RTLR - MLP Erosion Resumes
Stocks of all types were negative this short week (even utilities, barely), so despite a rally in commodity prices and a further drop in interest rates, midstream stocks were negative. MLPs were down for a 4th week in the last 5 weeks and were again the worst performing group in midstream.
Inventory reports were positive for both oil and natural gas prices this week, lifting the commodity complex. But that enthusiasm did not transfer over to energy stocks. Disappointing earnings results and 2020 outlooks among MLPs reporting this week appeared to drive the performance divergence.