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KEYUF - Sweltering Energy Discontent Hits Midstream
Keyera Corp
Midstream stocks, and MLPs in particular, held up ok this week, all things considered. This week saw a combination of negative macro forces converge to crush energy stocks more broadly. The Oil & Gas E&P ETF [[XOP]] dropped 7.6% this week, in line with the drop in oil prices. The S&P 500 declined 1.2%, hurt by earnings misses that were sold hard from industrials like [[CSX]] and tech giants like [[NFLX]]. In the face of that carnage, midstream was down less than 2%.