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Midstream Stocks Outperformed Broader Markets Last Week

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Midstream stocks last week

Midstream stocks and MLPs broadly outperformed the broader markets last week. The Alerian MLP Index was flat while the S&P 500 Index fell 2.2% for the week. US crude oil prices rose ~0.5% during the week. Learn about the longer-term trends in crude oil prices in Why Crude Oil Prices Drive Midstream Stocks. Among the top stocks, Enterprise Products Partners (EPD) rose 1.0%.

Energy Transfer (ET), Magellan Midstream Partners (MMP), and Williams Companies (WMB) fell 1.1%, 2.6%, and 1.8%, respectively. Kinder Morgan (KMI) fell 0.1%. The Energy Select Sector SPDR ETF (XLE), which represents the broader energy sector, fell 3.8%. The above graph compares the performance of top midstream stocks last week.

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Enterprise Products Partners, Energy Transfer, Magellan Midstream Partners, and Williams Companies have risen 14%, 12%, 5%, and 22%, respectively, year-to-date. Kinder Morgan has risen ~30% in 2019 while the Alerian MLP Index has risen ~14% on a total return basis. The Energy Select Sector SPDR ETF is up 11%.

Canadian midstream giant Enbridge (ENB) fell ~4.0% last week after announcing a delay in its Line 3 Replacement project. Let’s next take a look at the biggest gains and losses in the MLP and midstream space last week.

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