

Q3

103.1

59.921.66.410.732.59.023.5

104.0

46.720.814.057.416.25.59.2

-0.9

Q4

104.2

60.621.86.710.832.89.123.7

104.1

46.620.713.757.516.45.89.3

0.1

Q1

104.5

60.721.86.710.833.09.223.8

103.9

46.220.613.257.716.56.09.5

0.5

Q2

104.9

61.022.06.810.833.19.223.8

103.7

45.420.613.358.216.65.99.6

1.2

Q3

105.4

61.522.16.910.833.29.224.0

105.4

46.820.913.958.616.65.79.5

0.0

Q4

105.9

61.922.37.110.833.29.224.0

105.2

46.420.713.458.716.76.09.6

0.7

Source:GoldmanSachsGlobalInvestmentResearch

GlobalInvestmentResearch9

DisclosureAppendix

September5,2024

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10

DisclosureAppendix

RegAC

We,DaanStruyven,CallumBruce,andYuliaGrigsbyherebycertifythatalloftheviewsexpressedinthisreportaccuratelyre?ectourpersonalviews,whichhavenotbeenin?uencedbyconsiderationsofthe?rm’sbusinessorclientrelationships.

Unlessotherwisestated,theindividualslistedonthecoverpageofthisreportareanalystsinGoldmanSachs’GlobalInvestmentResearchdivision.

Disclosures

Regulatorydisclosures

DisclosuresrequiredbyUnitedStateslawsandregulations

Seecompany-speci?cregulatorydisclosuresaboveforanyofthefollowingdisclosuresrequiredastocompaniesreferredtointhisreport:managerorco-managerinapendingtransaction;1%orotherownership;

compensationforcertainservices;typesofclientrelationships;managed/co-managedpublicofferingsinpriorperiods;directorships;forequitysecurities,marketmakingand/orspecialistrole.GoldmanSachstradesormaytradeasaprincipalindebtsecurities(orinrelatedderivatives)ofissuersdiscussedinthisreport.

Thefollowingareadditionalrequireddisclosures:Ownershipandmaterialcon?ictsofinterest:GoldmanSachspolicyprohibitsitsanalysts,professionalsreportingtoanalystsandmembersoftheir

householdsfromowningsecuritiesofanycompanyintheanalyst’sareaofcoverage.Analystcompensation:Analystsarepaidinpartbasedonthepro?tabilityofGoldmanSachs,whichincludesinvestmentbankingrevenues.Analystasof?cerordirector:GoldmanSachspolicygenerallyprohibitsitsanalysts,personsreportingtoanalystsormembersoftheirhouseholdsfromservingasanof?cer,directoror

advisorofanycompanyintheanalyst’sareaofcoverage.Non-U.S.Analysts:Non-U.S.analystsmaynotbeassociatedpersonsofGoldmanSachs&Co.LLCandthereforemaynotbesubjecttoFINRARule2241orFINRARule2242restrictionsoncommunicationswithsubjectcompany,publicappearancesandtradingsecuritiesheldbytheanalysts.

AdditionaldisclosuresrequiredunderthelawsandregulationsofjurisdictionsotherthantheUnitedStates

Thefollowingdisclosuresarethoserequiredbythejurisdictionindicated,excepttotheextentalreadymadeabovepursuanttoUnitedStateslawsandregulations.Australia:GoldmanSachsAustraliaPtyLtdand

itsaf?liatesarenotauthoriseddeposit-takinginstitutions(asthattermisde?nedintheBankingAct1959(Cth))inAustraliaanddonotprovidebankingservices,norcarryonabankingbusiness,inAustralia.This

research,andanyaccesstoit,isintendedonlyfor“wholesaleclients”withinthemeaningoftheAustralianCorporationsAct,unlessotherwiseagreedbyGoldmanSachs.Inproducingresearchreports,membersofGlobalInvestmentResearchofGoldmanSachsAustraliamayattendsitevisitsandothermeetingshostedbythecompaniesandotherentitieswhicharethesubjectofitsresearchreports.InsomeinstancesthecostsofsuchsitevisitsormeetingsmaybemetinpartorinwholebytheissuersconcernedifGoldmanSachsAustraliaconsidersitisappropriateandreasonableinthespeci?ccircumstancesrelatingtothesite

visitormeeting.Totheextentthatthecontentsofthisdocumentcontainsany?nancialproductadvice,itisgeneraladviceonlyandhasbeenpreparedbyGoldmanSachswithouttakingintoaccountaclient’s

objectives,?nancialsituationorneeds.Aclientshould,beforeactingonanysuchadvice,considertheappropriatenessoftheadvicehavingregardtotheclient’sownobjectives,?nancialsituationandneeds.AcopyofcertainGoldmanSachsAustraliaandNewZealanddisclosureofinterestsandacopyofGoldmanSachs’AustralianSell-SideResearchIndependencePolicyStatementareavailableat:

