Midstream had a great week relative to broad equities, which were down this week. The S&P 500 finished the week with a negative Friday, making it 6 straight negative sessions. Utilities were well bid this week, despite higher interest rates, most likely coveted for their defensive characteristics in a suddenly risky market.
With oil and natural gas prices down, the stock market down, and interest rates up, typically midstream stocks would be down as well. Maybe KMI’s data center pitch was the catalyst. But maybe some of it is due to midstream being welcomed as something you buy when looking for some defense, like utilities have historically been. Whatever it is, midstream investors are happy to “take the win”, to steal a phrase that was all over the news early in the week.