Week Thoughts: Middling Week for Midstream
Midstream returns were flattish this short week despite stocks bouncing. Oil prices had a rough week, which didn’t help energy stocks, including midstream. Interest rates were up, the 10-year back above 3%, which did not help income-oriented stocks like utilities, infrastructure and midstream. Midstream stocks were resilient despite headwinds and should have positive commentary on outlooks in a few weeks when earnings season kicks off.
Oil prices broke down a little bit this week, succumbing to growing recession sentiment and falling below that $100/bbl psychology level. Oil finished the week back on the good side of $100.