Alternatives SteelPath commentary on the midstream energy infrastructure industry

June 10, 2026
Latest 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

Midstream equities underperformed the broader markets in May as the conflict in the Middle East continued to drive volatility.1 Since the United States launched Operation Epic Fury in late February crude oil prices are 30.35% higher while midstream equities have shrugged off the conflict, exiting May only 0.78% higher than before Epic Fury began despite the near- and medium-term volume opportunities for U.S. midstream companies created by Middle Eastern volume curtailments and lasting infrastructure damage.2

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  • 1

    Midstream MLPs, as measured by the Alerian MLP Index (AMZ), ended May down 4.19% from a price perspective and down 2.88% after distributions are considered. The AMZ underperformed the S&P 500 Index’s 5.26% total return for the month. The best performing midstream subsector for May was the Water Handling and Services group, while the Liquified Natural Gas subsector underperformed, on average.

    For the year through May, the AMZ is up 14.52% on a price basis, resulting in an 18.53% total return. This compares to the S&P 500 Index’s 10.73% and 11.25% price and total returns, respectively. The Water Handling and Services group has produced the best average total return year-to-date, while the Diversified Midstream subsector has lagged.
  • 2

    Bloomberg as of 5/31/2026