It was a brutal week for stocks, and midstream stocks were trampled underfoot in the stampede for the exit. Despite underperforming this week, midstream and MLPs (each down 10%) are beating the S&P 500 (-12.5%) for the month so far, which is of little comfort.
The market reacted aggressively to all non-positive news this week, including the FOMC rate increase + commentary, Trump cabinet upheaval, or a pending government shutdown. Positive incremental news on the oil front was ignored, with U.S. inventory report providing only temporary relief and OPEC jawboning ahead of January cuts failed