Market commentary

January marked a strong start to 2021 for the energy sector.

Energy ended the year on a high note but still endured one of its worst years on record in 2020.

Despite the rally, there still appears to be room to run for energy heading into 2021.

Equity markets declined for the second straight month amid the ongoing pandemic and lack of U.S. fiscal stimulus, as a new surge in coronavirus cases has put a damper on the energy demand recovery.

Broad equity and credit markets pulled back in September, and energy markets followed suit.

Despite stock prices that remain well below early 2020 levels, midstream earnings expectations have held up well.