This morning we have updated our outlook for Woodside due to its correlation with our position in Santos (STO) – albeit a frustrating one when compared to WPL! The news around Ukraine is clearly adding a situation tailwind to an already very strong oil price and we feel the current upside momentum has further to run although the news driven choppy volatility is likely to increase in the coming weeks following its sharp appreciation since late 2021– an initial break for WPL over the psychological $30 area looks inevitable hence MM plans to give STO more room but the rally does feel in need of a rest after its Ukraine induced 10% pop over the last fortnight.
MM remains bullish WPL
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