As most subscribers know MM took profit on our STO position last week, a few days early in hindsight, but we followed our plan which was helped by the panic appreciation in energy prices following Russia’s invasion of the Ukraine. Technically we wouldn’t be surprised to see the oil & gas producer break well under $7, especially as they merge Oil Search operations into their business – MM is likely to start accumulating Woodside if / when we believe energy prices are back towards more sustainable levels.
MM is neutral / bearish STO
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