Week Thoughts: Another Shining Moment for Midstream
Canada lags on interest rate move, but MLPs green
Firmer economic data led to higher rates and weaker stock prices across equity markets this week. Oil prices were pushed higher by tension in the Middle East, specifically between Iran and Israel, with headlines mid-day Thursday indicating escalation. With oil prices higher and economic headlines positive, energy was the best performing sector in the S&P 500. That helped MLPs and U.S. Midstream win the week.
With limited company-specific news and a few weeks until the next round of earnings kicks off, midstream should continue to trade with energy stock sentiment and commodity price movements, and perhaps movement on the political front.