It was an inauspicious start to August for the stock market, for oil prices, and for the midstream sector, due to the overriding influence of interest rates and tariff rates this week. MLPs had their second worst week of the year and the worst week since early February. Broader Midstream (AMNA) fared better, with good earnings releases helping some of the larger players in the U.S. and Canada outperform.
Interest rates dropped 20 basis points to close the week below 1.90%, and the flight to safety in equities helped utilities outperform. Oil declined 7% Thursday