The S&P 500 was higher for an 8th straight week. Small caps outperformed (Russell 2000 +2.5%), energy stocks did too on the back of strong commodity prices. Midstream outperformed the market but lagged other energy stocks this week.
There were not many catalysts across the market, and midstream was not an exception. Angola leaving OPEC was noteworthy, signs of the breakdown of cooperation in the face of lower prices. It will be interesting to see how the whole OPEC situation plays out in 2024 and what impact that all will have on energy stocks and midstream. But for now, MLPs are coasting to their 7th straight positive month to close out a third straight positive year for the group.