Australian Investment Blog

Morning Report 18/06/2014

Morning Report Wednesday 18 June 2014

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The great Oil unwind, Shell selling Woodside stake while Iraq escalates

Iraq tensions have pushed the Oil price over US$106/bbl but when we look at chart 1 it’s had only a minor impact on the price, up 3.6% in June, which is clearly remaining within its recent 3 year price band. However, any escalation in tensions may potentially kick prices hard. ~30% of the world Oil supply comes from the Middle East with Iraq responsible for 11% of the region’s production. Yesterday, Shell announced the sell down of its majority of its stake in Woodside (WPL), an overhang that has been in place since a takeover bid was blocked 2001. The details at a glance:

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