Midstream struggled again this week in a risk-off week for stocks and commodity prices. Utilities and infrastructure outperformed, starting to show more consistent defensive characteristics since the market rolled over a few weeks ago.
MLPs dropped 4%+ in back-to-back weeks for the first time since March. Midstream was only down three of four days, an improvement from all five days last week. The MLP Index total return since June 8 is -30%, and the AMNA total return is -19% from that date. It's been a rough three months, but MLPs' return is still +66% from