Wolfe Research reinstated coverage of Phillips 66 with a Peer Perform rating as part of a broader research note. The firm is “leaning defensive” as oil price is expected to remain rangebound around $85, exacerbated by paper markets testing OPEC+ policy, though the opposite is true for U.S. gas where a contango curve is signaling a structural shift that can reverse a decade of declines in the marginal cost of supply, the analyst tells investors in a research note. Wolfe adds that it sees E&Ps with collectively the best risk / reward in the sector – eventually.
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