ET - Can Midstream/MLPs' November Momentum Carry Into 2021?

• In the midst of a challenging year, the improvement in midstream equities in November alongside the gains in oil prices and broader energy on positive vaccine developments was encouraging.
• Energy, including midstream, clearly stands to benefit from a potential improvement in the outlook for the global economy and oil demand, supported by the successful deployment of a vaccine.
• While a rising tide lifted all boats in November, midstream companies deserve credit for positive steps being taken with capital allocation, cost reductions, and ESG-related initiatives. All of these strengthen the midstream investment case to more than just a macro recovery story.

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