ETRN - IEA Reports On How The U.S. Is Transforming Global Energy Markets
By Senior Portfolio Manager Matt Sallee
Energy had a good week on the back of an 8.5 million barrel crude and gasoline inventory decline. Further, Saudi Arabia continues their conservative export posture. Specifically, they announced April allocations that were 635 mbpd below customer nominations. Looking at the numbers, midstream was up with MLPs adding 1% and C-Corps gaining 2%. Also E&P was up 5%, boosted by strength in commodity prices.
On the fundamental front, the IEA released their 5-year outlook and the key highlights include the U.S. leading global production growth, transforming global markets. In