Where to for crude oil?
We have followed your guidance on crude oil and we have been very fortunate. We have both STO and WPL and we would appreciate your latest take on them. Thank you for your help. Best regards Beng
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Answer
Hi Beng,
MM believes crude oil is due for some consolidation as Ukraine fears dissipate and the US is trying to broker a nuclear deal with Iran to allow it to start pumping oil i.e. Joe Biden wants the price lower to avoid economic headwinds.
We believe the easy money for both STO and WPL are behind them and we are looking to exit / reduce our crude exposure across our portfolios in the coming weeks / months but we do still oil making new highs although we question if the Energy Sector follow suit.
