WDS has fallen over 19% so far in 2025, a move very similar to that of the underlying crude oil price. We’ve avoided chasing WDS for yield or growth, believing both will struggle over the coming years, but if/when we get another spike lower, the valuation will be compelling. We have no interest yet, but around 8% lower, and it could make a rare appearance in an MM portfolio.
- We like the risk/reward towards WDS around the $18-18.50 area, similar to Shawn’s Trading Idea on Monday.
MM is now neutral WDS around $20
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