<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2018/03/11/09/11/time-3216252_960_720.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2018/03/11/09/11/time-3216252_960_720.jpg"/></p>
<p><em>圖片來源：Pixabay</em></p>
<p>2025 年對於那些必須解釋中游能源股票短期表現的人來説是令人沮喪的——也就是説，這位博主以及許多投資於該領域的金融顧問。</p>
<p>這一年並沒有特別值得關注的新聞。在 2024 年，天然氣將受益於數據中心的增長，這一認識是股票表現的重要驅動因素。另一個需求來源，液化天然氣（LNG）出口，繼續受益於日益增長的液化能力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-1.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-1.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ"/></p>
<p><em>(點擊圖片放大)</em></p>
<p>2025 年並沒有提供太多戲劇性的最新進展，只是不斷確認 2024 年的看漲論點依然有效。美國的石油產量在 9 月份達到了 1380 萬桶/日（MMB/D）的歷史新高，同比增長 5%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-2.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-2.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ"/></p>
<p><em>(點擊圖片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-3.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-3.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ"/></p>
<p><em>(點擊圖片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-4.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-4.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ"/></p>
<p><em>(點擊圖片放大)</em></p>
<p>幹氣（天然氣）產量在 9 月份超過了 1080 億立方英尺/日（BCF/D），同比增長 6%。9 月份的 LNG 出口超過 15 BCF/D，增長 24%。丙烷產量在 9 月份達到了 240 萬桶/日，增長 7%，用於後院燒烤、農民乾燥作物和出口。</p>
<p>美國的電力生產在 9 月份達到了 368 太瓦時，增長 2.4%。天然氣仍然是電力生產的主要來源。電網運營商 PJM Interconnection 上週舉行的容量拍賣創下了新紀錄。</p>
<p>換句話説，天然氣和丙烷等天然氣液體是一個增長故事。</p>
<p>一年前，許多分析師預計碳氫化合物生產將持續增長，儘管有擔憂認為低迷的油價可能會抑制原油產量。電力消費可能略微超出預期。大型電網運營商一直在警告，過去十年年均增長 0.2% 的情況可能會出現跳升。數據中心的需求開始產生影響，這也是電價上漲約 7% 的部分原因。</p>
<p>對於處理天然氣及相關碳氫化合物的企業來説，今年是個好年頭。現金流正在增長。股息上漲已成常態。槓桿率在下降。數據中心與支持它們的發電廠的共址（也稱為 “計量後” 或 BTM）為最大的天然氣管道公司創造了增長機會。</p>
<p>中游行業缺乏令人興奮的人工智能故事。確實，將天然氣送往數據中心是現代版的向淘金者出售鎬子的故事。但這並不是一個新故事。</p>
<p>即將到來的石油過剩加劇了對能源的負面情緒，預測原油明年可能跌破 50 美元/桶。美國的 E&amp;P 公司繼續超出預期，持續創新並降低生產成本。過去一年價格下跌 7 美元並沒有抑制產量。</p>
<p>儘管如此，對於許多投資者來説，油價可能是他們考慮能源行業前景時的首要想法。它繼續説服許多普通投資者尋找其他機會。</p>
<p>缺乏令人興奮的新故事使得今年中游股票承壓，儘管運營表現總體良好。投資者擔心 2026 年供應預計將超過需求 2-3 MMB/D，油價仍然疲軟。他們擔心隨着更多液化能力上線，LNG 出口會出現過剩。他們擔心美國的丙烷和其他天然氣液體（NGLs）出口可能會被徵收關税。</p>
<p>這些都是可控的，可能對處理、運輸和儲存碳氫化合物的中游公司來説並不重要的風險。</p>
<p><img src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-5.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-5.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ"/></p>
<p><em>(點擊圖片放大)</em></p>
<p>Cheniere（LNG）繼續增加液化能力。我們認為，LNG 過剩的擔憂不太可能實現。再氣化能力正在增長，以跟上 LNG 運輸的增加。</p>
<p>同樣，在過去一年中，NextDecade（NEXT）開始建設他們的 Rio Grande 設施，簽署了多項長期運輸協議，並在現有地點的擴展上保持了進度。</p>
<p>由於不利的仲裁裁決，Venture Global（VG）的股價遠低於其首次公開募股價格。我們認為，目前的估值已經充分折價了剩餘案件的最壞可能結果。</p>
<p>美國丙烷或乙烷的外國買家通常沒有徵收關税，部分原因是他們沒有其他來源。這一擔憂對 Energy Transfer（ET）、Oneok（OKE）和 Targa Resources（TRGP）等公司造成了影響。與中國的丙烷貿易受到干擾，但流向已轉向亞洲其他地區和歐洲。中國迅速取消了對乙烷的關税，因為他們的石化行業嚴重依賴於此。</p>
<p>Energy Transfer 也在那些能夠受益於數據中心天然氣需求的公司中處於良好位置，該公司已暫停在路易斯安那州查爾斯湖的 LNG 出口終端。其 15.5% 的可分配現金流（DCF）收益率幾乎令人難以置信。</p>
