Overall, energy infrastructure earnings were mostly good news. We continue to expect increasing dividends this year to draw additional investors to the sector.

In many parts of the country (apart from Texas and Louisiana) and Canada, energy infrastructure is becoming steadily harder to build. If new pipelines are harder to build, existing pipelines must be correspondingly more valuable.

MLPs are still cutting payouts. Energy Transfer has excelled at imposing such “stealth distribution cuts”.

Last week Antero Midstream became the latest MLP to simplify their structure. This is further evidence of the declining opportunity set for MLP-dedicated funds, and cause for investors to seek exposure to energy infrastructure that goes beyond MLPs.

Last week the U.S. became the world’s biggest crude oil producer. Not everyone agrees – Russian production figures still show them ahead. But the EIA is confident that we are, and that we’re going to stay there at least through next year.