Episode Notes
In this month’s energy podcast, Senior Portfolio Manager, James Mick, discusses:
- July market performance: drops in crude oil and natural gas, while the S&P Energy Select Sector Index and utilities performed well
- Market focus shifting from inflation to unemployment, affecting interest rate expectations
- Midstream earnings slightly beating estimates, with strong free cash flow
- Energy topics of interest: new natural gas pipeline announced, expansion of LPG export facility, and record capacity auction prices in the northeast PJM region
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The S&P 500® Index is an unmanaged, market-value weighted index of stocks that is widely regarded as the standard for measuring large-cap U.S. stock market performance. The S&P Energy Select Sector Index is a modified market capitalization-based index of S&P 500 companies in the energy sector that develop and produce crude oil and natural gas and provide drilling and other energy related services. Returns include reinvested dividends. The Alerian Midstream Energy Index is a broad-based composite of North American energy infrastructure companies. The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a price-return basis (AMNA) and on a total-return basis (AMNAX). The S&P 500® Utilities comprises those companies included in the S&P 500 that are classified as members of the GICS® utilities sector.