Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi James and team, Thanks for the reports. What’s your thoughts on BPT and WPL? GS are much more optimistic about WPL than BPT. Would you agree? I missed the boat on OZL this week when you pivoted there? Would you recommend OZL or NCM given the OZL rally this week, and NCM retreating? Regards , Alan
Morning Alan,
1 – We prefer BPT over WPL as we are bullish crude oil and it’s a more leveraged play but both are disappointing at present as they fail to embrace the ongoing strength in the underlying commodity. On a standalone basis we feel WPL is great buying ~$22.
2 – After recent moves I wouldn’t be chasing strength in OZL as we alluded to earlier and with NCM I would like to see a clear signal that a bottom’s in place, at least while it continues to grind lower.
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