HESM - No Encore Deck Still Stacked For Midstream
The string of successive positive weeks for midstream ended this week. Midstream stocks were down roughly 1% across MLP and midstream indexes. Canadian Midstream stocks outperformed for the first time in a while. Utilities had a very strong week and the S&P was slightly positive. Oil prices continue to languish, now down 7 straight weeks, while natural gas prices continue to hold firm.
With very little news this week, and little news expected before Labor Day, midstream trading action should continue to reflect positioning changes as investors digested 2Q results and conversations at the Citi