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After historic one-day declines of 24.6% for West Texas Intermediate ((WTI)) crude and 27.7% for the Alerian MLP Infrastructure Index (AMZI) on March 9 following the beginning of a price war between Saudi Arabia and Russia, the correlation between oil prices and energy infrastructure has come back into focus for many investors. While the nature of midstream's business model helps insulate cash flows from commodity price volatility, midstream stock prices are not immune from the implications of the decline in oil prices. Today's note discusses the factors that drive the correlation between MLPs/midstream and oil