Everything was positive this week, but midstream was really positive, outpacing the S&P 500, utilities and infrastructure. U.S. midstream outperformed MLPs and Canada. YTD, MLPs and midstream broadly are both up exactly 27.1%, and the AMUS is outperforming at +30%. Interest rates stopped going down this week, but they didn’t go up either. Oil prices were relatively stable as well.
Low Inflation and the IRA: Big, If True
Good conditions for positive price action across the board I suppose were due mostly to the inflation print that signaled deceleration, if you squinted. But strength was also in part due to progress of the Inflation Reduction Act through congress. The bill passed Friday and will be law by the end of next week. The IRA has the potential to improve permitting for midstream, and to streamline the timeline for environmental reviews.