WDS is likely to surrender a decent portion of its recent gains this morning after oils dramatic reversal overnight. Its hard to a determine a “fair value” on WDS with oil moving more than 30% in one session but a pullback towards $28 wouldn’t surprise, or ~10% lower. Even with oil testing $US120 on Monday, WDS was trading close to 20% below its 2023 high, keeping it in the too basket for MM.
- We can see WDS continuing to dance the oil dance, which, for the moment, is now delivering a bearish headwind.
MM is neutral towards WDS around $30
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