WDS is enjoying strong energy prices, having surged ~50% higher in 2026, and it’s starting to slowly get ahead of the oil price. The last time WDS was trading at ~$35 back in 2023, Brent Crude was ~20% lower, suggesting a decent move to the downside when the news improves around the conflict, but at this stage, the oil price is telling us there remains a very real chance that things could get worse before they improve.
- We can see WDS consolidating in the $35-36 area, but the underlying bullish trend remains intact.
MM is cautiously bullish towards WDS around $35
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