It was a short, but steady week for midstream, helped by strong Canadian midstream performance that more than offset weakness from MLPs. Midstream stocks underperformed utilities and the S&P 500, both of which finished the week up 18.8% YTD on a price basis. On the macro, a sub-50 ISM number caused some heartburn Tuesday, which was long forgotten after gains Wednesday and Thursday risk-on trading.
Midstream stocks were weaker than you'd expect in a positive tape for commodity prices. Oil prices were up on a bullish inventory report and the general risk-on vibes, while natural