In the week ending May 17, midstream stock NGL Energy Partners (NGL) rose the most among the stocks in the energy space. The stock is included in the following ETFs:
On May 14, NGL Energy Partners’ stock price rose ~3.2% and closed at $14.33. On the same day, the company announced that “it has executed a definitive agreement to combine all of the assets of Mesquite Disposals Unlimited, LLC (“Mesquite”) with NGL’s Water Solutions business for approximately $890 million on a cash-free, debt-free basis.”
Other strong performers
Other midstream stocks EnLink Midstream (ENLC) and Shell Midstream Partners (SHLX) had the fourth and fifth-highest increases among energy stocks, respectively, last week. AMLP rose 0.9% and was the second-largest outperformer among energy subsector ETFs.
Upstream stock California Resources (CRC) was the second-largest gainer among energy stocks, respectively, last week. During this period, US crude oil prices rose 1.8%, while natural gas active futures rose 0.5%. Higher energy prices could explain California Resources’ gains. Since California Resources’ first-quarter earnings results, the stock prices have risen 13.6%.