<p>即使考慮到 MLP 通常存在的折扣估值，Energy Transfer 看起來仍然是一隻便宜的股票。它也可能受益於通常影響合夥企業而非 C 型公司的 1 月季節性效應，反映出它們更大的零售持有量。</p>
<p>一些大型中游公司股票表現不佳，但其業務基本面依然強勁，估值也有所改善。一些投資者已經開始利用這一機會。</p>
<p><img src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-6.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-6.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ"/></p>
<p>最近，我們有幸與長期投資者 Eric Schulze 及其可愛的妻子 Jessica 共進午餐，他們從科羅拉多州來到那不勒斯。不論美國的天氣如何，佛羅里達南部通常陽光明媚、温暖，那天的聚會也是如此。</p>
<p>我們有兩個基金旨在從當前的能源環境中獲利：</p>
<ol>
<li>Pacer American Energy Independence ETF (USAI)</li>
<li>Catalyst Energy Infrastructure Fund (MLXAX)</li>
</ol>
<hr/>
<p><em>更多來自此作者的文章：</em></p>
<p>中游收益/估值悖論</p>
<p>考慮現在購買中游的十個理由</p>
<p>MLP 收益看起來比現金更具吸引力</p>

Cheniere能源

<p>2025 年對中游能源股票來説充滿挑戰，2024 年的看漲論點得到了持續的確認。美國的石油和天然氣生產達到了創紀錄的高位，液化天然氣（LNG）出口顯著增長。儘管運營表現良好，中游股票仍面臨由於對油價疲軟和液化天然氣出口過剩的擔憂而產生的負面情緒。像 Cheniere 和 NextDecade 這樣的公司正在擴大產能，而 Energy Transfer 則受益於數據中心對天然氣的需求。關於美國出口的關税問題仍然可控，外國買家依賴於美國的丙烷和乙烷</p>

<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2018/03/11/09/11/time-3216252_960_720.jpg" alt="" original-src="https://cdn.pixabay.com/photo/2018/03/11/09/11/time-3216252_960_720.jpg"/></p>
<p><em>Image Source: Pixabay</em></p>
<div class="lb-trans"><p><em>圖片來源：Pixabay</em></p>
</div><p>2025 has been frustrating for those who must explain short-term performance in midstream energy stocks – which is to say this blogger, along with many financial advisors whose clients are invested in the sector.</p>
<div class="lb-trans"><p>2025 年對於那些必須解釋中游能源股票短期表現的人來説是令人沮喪的——也就是説，這位博主以及許多投資於該領域的金融顧問。</p>
</div><p>It hasn’t been an especially newsworthy year. In 2024, the realization that natural gas would benefit from the growth of data centers was an important driver of stock performance. The other source of demand, LNG exports, continued to benefit from growing liquefaction capacity.</p>
<div class="lb-trans"><p>這一年並沒有特別值得關注的新聞。在 2024 年，天然氣將受益於數據中心的增長，這一認識是股票表現的重要驅動因素。另一個需求來源，液化天然氣（LNG）出口，繼續受益於日益增長的液化能力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-1.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ" alt="" original-src="https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-1.jpg?lossy=2&amp;strip=1&amp;webp=1"/></p>
<p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</em></p>
</div><p>2025 hasn’t offered much in the way of dramatic new developments, simply a steady stream of confirmations that the bullish thesis from 2024 remains intact. US oil production reached a record 13.8 Million Barrels per Day (MMB/D) in September, up 5% year-on-year.</p>
<div class="lb-trans"><p>2025 年並沒有提供太多戲劇性的最新進展，只是不斷確認 2024 年的看漲論點依然有效。美國的石油產量在 9 月份達到了 1380 萬桶/日（MMB/D）的歷史新高，同比增長 5%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-2.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ" alt="" original-src="https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-2.jpg?lossy=2&amp;strip=1&amp;webp=1"/></p>
