SteelPath commentary on the midstream energy infrastructure industry

Each month, the Invesco SteelPath team provides an update and insight on the most recent midstream industry happenings. Each monthly commentary provides:

• Market performance update
• Recent news
• Chart of the month

This month’s overview

Midstream equities started the year strong, outperforming the broader markets and kicking off fourth quarter reporting season on a strong note. Natural gas enthusiasm continues amongst many market participants as U.S. gas production rose 4.5% in 2025 when compared to 2024, above the three-year growth rate of 2.7% and the five-year growth rate of 3.5%.¹ These volumes are feeding robust rising demand for power generation domestically and internationally via exports of liquified natural gas (LNG). Power generation requirements are being reshaped by rapid artificial intelligence (AI) data center expansion, manufacturing re-shoring, and continued coal to gas conversions.