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Woodside at current levels

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Question asked 19/01/2021

Woodside at current levels

“Hi MM, I am thinking of taking Profits on (WPL) Woodside at current levels of $25.46 as my entry was $18.19. There is uncertainty about the price of Crude and West Texas and whether the forecasts in the attached Link are accurate. The forecasts range from $51.72 in Jan 2021 to $83.48 in Dec 2021, with a drop in 2022. https://longforecast.com/oil-price-today-forecast-2017-2018-2019-2020-2021-brent-wti Offsetting this is the impact of EV's & the Fossil Fuel- Climate Change debate on market sentiment, but I think this is overdone, as the world will continue to rely on Oil for the foreseeable future. OPEC reversed its decision to release a further 500 M Barrels a day a few days ago, which has propelled prices higher My thoughts are to Sell and take decent Profits now, as my PT has been reached, then Buy again on a decent correction if you agree with the Forecast Oil price for 2021. I would appreciate your view. Thanks again for your experienced Analysis. Best wishes for 2021 Richard O.

Answer

Morning Richard,

WPL has run strongly like our position in Beach (BPT) and while we remain bullish the sector through 2021 a pullback / period of consolidation wouldn’t surprise around current levels. Whether you consider selling, looking to rebuy lower later obviously depends on your appetite for risk / level of activity but at MM we are giving our resources positions in general room because our reflation viewpoint implies any surprises are likely to be on the upside for the sector.

WDS

MM remains bullish the Energy Sector. – We currently hold BPT in our Growth Portfolio

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Woodside Petroleum (WPL)

LAST UPDATED 19/01/2021 11:38

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