Tuesday finally saw a snap to the upside from the oil names with Beach Energy (BPT), Woodside (WPL) and Santos (STO) all surging over 5%, a noticeably strong relative performance when compared to crude oils small pop back over $US70/barrel. MM has believed for a few weeks that something had to give with the elastic band stretching towards breaking point between oil stocks and the underlying price of oil, hopefully for the MM portfolios yesterday was just the start of such a move.
MM is long & bullish the Oil Sector
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Woodside Petroleum (WPL) v Crude Oil ($US/barrel)
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Woodside Petroleum (WPL) v Crude Oil ($US/barrel)
