North America Midstream & Energy Infrastructure: Midstream Snapshot: You Go That Way, I‘ll Go This Way

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North America Midstream & Energy Infrastructure: Midstream Snapshot: You Go That Way, I‘ll Go This Way

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17 Jul 2026 08:32:41 ET │ 12 pages

North America Midstream & Energy Infrastructure

Midstream Snapshot: You Go That Way, I'll Go This Way

CITI'S TAKE

Midstream outperformed broader markets alongside Energy in large part

due to re-escalating US-Iran tensions that drove prompt crude prices

~10% higher this week. That said, domestic US natural gas continues to

do the opposite, falling ~3% this week and ~12% over the last month. The Spiro DounisAC

outlook doesn't look too constructive either with storage builds pointing +1-212-816-6926

to loose fundamentals and the prospects for El Nino to deliver a warm spiro.dounis@citi.com

winter. Midstream performance largely followed macro trends with higher

Douglas IrwinAC beta, liquids exposed Midstream companies leading performance while

more gas focused, low beta names lagged. Fortunately for the natural gas +1-212-816-9525

douglas.irwin@citi.com names, the commodity price has become a much less relevant driver of

performance due to the power/data center thematic that largely relies on Charles Bryant

project backlog updates and non weather-driven demand. Earnings kicks +1-212-816-3284

off next week. We're expecting a few outlook upgrades from this group, charles.bryant@citi.com

though maybe not as large as the last print.

What were people asking? 1) Why did WMB initially trade off following the Power

Innovation JV announcement? At first there was some confusion on the implied

valuation appearing to be below 6.0x. However, the joint venture structure looks

more like debt versus equity given the ability to re-acquire the 49% interest at $0

due to the amortizing feature of the distributions. Thus in one sense you can invert