<p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-3.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ" alt="" original-src="https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-3.jpg?lossy=2&amp;strip=1&amp;webp=1"/></p>
<p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-4.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ" alt="" original-src="https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-4.jpg?lossy=2&amp;strip=1&amp;webp=1"/></p>
<p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</em></p>
</div><p>Dry gas production (natural gas) exceeded 108 Billion Cubic Feet per Day (BCF/D) in September, up 6% year-over-year. LNG exports were over 15 BCF/D in September, up +24%. Propane production, used in backyard barbecues, by farmers for drying crops, and for exports, reached 2.4 MMB/D in September, up +7%.</p>
<div class="lb-trans"><p>幹氣（天然氣）產量在 9 月份超過了 1080 億立方英尺/日（BCF/D），同比增長 6%。9 月份的 LNG 出口超過 15 BCF/D，增長 24%。丙烷產量在 9 月份達到了 240 萬桶/日，增長 7%，用於後院燒烤、農民乾燥作物和出口。</p>
</div><p>US power generation reached 368 Terrawatt hours in September, up +2.4%. Natural gas remains by far the dominant source of electricity generation. Grid operator, PJM Interconnection held a capacity auction last week that set a new record high.</p>
<div class="lb-trans"><p>美國的電力生產在 9 月份達到了 368 太瓦時，增長 2.4%。天然氣仍然是電力生產的主要來源。電網運營商 PJM Interconnection 上週舉行的容量拍賣創下了新紀錄。</p>
</div><p>In other words, natural gas and natural gas liquids such as propane are a growth story.</p>
<div class="lb-trans"><p>換句話説，天然氣和丙烷等天然氣液體是一個增長故事。</p>
</div><p>A year ago, many analysts expected continued growth in hydrocarbon production, although there were concerns that soft oil prices might depress output of crude. Electricity consumption has probably run modestly ahead of expectations. The big grid operators have been warning of a jump from the 0.2% annual growth that prevailed for the past decade. Data center demand is starting to impact, which is partly why electricity prices are up around 7%.</p>
<div class="lb-trans"><p>一年前，許多分析師預計碳氫化合物生產將持續增長，儘管有擔憂認為低迷的油價可能會抑制原油產量。電力消費可能略微超出預期。大型電網運營商一直在警告，過去十年年均增長 0.2% 的情況可能會出現跳升。數據中心的需求開始產生影響，這也是電價上漲約 7% 的部分原因。</p>
</div><p>This has been a good year for businesses that handle natural gas and related hydrocarbons. Cash flows are growing. Dividend hikes are the norm. Leverage has been falling. And the co-location of data centers with the power plants that support them (also known as Behind The Meter or BTM) has been creating growth opportunities for the biggest natural gas pipeline companies.</p>
<div class="lb-trans"><p>對於處理天然氣及相關碳氫化合物的企業來説，今年是個好年頭。現金流正在增長。股息上漲已成常態。槓桿率在下降。數據中心與支持它們的發電廠的共址（也稱為 “計量後” 或 BTM）為最大的天然氣管道公司創造了增長機會。</p>
</div><p>What midstream doesn’t have is an exciting AI story. It’s true that sending natural gas to data centers is a modern-day equivalent of selling pickaxes to gold miners. But it’s not a new story.</p>
<div class="lb-trans"><p>中游行業缺乏令人興奮的人工智能故事。確實，將天然氣送往數據中心是現代版的向淘金者出售鎬子的故事。但這並不是一個新故事。</p>
