SmarterMarkets™ Weathering Decarbonization Episode 5 | Samantha Dart, Co-Head of Global Commodities Research, Goldman Sachs
Mar 14, 2026
Samantha Dart, Co-Head of Global Commodities Research at Goldman Sachs, brings expert insight on oil, gas, and power markets. She contrasts regional energy strategies and China’s coal-plus-renewables path. She explains how supply concentration, Qatar LNG losses, and refinery constraints ripple through jet fuel, power prices, and industrial resilience.
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Security Trumps Decarbonization Under Stress
- Countries prioritize energy security over decarbonization when supply is threatened.
- Samantha Dart cites China adding coal plus renewables and planning decarbonization only after 2030 as a concrete example.
Twenty Percent Disruption Creates A Deadline
- A disruption removing ~20% of global oil and LNG flows cannot be balanced for long without major adjustments.
- Dart warns natural gas has a seasonal deadline: inventories must be offset by end of October before winter heating demand returns.
Jet Fuel Tightness Amplifies Consumer Pain
- Refined products, especially jet fuel, are tighter than crude leading to bigger price moves and consumer impacts.
- Dart notes high refinery utilization, export restrictions, and lost flows via the Strait of Hormuz have driven jet fuel rallies and higher airfares.