ET - Another Lost Week Year For Midstream

• Midstream stocks underperformed the broad market for a fourth straight week. Midstream's bounce off the bottom early in the quarter appears to have left positioning largely settled into year-end.
• High quality, demand-pull pipeline and export infrastructure should outperform upstream-oriented names in a sector where money flows into midstream sector funds is challenged, but generalists might find value and opportunity among a few of the higher-quality, scale midstream players.
• Elevated financial leverage, weak corporate governance, excess capacity across most basins, and continued fund flow moves away from energy stocks remain headwinds to midstream performance in 2021.

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