ETRN - Midstream Restraint Rewarded
Midstream was higher each of the first 4 days this week, before taking a breather Friday, to finish up 5-6% over last week. MLPs were particularly strong, especially gathering & processing stocks. Natural gas prices spiked throughout the week, finishing at their highest point all year, supporting midstream stocks along with positive broad equity markets and higher oil prices.
Earnings this week highlighted strong cost control among gathering & processing stocks (DCP Midstream (DCP) and EnLink (ENLC) notable in this respect), the return of shut-in production, and plenty of capacity across midstream infrastructure that should