From Bell direct this morning:
2209 GMT - Credit Suisse continues to argue equity investors need some exposure to energy. Yet looking around Australian exploration and production stocks, the bank concedes it's hard to see spectacular value when looking at risk-adjusted fundamental valuations. And the value argument isn't helped by Credit Suisse's latest forecasts, which envisage average WTI prices at US$30 in 1Q, recovering to US$38 for the year and US$54 for 2017. Credit Suisse suggests if oil prices do go up, then the stocks most leveraged to prices will likely rise the most. As such, Santos (STO.AU) remains its Australian energy pick. Credit Suisse says it was "embarrassingly wrong" about Santos two months ago, but it would be wrong to throw in the towel on that trade now. ([email protected]; @RobbMStewart)
They are likely wrong with their barrel prices provided the cartel and Russia can agree on production cuts.
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