JANUARY: Energy markets recovered meaningfully as oil prices bounced back from December lows. Oil prices were supported by OPEC+ production cuts and U.S. sanctions on Iran and Venezuela. The wave of MLP simplifications is in its later stages and may be a positive for investors going forward.

DECEMBER: Energy markets declined sharply as oil prices fell and equity markets sold off. Crude oil fell another $5.26/bbl amid continuing concerns of a supply glut. The recent energy sell-off has pushed midstream valuations to multi-year lows.

NOVEMBER: Oil prices plummet while energy assets fall more modestly. Midstream company results continue to belie market performance.

OCTOBER: Each energy sector sold off with the rest of the market in October. Crude oil prices saw their largest monthly decline since 2015, but are still up $5/bbl since the end of 2017. While October saw a reversal of some positive market trends, we believe long-term midstream fundamentals remain supportive.

SEPTEMBER: Upstream and integrated oil companies bounced back in September while midstream performance was negative. Risks in Colorado weighed on midstream sentiment. Retail investors are increasingly using funds to access the energy infrastructure space.

AUGUST: Upstream and integrated oil companies struggled in August while midstream performance was mixed. MLPs continued their strong run as sentiment has turned more positive. Positive fundamentals drove solid Q2 earnings for many midstream companies.

JULY: Despite a moderate decline in oil prices, July was another positive month across the energy sector. Midstream equities were the top performers for the month, with MLPs in particular rallying. A revised regulatory ruling from FERC contributed to a positive backdrop for the midstream sector.

JUNE: Energy sector on solid footing. Oil price fundamentals remain supportive for midstream.

MAY: The energy market saw its second straight positive month with the AMZX and AMEIX outperforming both S&P Energy and HY Energy.

APRIL: Energy markets broadly rebounded in April on the heels of increasing commodity prices and improving fundamentals.