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Rough week for oil and energy stocks, but for midstream stocks it wasn't terrible. MLPs (-1.1%) were down in-line with the S&P 500 on the week, a big win relative to energy stocks more broadly (XOP -8%, XLE -3%). Utilities were strong, helped by U.S. 10 year interest rates hitting YTD lows.
WTI oil prices had their worst daily decline this year (-5.7%) on Thursday, closing the day below $58/bbl. Weakness came from economic growth concerns and "risk-off" trading. MLPs were down 2.1% Thursday, sparking some flashbacks for midstream investors who remember days when midstream