Reports that some OPEC members, including Saudi Arabia, as well as non-member Russia, had proposed to freeze production sent oil higher this week. It also fueled a pretty fierce rally in the energy sector, with MLPs and other midstream companies in particular seeing huge gains, many jumping more than 20% this week. Leading the way, according to S&P Capital IQ data, were NGL Energy Partners (NGL +1.82%), CONE Midstream Partners (CNNX +0.00%), Teekay (TK 1.35%), Targa Resources (TRGP +0.79%), and NuStar Energy (NS +0.00%).
That oil-fueled MLP rally was pretty much the only reason why NuStar Energy and NGL Energy Partners jumped this week. In some ways, this week's rally was just righting some recent wrongs with NGL Energy Partners rebounding a bit after its abysmal showing in just last week. Meanwhile, that rally plus stronger-than-expected fourth-quarter results fueled robust gains at CONE Midstream Partners and Teekay. Finally, Targa Resources' big move this week was also a bit of a relief rally after the company finally closed the acquisition of its affiliated MLP.
To learn more about why these stocks moved so sharply, check out the following slideshow.
