NFE - Midstream Re-Run

• Energy stocks, midstream stocks, and MLPs ran back last week's action with another big week. Like last week, it was 4 straight green days followed by a weaker Friday.
• Oil and NGL prices were positive on the week, which helped, but midstream continues to be helped by the rotation (however brief it's been) into smaller, value stocks.
• 4Q results for midstream overall should be accompanied by commentary that echoes what we've been hearing from management teams in recent quarters.
• Management will speak to reduced capital spending and reduced operating expenses leading to free cash flow, to reduced leverage and eventually to buybacks. M&A will be talked down.

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