</div><p>A looming oil glut has added to the negative sentiment towards energy, with forecasts that crude may drop below $50 per barrel next year. US E&amp;P companies continue to defy expectations by continuing to innovate and lower their production costs. The $7 drop in prices over the past year hasn’t curbed output.</p>
<div class="lb-trans"><p>即將到來的石油過剩加劇了對能源的負面情緒，預測原油明年可能跌破 50 美元/桶。美國的 E&amp;P 公司繼續超出預期，持續創新並降低生產成本。過去一年價格下跌 7 美元並沒有抑制產量。</p>
</div><p>Nonetheless, for many investors the oil price is probably their first thought when they consider the outlook for the energy sector. It continues to persuade many generalists to look elsewhere for opportunities.</p>
<div class="lb-trans"><p>儘管如此，對於許多投資者來説，油價可能是他們考慮能源行業前景時的首要想法。它繼續説服許多普通投資者尋找其他機會。</p>
</div><p>The absence of an exciting new story has weighed on midstream stocks this year, even though operating performance has been generally good. Investors are afraid of still-weaker oil prices with 2026 supply forecast to be 2-3 MMB/D in excess of demand. They’re afraid of a surplus of LNG exports as more liquefaction capacity comes online. They’re afraid that tariffs will be imposed on US exports of propane and other Natural Gas Liquids (NGLs).</p>
<div class="lb-trans"><p>缺乏令人興奮的新故事使得今年中游股票承壓，儘管運營表現總體良好。投資者擔心 2026 年供應預計將超過需求 2-3 MMB/D，油價仍然疲軟。他們擔心隨着更多液化能力上線，LNG 出口會出現過剩。他們擔心美國的丙烷和其他天然氣液體（NGLs）出口可能會被徵收關税。</p>
</div><p>These are all manageable and probably inconsequential risks for the midstream companies that handle, move, and store hydrocarbons.</p>
<div class="lb-trans"><p>這些都是可控的，可能對處理、運輸和儲存碳氫化合物的中游公司來説並不重要的風險。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-5.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ" alt="" original-src="https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-5.jpg?lossy=2&amp;strip=1&amp;webp=1"/></p>
<p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</em></p>
</div><p>Cheniere (LNG) has continued to add liquefaction capacity. Fears of an LNG glut are unlikely to be realized, in our view. Regassification capacity is growing to keep up with the increased availability of LNG shipments.</p>
<div class="lb-trans"><p>Cheniere（LNG）繼續增加液化能力。我們認為，LNG 過剩的擔憂不太可能實現。再氣化能力正在增長，以跟上 LNG 運輸的增加。</p>
</div><p>Similarly, over the past year NextDecade (NEXT) has begun construction of their Rio Grande facility, has signed numerous long-term shipping agreements, and has been on track to expand at its existing site.</p>
<div class="lb-trans"><p>同樣，在過去一年中，NextDecade（NEXT）開始建設他們的 Rio Grande 設施，簽署了多項長期運輸協議，並在現有地點的擴展上保持了進度。</p>
</div><p>Venture Global (VG) has fallen far below its IPO price because of an adverse arbitration ruling. We think the current valuation more than discounts the worst plausible outcome on the remaining cases.</p>
<div class="lb-trans"><p>由於不利的仲裁裁決，Venture Global（VG）的股價遠低於其首次公開募股價格。我們認為，目前的估值已經充分折價了剩餘案件的最壞可能結果。</p>
