The three behemoths in the local energy space have surged around 5 per cent in local trade, after receiving a ratings upgrade from Morgan Stanley on a much improved outlook for crude prices.
At the head of the upgrade queue was WA-based Woodside, which was raised from equal-weight to overweight, while Santos and Origin Energy both improved from underweight to equal-weight in Morgan Stanley’s latest assessment.
The positive shift in sentiment followed a decision from the bank to lift its long-term oil price forecast from $US60 a barrel to $US80, despite retaining a cautious near-term view.
A congrats may be in order, page-3
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