Commodities | May 08 2006
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By Greg Peel
On Friday we reported that Citigroup’s Asian oil specialist Thomas Hilboldt was expecting another round of oil price forecast increases from brokers and analysts given the WTI price at around US$75/bbl, and a contango futures curve to boot. Today JP Morgan has done just that.
Morgans’ near term prices increase about 10% in 2006 to US$67.39/bbl and about 4.6% in 2007 to US$54.11/bbl.
From an Australian stock market point of view, this increase flows through to earnings increases for Woodside Petroleum (WPL) of 11%, Santos (STO) of 18%, Oil Search (OSH) of 23%, and Hardman Resources (HDR) a healthy 40%.
Oil Search remains Morgans’ sector preference.
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