By Dan Weil Goldman sees ‘a turning point in the oil and gas capex cycle, as seven years of declining activity have depleted spare capacity.’ With oil prices rising 29% so far this year, things are looking up for the oil industry. Goldman Sachs analysts see “a turning point in the oil and gas capital expenditure cycle, as seven years of declining activity have depleted spare capacity in most parts of the industry, and the Russia-Ukraine conflict provides a renewed sense of urgency around security of supply,” they wrote in a commentary. The analysts cite five overriding themes. 1) “Shrinking re…