_

/disclosures/australia-new-zealand/index.html

.Brazil:DisclosureinformationinrelationtoCVMResolutionn.20isavailableat

/worldwide/brazil/area/gir/index.html

.Whereapplicable,theBrazil-registeredanalystprimarilyresponsibleforthecontentofthisresearchreport,asde?nedinArticle20ofCVMResolutionn.

20,isthe?rstauthornamedatthebeginningofthisreport,unlessindicatedotherwiseattheendofthetext.Canada:Thisinformationisbeingprovidedtoyouforinformationpurposesonlyandisnot,andundernocircumstancesshouldbeconstruedas,anadvertisement,offeringorsolicitationbyGoldmanSachs&Co.LLCforpurchasersofsecuritiesinCanadatotradeinanyCanadiansecurity.GoldmanSachs&Co.LLCisnotregisteredasadealerinanyjurisdictioninCanadaunderapplicableCanadiansecuritieslawsandgenerallyisnotpermittedtotradeinCanadiansecuritiesandmaybeprohibitedfromsellingcertainsecuritiesandproductsincertainjurisdictionsinCanada.IfyouwishtotradeinanyCanadiansecuritiesorotherproductsinCanadapleasecontactGoldmanSachsCanadaInc.,anaf?liateofTheGoldmanSachsGroupInc.,oranotherregisteredCanadiandealer.HongKong:FurtherinformationonthesecuritiesofcoveredcompaniesreferredtointhisresearchmaybeobtainedonrequestfromGoldmanSachs(Asia)L.L.C.India:

FurtherinformationonthesubjectcompanyorcompaniesreferredtointhisresearchmaybeobtainedfromGoldmanSachs(India)SecuritiesPrivateLimited,ResearchAnalyst-SEBIRegistrationNumber

INH000001493,951-A,RationalHouse,AppasahebMaratheMarg,Prabhadevi,Mumbai400025,India,CorporateIdentityNumberU74140MH2006FTC160634,Phone+912266169000,Fax+912266169001.GoldmanSachsmaybeneficiallyown1%ormoreofthesecurities(assuchtermisdefinedinclause2(h)theIndianSecuritiesContracts(Regulation)Act,1956)ofthesubjectcompanyorcompaniesreferredtointhisresearchreport.Investmentinsecuritiesmarketaresubjecttomarketrisks.Readalltherelateddocumentscarefullybeforeinvesting.RegistrationgrantedbySEBIandcertificationfromNISMinnoway

guaranteeperformanceoftheintermediaryorprovideanyassuranceofreturnstoinvestors.GoldmanSachs(India)SecuritiesPrivateLimitedInvestorGrievanceE-mail:india-client-support@.Compliance

GlobalInvestmentResearch11

DisclosureAppendix

Officer:AnilRajput|Tel:+912266169000|Email:anil.m.rajput@.Japan:Seebelow.Korea:Thisresearch,andanyaccesstoit,isintendedonlyfor“professionalinvestors”withinthemeaningofthe

FinancialServicesandCapitalMarketsAct,unlessotherwiseagreedbyGoldmanSachs.FurtherinformationonthesubjectcompanyorcompaniesreferredtointhisresearchmaybeobtainedfromGoldmanSachs(Asia)L.L.C.,SeoulBranch.NewZealand:GoldmanSachsNewZealandLimitedanditsaf?liatesareneither“registeredbanks”nor“deposittakers”(asde?nedintheReserveBankofNewZealandAct1989)inNewZealand.Thisresearch,andanyaccesstoit,isintendedfor“wholesaleclients”(asde?nedintheFinancialAdvisersAct2008)unlessotherwiseagreedbyGoldmanSachs.AcopyofcertainGoldmanSachs

AustraliaandNewZealanddisclosureofinterestsisavailableat:

