After all, midstream energy stocks—both MLPs and C-corps—justifiably sank with oil prices during the early part of the current downturn in oil, when the collapse in crude prices did in fact lead to a drop in U.S. production and, hence, pipeline throughput. But, more recently, the correlation between midstream players and oil has broken down, “since the retreat in oil prices has been largely driven by concerns that U.S. crude production will rise too fast,” according to Raymond James research.