November 3, 2025 02:49 PM GMT North American Midstream & Renewable Energy Infrastructure | North America How Crude Oil Prices Influence the Direction of Midstream Stocks (Company Appendix) This report analyzes the historical relationship between WTI and midstream sector performance. Key Takeaways Exhibit 1: WTI vs. TRGP/AMNA 0.05 0.07 0.09 0.11 0.13 0.15 0.17 0.19 40 50 60 70 80 90 100 110 120 130 1/1/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025 WTI TRGP/AMNA Source: Bloomberg, Morgan Stanley Research relations ...