</div><p>Foreign buyers of US propane or ethane have generally not imposed tariffs, in part because they have few other sources. This concern has hurt the likes of Energy Transfer (ET), Oneok (OKE), and Targa Resources (TRGP). Propane trade with China has been disrupted, but flows have been redirected elsewhere in Asia and to Europe. China quickly dropped tariffs on ethane because their petrochemical industry relies heavily on it.</p>
<div class="lb-trans"><p>美國丙烷或乙烷的外國買家通常沒有徵收關税，部分原因是他們沒有其他來源。這一擔憂對 Energy Transfer（ET）、Oneok（OKE）和 Targa Resources（TRGP）等公司造成了影響。與中國的丙烷貿易受到干擾，但流向已轉向亞洲其他地區和歐洲。中國迅速取消了對乙烷的關税，因為他們的石化行業嚴重依賴於此。</p>
</div><p>Energy Transfer is also among those well positioned to benefit from data center gas demand, and the company has paused their LNG export terminal in Lake Charles, LA. Its 15.5% Distributable Cash Flow (DCF) yield almost defies belief.</p>
<div class="lb-trans"><p>Energy Transfer 也在那些能夠受益於數據中心天然氣需求的公司中處於良好位置，該公司已暫停在路易斯安那州查爾斯湖的 LNG 出口終端。其 15.5% 的可分配現金流（DCF）收益率幾乎令人難以置信。</p>
</div><p>Even allowing for the discounted valuation common for MLPs, Energy Transfer looks like a cheap stock. It could also benefit from the January seasonal effect that typically impacts partnerships more than c-corps, reflecting their bigger retail ownership.</p>
<div class="lb-trans"><p>即使考慮到 MLP 通常存在的折扣估值，Energy Transfer 看起來仍然是一隻便宜的股票。它也可能受益於通常影響合夥企業而非 C 型公司的 1 月季節性效應，反映出它們更大的零售持有量。</p>
</div><p>Several big midstream companies have seen poor stock performance while the fundamentals of their business have remained strong and their valuations have improved. Some investors are already starting to take advantage of that.</p>
<div class="lb-trans"><p>一些大型中游公司股票表現不佳，但其業務基本面依然強勁，估值也有所改善。一些投資者已經開始利用這一機會。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-6.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ" alt="" original-src="https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-6.jpg?lossy=2&amp;strip=1&amp;webp=1"/></p>
<p>Recently, we had the good fortune to enjoy lunch with long-time investor Eric Schulze and his delightful wife Jessica, who were visiting Naples from Colorado. Whatever the weather in America, it’s usually sunny and warm in south Florida, as was the company that day.</p>
<div class="lb-trans"><p>最近，我們有幸與長期投資者 Eric Schulze 及其可愛的妻子 Jessica 共進午餐，他們從科羅拉多州來到那不勒斯。不論美國的天氣如何，佛羅里達南部通常陽光明媚、温暖，那天的聚會也是如此。</p>
</div><p>We have two have funds that seek to profit from the current energy environment:</p>
<div class="lb-trans"><p>我們有兩個基金旨在從當前的能源環境中獲利：</p>
</div><ol>
<li>Pacer American Energy Independence ETF (USAI)</li>
<li>Catalyst Energy Infrastructure Fund (MLXAX)</li>
</ol>
<div class="lb-trans"><ol>
<li>Pacer American Energy Independence ETF (USAI)</li>
<li>Catalyst Energy Infrastructure Fund (MLXAX)</li>
</ol>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多來自此作者的文章：</em></p>
</div><p>The Midstream Earnings/Valuation Paradox</p>
<div class="lb-trans"><p>中游收益/估值悖論</p>
</div><p>Ten Reasons To Consider Buying Midstream Now</p>
<div class="lb-trans"><p>考慮現在購買中游的十個理由</p>
</div><p>MLP Yields Look Better Than Cash</p>
<div class="lb-trans"><p>MLP 收益看起來比現金更具吸引力</p>
</div>

一年之間的變化有多大