JPMorgan has revisited its oil price and foreign exchange forecasts with implications for Australia's oil and gas players

JPMorgan has revisited its oil price and foreign exchange forecasts with implications for Australia's oil and gas players. After visits to Japan and South Korea, the broker is more bullish on the tightness of LNG markets until at least 2018. As a result, the broker has upgraded Woodside Petroleum (ASX: WPL) from Neutral to Overweight and downgraded Santos (ASX: STO) from Overweight to Neutral. Whilst the broker expects Santos to continue to perform strongly in the next 12 months, the stock is now closer to full value with the investment proposition less compelling.