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%).
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.
Week Thoughts: Spoiler Alert
Midstream stocks traded okay overall this week, but underperformed utilities and the S&P 500, which closed at a fresh all-time high after better than expected U.S. GDP data. The MLP Index (AMZ) underperformed the Midstream indexes (AMNA and AMUS), extending midstream’s lead over last 12 months and YTD.
Week Thoughts: Midstream Follow Through? Nah Fam
MLPs and midstream corporations underperformed the market this week. Midstream stocks traded down each of the 4 trading days in what was the worst week for the AMNA and AMZ in more than two months.
Midstream Week Thoughts: Getting to Yes
Midstream and MLPs were unchanged on the week, but finished strong along with the rest of the energy sector after the mega-merger announcement by Chevron Friday morning. The stock market and utilities were slightly positive week over week.
Week Thoughts: Midstream In Bloom
After a few flattish weeks, midstream grinded higher this week, finishing up 1.2%. Midstream lagged oil prices, energy stocks and the S&P 500. The U.S. 10-year treasury rate bounced back up to 2.50%, and utilities underperformed.
Week Thoughts: Midstream Lollygags into Quarter End
Stock prices across midstream were little changed again this week, with U.S. corporations trading slightly better than MLPs and Canadian corporations. The S&P 500 beat Midstream and utilities, and Lyft is now a public company.