应对地缘政治风险与油价走强

M IdeaNorth American Energy | North AmericaNavigating Geopolitical Risks & Stronger OilWTI has rallied ~20% in June alongside rising geopolitical risks. Near-term strength could continue, but prices are biased lower in 2H25 absent supply disruption. Post recent moves, we revisit views across the Energy Sector. From here, we remain selective with a defensive bias & prefer gas over oil.Morgan Stanley & Co. LLCDevin McDermottEquity Analyst and Commodities Strategist Devin.McDermott@morganstanley.com +1 212 761-1125 Joe Laetsch, CFAEquity Analyst Joe.Laetsch@morganstanley.com +1 212 761-8804 Robert S KadEquity Analyst Robert.Kad@morganstanley.com +1 212 761-0065 Daniel KutzEquity Analyst Dan.Kutz@morganst