It was a short week, with mixed results for midstream. Tuesday was green, Wednesday and Thursday red, and relief on Friday. When the dust settled, midstream was marginally positive overall, and the group trailed equities, including utilities and infrastructure, by a wide margin. YTD midstream performance is way better than the broad market. But year over year returns for midstream trail utilities (UTY +9.4% on price alone).
Oil price weakness weighed on energy stocks and held midstream stock back from performing better in the broad market rebound. Not much more to it. There was a major energy conference this week, where the same talking points were reiterated, including capital discipline for producers and positive outlooks for midstream.