/disclosures/australia-new-zealand/index.html

.Russia:ResearchreportsdistributedintheRussianFederationare

notadvertisingasde?nedintheRussianlegislation,butareinformationandanalysisnothavingproductpromotionastheirmainpurposeanddonotprovideappraisalwithinthemeaningoftheRussianlegislation

onappraisalactivity.Researchreportsdonotconstituteapersonalizedinvestmentrecommendationasde?nedinRussianlawsandregulations,arenotaddressedtoaspeci?cclient,andarepreparedwithout

analyzingthe?nancialcircumstances,investmentpro?lesorriskpro?lesofclients.GoldmanSachsassumesnoresponsibilityforanyinvestmentdecisionsthatmaybetakenbyaclientoranyotherpersonbasedonthisresearchreport.Singapore:GoldmanSachs(Singapore)Pte.(CompanyNumber:198602165W),whichisregulatedbytheMonetaryAuthorityofSingapore,acceptslegalresponsibilityforthisresearch,andshouldbecontactedwithrespecttoanymattersarisingfrom,orinconnectionwith,thisresearch.Taiwan:Thismaterialisforreferenceonlyandmustnotbereprintedwithoutpermission.Investorsshould

carefullyconsidertheirowninvestmentrisk.Investmentresultsaretheresponsibilityoftheindividualinvestor.UnitedKingdom:PersonswhowouldbecategorizedasretailclientsintheUnitedKingdom,assuchtermisde?nedintherulesoftheFinancialConductAuthority,shouldreadthisresearchinconjunctionwithpriorGoldmanSachsresearchonthecoveredcompaniesreferredtohereinandshouldrefertotheriskwarningsthathavebeensenttothembyGoldmanSachsInternational.Acopyoftheseriskswarnings,andaglossaryofcertain?nancialtermsusedinthisreport,areavailablefromGoldmanSachsInternational

onrequest.

EuropeanUnionandUnitedKingdom:DisclosureinformationinrelationtoArticle6(2)oftheEuropeanCommissionDelegatedRegulation(EU)(2016/958)supplementingRegulation(EU)No596/2014ofthe

EuropeanParliamentandoftheCouncil(includingasthatDelegatedRegulationisimplementedintoUnitedKingdomdomesticlawandregulationfollowingtheUnitedKingdom’sdeparturefromtheEuropeanUnionandtheEuropeanEconomicArea)withregardtoregulatorytechnicalstandardsforthetechnicalarrangementsforobjectivepresentationofinvestmentrecommendationsorotherinformationrecommendingor

suggestinganinvestmentstrategyandfordisclosureofparticularinterestsorindicationsofcon?ictsofinterestisavailableat

/disclosures/europeanpolicy.html

whichstatestheEuropeanPolicyforManagingCon?ictsofInterestinConnectionwithInvestmentResearch.

Japan:GoldmanSachsJapanCo.,Ltd.isaFinancialInstrumentDealerregisteredwiththeKantoFinancialBureauunderregistrationnumberKinsho69,andamemberofJapanSecuritiesDealersAssociation,

FinancialFuturesAssociationofJapanTypeIIFinancialInstrumentsFirmsAssociation,TheInvestmentTrustsAssociation,Japan,andJapanInvestmentAdvisersAssociation.Salesandpurchaseofequitiesare

subjecttocommissionpre-determinedwithclientsplusconsumptiontax.Seecompany-speci?cdisclosuresastoanyapplicabledisclosuresrequiredbyJapanesestockexchanges,theJapaneseSecuritiesDealersAssociationortheJapaneseSecuritiesFinanceCompany.

Globalproduct;distributingentities

GoldmanSachsGlobalInvestmentResearchproducesanddistributesresearchproductsforclientsofGoldmanSachsonaglobalbasis.AnalystsbasedinGoldmanSachsof?cesaroundtheworldproduceresearchonindustriesandcompanies,andresearchonmacroeconomics,currencies,commoditiesandportfoliostrategy.ThisresearchisdisseminatedinAustraliabyGoldmanSachsAustraliaPtyLtd(ABN21006797

897);inBrazilbyGoldmanSachsdoBrasilCorretoradeTítuloseValoresMobiliáriosS.A.;PublicCommunicationChannelGoldmanSachsBrazil:08007275764and/orcontatogoldmanbrasil@.Available

Weekdays(exceptholidays),from9amto6pm.CanaldeComunica??ocomoPúblicoGoldmanSachsBrasil:08007275764e/oucontatogoldmanbrasil@.Horáriodefuncionamento:segunda-feiraàsexta-

feira(excetoferiados),das9hàs18h;inCanadabyGoldmanSachs&Co.LLC;inHongKongbyGoldmanSachs(Asia)L.L.C.;inIndiabyGoldmanSachs(India)SecuritiesPrivateLtd.;inJapanbyGoldmanSachs

