The upcoming U.S. elections are unlikely to junk bullish forecasts for natural gas and oil prices, with a potential “Blue Wave” that would usher in a Democratic-controlled government in fact a positive catalyst, according to energy analysts.

Goldman Sachs analysts laid out their view of the benefits of Democrat Joseph R. Biden Jr. toppling President Trump in November. The Republican-controlled Senate also appears to be headed for a reckoning, as Democrats look increasingly likely to take control of Congress in January. 

“From a pure domestic regulatory perspective, a Biden election would…be bullish oil and gas prices as it would lead to a higher marginal cost of shale supply and higher hydrocarbon demand in coming years,” according to the Goldman team.

Goldman’s...