NGL - Midstream Getting Defensive
It was a short, wild week to start December, with tons of macro action, sparked by tweets, arrests in Canada and OPEC hallway chatter. Amidst all the volatility and noise, midstream outperformed the S&P 500 and energy stocks broadly. Oil finished up for a second straight week and appears to have stabilized after OPEC and Russia delivered the goods. With the OPEC uncertainty put to rest for now, sentiment on midstream appears to be firming.
With just 15 trading days left this year, midstream is down 3-6% depending on how you look at the universe,