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JapanCo.,Ltd.;intheRepublicofKoreabyGoldmanSachs(Asia)L.L.C.,SeoulBranch;inNewZealandbyGoldmanSachsNewZealandLimited;inRussiabyOOOGoldmanSachs;inSingaporebyGoldmanSachs(Singapore)Pte.(CompanyNumber:198602165W);andintheUnitedStatesofAmericabyGoldmanSachs&Co.LLC.GoldmanSachsInternationalhasapprovedthisresearchinconnectionwithitsdistributionintheUnitedKingdom.

GoldmanSachsInternational(“GSI”),authorisedbythePrudentialRegulationAuthority(“PRA”)andregulatedbytheFinancialConductAuthority(“FCA”)andthePRA,hasapprovedthisresearchinconnectionwithitsdistributionintheUnitedKingdom.

EuropeanEconomicArea:GSI,authorisedbythePRAandregulatedbytheFCAandthePRA,disseminatesresearchinthefollowingjurisdictionswithintheEuropeanEconomicArea:theGrandDuchyof

Luxembourg,Italy,theKingdomofBelgium,theKingdomofDenmark,theKingdomofNorway,theRepublicofFinlandandtheRepublicofIreland;GSI-SuccursaledeParis(Parisbranch)whichisauthorisedbythe

FrenchAutoritédecontr?leprudentieletderesolution(“ACPR”)andregulatedbytheAutoritédecontr?leprudentieletderesolutionandtheAutoritédesmarches?nanciers(“AMF”)disseminatesresearchinFrance;GSI-SucursalenEspa?a(Madridbranch)authorizedinSpainbytheComisiónNacionaldelMercadodeValoresdisseminatesresearchintheKingdomofSpain;GSI-SwedenBank?lial(Stockholmbranch)isauthorizedbytheSFSAasa“thirdcountrybranch”inaccordancewithChapter4,Section4oftheSwedishSecuritiesandMarketAct(Sw.lag(2007:528)omv?rdepappersmarknaden)disseminatesresearchintheKingdomof

Sweden;GoldmanSachsBankEuropeSE(“GSBE”)isacreditinstitutionincorporatedinGermanyand,withintheSingleSupervisoryMechanism,subjecttodirectprudentialsupervisionbytheEuropeanCentralBankandinotherrespectssupervisedbyGermanFederalFinancialSupervisoryAuthority(BundesanstaltfürFinanzdienstleistungsaufsicht,BaFin)andDeutscheBundesbankanddisseminatesresearchintheFederal

RepublicofGermanyandthosejurisdictionswithintheEuropeanEconomicAreawhereGSIisnotauthorisedtodisseminateresearchandadditionally,GSBE,CopenhagenBranch?lialafGSBE,Tyskland,supervisedbytheDanishFinancialAuthoritydisseminatesresearchintheKingdomofDenmark;GSBE-SucursalenEspa?a(Madridbranch)subject(toalimitedextent)tolocalsupervisionbytheBankofSpaindisseminates

GlobalInvestmentResearch12

DisclosureAppendix

researchintheKingdomofSpain;GSBE-SuccursaleItalia(Milanbranch)totherelevantapplicableextent,subjecttolocalsupervisionbytheBankofItaly(Bancad’Italia)andtheItalianCompaniesandExchange

Commission(CommissioneNazionaleperleSocietàelaBorsa“Consob”)disseminatesresearchinItaly;GSBE-SuccursaledeParis(Parisbranch),supervisedbytheAMFandbytheACPRdisseminatesresearchinFrance;andGSBE-SwedenBank?lial(Stockholmbranch),toalimitedextent,subjecttolocalsupervisionbytheSwedishFinancialSupervisoryAuthority(Finansinpektionen)disseminatesresearchintheKingdomofSweden.

Generaldisclosures

Thisresearchisforourclientsonly.OtherthandisclosuresrelatingtoGoldmanSachs,thisresearchisbasedoncurrentpublicinformationthatweconsiderreliable,butwedonotrepresentitisaccurateor

complete,anditshouldnotbereliedonassuch.Theinformation,opinions,estimatesandforecastscontainedhereinareasofthedatehereofandaresubjecttochangewithoutpriornoti?cation.Weseekto

updateourresearchasappropriate,butvariousregulationsmaypreventusfromdoingso.Otherthancertainindustryreportspublishedonaperiodicbasis,thelargemajorityofreportsarepublishedatirregularintervalsasappropriateintheanalyst’sjudgment.

