Rough week for oil and energy stocks, but for midstream stocks it wasn’t terrible. MLPs (-1.1%) were down in-line with the S&P 500 on the week, a big win relative to energy stocks more broadly (XOP -8%, XLE -3%).
Month: May 2019
Week Thoughts: Water Water Everywhere
Midstream was positive across the board this week, led by U.S. and Canadian midstream corporations, but MLPs were positive as well. Midstream traded in-line with utilities, which traded up on lower interest rates and a flight to safety across the market.
Infrastructure Wall of Capital Extends Beyond Midstream
This week, the entire midstream sector is out in Las Vegas at the annual Midstream Energy Infrastructure Conference. I’m here too, attending for my 15th straight year. Each year it’s a chance to reconnect with old friends, ex-colleagues, new friends, etc. While attending the conference and milling about in the insular midstream world, it’s easy to get caught up in sector-specific drama..
Week Thoughts: Sector Shrinks, Prices Grow
Big M&A-fueled gains on Friday for MLPs salvaged an otherwise poor weak for midstream stock action. Midstream stocks were negative most of the week in-line with the broad stock market, both fluctuating around ongoing China trade war “news”.
Week Thoughts: Solid Earnings, Shaky Stocks
It was a week of fits and starts for MLPs and midstream. It seemed like no one wanted to be caught holding MLPs at month-end, which seemed to hurt price action Tuesday after a positive start to the week. Then oil prices tumbled Thursday and brought midstream stocks down with them.