Midstream was up again this week, keeping pace with the S&P 500 that was also up again. Utilities and infrastructure lagged, but midstream chugged along, thanks to a big bounce in natural gas prices, oil prices that drifted higher into the OPEC meeting this week, lower interest rates and benign broad equities action.
Oil prices are now at their highest level since November. OPEC meeting expectations are for continuation of voluntary cuts set to expire at the end of March. That expectation seems priced in to oil prices after the last few weeks of gains.