Commodity prices have been mixed over recent weeks but overall considering the worries around global growth caused by the demise of China Evergrande prices have held firm. Crude oil has actually broken up to fresh recent highs implying that concerns towards the demand side of the curve have dissipated, even if the rally is more supply driven. MM remains overweight the Energy Sector looking for some catch up by the lagging names e.g. Woodside Petroleum (WPL) is still down almost 10% since March.
MM remains bullish the Energy Sector into 2022
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Crude Oil December 2021 Futures ($US/barrel)
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Crude Oil December 2021 Futures ($US/barrel)
