Midstream powered through some disappointing 4Q results this week to beat the S&P 500. Negative reactions to earnings of PAA and ENB most notably were offset by M&A news, higher oil prices and frigid weather across the middle of the country. Midstream outperformed utilities by a wide margin and now sit comfortable in double digit YTD return territory and 30%+ above pre-election and pre-vaccine lows in November.
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