MLPs finished positive for the week, making it three straight positive weeks for MLPs to close out strong month of returns helped by a bounce back in oil prices and broad equity markets. Utilities were soft this week, and came in with first half returns below midstream and below the S&P 500, despite nearly 70 basis point reduction in the 10-year treasury interest rate.
Month: June 2019
Week Thoughts: Risk On, Game On for Midstream
Midstream overall had a strong week, keeping pace with the S&P 500 as it reached fresh all-time highs Thursday after the Fed’s commentary was seen as bullish on expectations of a 2019 rate cut. MLPs underperformed after strong relative gains last week.
Week Thoughts: Just Ok is Ok for MLPs
MLPs finished just above flat for the week, while non-MLP midstream stocks were negative, in a pretty quiet market for equities.
Midstream Week Thoughts: Minority (Owners) Report
There was little need for Midstream and MLPs to show off their recently acquired defensive skills this week. U.S. stocks had their best week of 2019, trading up on hopes of future interest rate cuts to save the day.
Week Thoughts: Midstream Holds Up, The Sequel
In a repeat of last week’s storyline, Midstream and MLPs held up better than broader energy in a falling oil price and stock market. The primary difference being that this week’s losses were bigger all around.