MPLX - Winning Numbers
Midstream had another strong relative performance this week. The MLP Index was flat week over week, on par with the S&P 500 (which also miraculously finished the week virtually unchanged). Broader North American non-MLP midstream outperformed, led by Canada, [[OKE]] and [[KMI]]. The broader energy sector was hit by lower oil prices and underperformed ([[XLE]] -2%).
Utilities held all the winning numbers again this week and continue to counterintuitively outperform in a rising rate environment, on an apparent flight to safety trade. Since 8/23, the interest rate on U.S. 10-year Treasuries has risen 38 basis