The stock market was pleased with the FOMC commentary, taking dovish cues that supported a rally in treasuries and pushed the S&P 500 up for its best week of performance this year. Infrastructure stocks, utilities and midstream stocks were slower to respond, but they all finished positive.
MLPs and U.S. midstream corporations have miraculously outpaced the S&P 500 this year and year over year even as natural gas prices have been crushed and activity levels have dropped. Oil prices have been supportive, but the voluntarily constrained global supply situation is precarious. It’s been a good run for midstream, and in the current market environment, good runs tend to continue. Stocks in motion tend to stay in motion.