PSXP - Midstream Un-Challenged
Midstream rallied for a third straight week. Both the AMNA and AMUS indexes have rallied 20% off the Christmas Eve bottom, while the AMZ is up 17.8% over the same period. Oil and natural gas prices and the broader equity market were supportive of midstream gains this week.
[[PCG]] expected bankruptcy plans dominated headlines in the broader energy sector this week. PCG bounced 13% Friday, but closed the week down 59% vs. last Friday and down 70% in 2019. Counter-party exposure to the California gas utility operated by PCG seems confined to Kinder Morgan (KMI)