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.

MARCH: While business fundamentals for the energy sector remain generally supportive, investor sentiment, especially for MLP and midstream equities, remains particularly negative. This has resulted in historically cheap valuations for energy infrastructure.

FEBRUARY: Supply/demand balances are on healthy footing, oil prices have risen, North American assets are among the most globally competitive at current oil prices, and valuations for energy companies appear attractive relative to the broader market.

JANUARY: The fundamental conditions for the Energy sector have generally strengthened over the past year and this may have positive implications for investors in the sector.