A quick visit to the petrol station shows us that crude oil prices remain elevated and with a weak $A its even more painful for local motorists. The crude oil price may have backed off from the panic highs of mid-March, when Russia invaded the Ukraine, but they remain clearly comfortable well above $US100/barrel, still at their highest levels in 8-years. The Global Energy Sectors made fresh highs last week as oil prices rallied above $US110 and another test of $US120 looks likely in the coming weeks. This scenario of higher energy prices for longer is something MM things will play out right across the energy complex, from Oil to Coal & even Uranium.
MM is bullish crude oil short-term
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