ENLC - Margin Expansion Marginal Gains
Midstream was positive this week, led by non-MLP midstream stocks, which outperformed MLPs (AMNA +1.2% vs. AMZ -0.3%). Midstream slightly outperformed utilities (UTY -0.8%), helped by a bounce back in broad equities and a strong set of 3Q results from big midstream players. Midstream performance was impressive, given the precipitous decline in oil prices this week, a 14 bps increase in the U.S. 10-year yield. Midstream also had to contend with seasonal ex-date volatility and month-end window-dressing immediately ahead of an election week.
In the E&P space this week, there were 3 large all-equity mergers