GoldmanSachsconductsaglobalfull-service,integratedinvestmentbanking,investmentmanagement,andbrokeragebusiness.WehaveinvestmentbankingandotherbusinessrelationshipswithasubstantialpercentageofthecompaniescoveredbyGlobalInvestmentResearch.GoldmanSachs&Co.LLC,theUnitedStatesbrokerdealer,isamemberofSIPC(

).

Oursalespeople,traders,andotherprofessionalsmayprovideoralorwrittenmarketcommentaryortradingstrategiestoourclientsandprincipaltradingdesksthatre?ectopinionsthatarecontrarytotheopinionsexpressedinthisresearch.Ourassetmanagementarea,principaltradingdesksandinvestingbusinessesmaymakeinvestmentdecisionsthatareinconsistentwiththerecommendationsorviewsexpressedinthisresearch.

Weandouraf?liates,of?cers,directors,andemployeeswillfromtimetotimehavelongorshortpositionsin,actasprincipalin,andbuyorsell,thesecuritiesorderivatives,ifany,referredtointhisresearch,unlessotherwiseprohibitedbyregulationorGoldmanSachspolicy.

TheviewsattributedtothirdpartypresentersatGoldmanSachsarrangedconferences,includingindividualsfromotherpartsofGoldmanSachs,donotnecessarilyre?ectthoseofGlobalInvestmentResearchandarenotanof?cialviewofGoldmanSachs.

Anythirdpartyreferencedherein,includinganysalespeople,tradersandotherprofessionalsormembersoftheirhousehold,mayhavepositionsintheproductsmentionedthatareinconsistentwiththeviewsexpressedbyanalystsnamedinthisreport.

Thisresearchisfocusedoninvestmentthemesacrossmarkets,industriesandsectors.Itdoesnotattempttodistinguishbetweentheprospectsorperformanceof,orprovideanalysisof,individualcompanieswithinanyindustryorsectorwedescribe.

Anytradingrecommendationinthisresearchrelatingtoanequityorcreditsecurityorsecuritieswithinanindustryorsectorisre?ectiveoftheinvestmentthemebeingdiscussedandisnotarecommendationofanysuchsecurityinisolation.

Thisresearchisnotanoffertosellorthesolicitationofanoffertobuyanysecurityinanyjurisdictionwheresuchanofferorsolicitationwouldbeillegal.Itdoesnotconstituteapersonalrecommendationortakeintoaccounttheparticularinvestmentobjectives,?nancialsituations,orneedsofindividualclients.Clientsshouldconsiderwhetheranyadviceorrecommendationinthisresearchissuitablefortheirparticular

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circumstancesand,ifappropriate,seekprofessionaladvice,includingtaxadvice.Thepriceandvalueofinvestmentsreferredtointhisresearchandtheincomefromthemmay?uctuate.Pastperformanceisnotaguidetofutureperformance,futurereturnsarenotguaranteed,andalossoforiginalcapitalmayoccur.Fluctuationsinexchangeratescouldhaveadverseeffectsonthevalueorpriceof,orincomederivedfrom,certaininvestments.

Certaintransactions,includingthoseinvolvingfutures,options,andotherderivatives,giverisetosubstantialriskandarenotsuitableforallinvestors.InvestorsshouldreviewcurrentoptionsandfuturesdisclosuredocumentswhichareavailablefromGoldmanSachssalesrepresentativesorat

/about/publications/character-risks.jspandhttps://www

.?/?a/regulatory-

disclosures_1/?a-uniform-futures-and-options-on-futures-risk-disclosures-booklet-pdf-version-2018.Transactioncostsmaybesigni?cantinoptionstrategiescallingformultiplepurchaseandsalesofoptionssuchasspreads.Supportingdocumentationwillbesupplieduponrequest.

DifferingLevelsofServiceprovidedbyGlobalInvestmentResearch:ThelevelandtypesofservicesprovidedtoyoubyGoldmanSachsGlobalInvestmentResearchmayvaryascomparedtothatprovidedtointernalandotherexternalclientsofGS,dependingonvariousfactorsincludingyourindividualpreferencesastothefrequencyandmannerofreceivingcommunication,yourriskpro?leandinvestmentfocusandperspectiv