WDS has fallen in sync with crude oil for the last few years, and now it’s under renewed pressure. President Trump is pursuing his “Drill Baby Drill” mantra, and OPEC+ is currently happy to push prices lower; it remains a tough argument to make that crude oil will rally through 2025/6. We like the energy complex, which favours WDS, but we still prefer uranium and coal, in that order, hence WDS remains off our radar at this stage.
- If crude remains firm, we can see WDS testing $28 in 2025, but it’s all about the oil price.
MM is cautiously bullish towards WDS around $25
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Woodside Energy Group (WDS) v Brent Crude ($US/bbl)
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Woodside Energy Group (WDS) v Brent Crude ($US/bbl)
