By Brian Watson, CFA, Senior Portfolio Manager
Midstream valuations remain below financial crisis levels as second-quarter earnings season wraps up
August brought relatively stable midstream equity prices despite continued upward momentum in commodity prices. Quarterly earnings season concluded, the first to include the impact of COVID-19 and the resulting impact on global demand for hydrocarbons. Results were, on average, better than Wall Street expected.
MLP market overview
Midstream MLPs, as measured by the Alerian MLP Index (AMZ), ended August down 1.3% on a price basis but up 0.5% once distributions were considered. The AMZ