ET - Positive Pipeline Performance Pre-Earnings
Midstream bounced back this week, riding a strong market, stable oil prices, and the ramp into distribution season. Utilities had a strong week, which is relevant for Canadian midstream stocks, the largest of which tend to trade more like utilities. Canada outperformed the U.S. in midstream, pushing ETRACS Alerian Midstream Energy Index ETN (AMNA) higher and adding the spread in performance vs. U.S. indexes YTD and especially year over year.
Even with strong utility performance, transportation stocks within infrastructure led to less strong performance for broader infrastructure this week. With airport stocks and toll roads