Archive

Week Thoughts: Second Half Strength

10Dec
MLPs opened with 3 straight negative days again this week.  By Wednesday, the MLP Index had dropped 2.6% from last Friday.  MLPs rallied 2% combined Thursday and Friday to finish down 0.8% overall, but with some positive vibes into the weekend, especially with actual snowflakes falling in Houston Friday (from what I understand). Oil prices seemed

Week Thoughts: MLPs Make Bit of Coin

03Dec
After plumbing fresh 2017 depths each of the first three days of the week, MLPs bounced hard Thursday with some follow-through Friday to finish the week up 3.0%. It was the best week for MLPs since the late June when oil prices bounced from the low $40s. Overhang from seasonal technical factors, some uncertainty regarding FERC and tax reform weighed

Week Thoughts: Leftovers

25Nov
The MLP Index finished 0.6% lower this week, recovering a bit after setting a fresh MLP Index closing low for the year on Tuesday at 257.1.  MLPs seemed to take positive cues from Keystone XL’s approval early in the week, then seemed to be negatively impacted Friday by FERC’s ruling on crude oil marketing businesses. Oil prices climbed another

Week Thoughts: Renovating in Place

19Nov
The MLP boycott continued this week with MLPs plumbing fresh 2017 lows on Tuesday and early Wednesday, before a modest reversal that left MLPs down 2.7% on the week overall.  Oil prices were lower early in the week, but recovered to finish basically flat, along with the S&P 500 and utilities.  MLPs were the negative outlier. MLPs dropped 1.7%

Week Thoughts: Astride the Upside Down

12Nov
For a second straight week, MLP Index price returns and total returns straddled 0%; total returns finished just above zero with the aid of distributions. Oil price strength continued, reaching its highest level since July 2015 (above $57/bbl), before consolidating late in the week.  An early cold snap hit the northeast, pushing up natural gas

Week Thoughts: SelfFundMe Campaign

05Nov
MLP prices were down for a 4th straight week, but counting distributions (and they do still count!) MLPs produced a slightly positive return overall, despite Thursday’s 2% decline.  Strong oil and natural gas prices, solid earnings overall were balanced against tax reform uncertainty and distribution ex-dates, both of which held MLPs back from a more

Week Thoughts: Lower Low, Higher Hope

29Oct
After a brief bout of panic early in the week, and a fresh 52-week low on Wednesday, MLPs bounced a combined 3.2% Thursday and Friday to finish the week down just 1.2%, a third straight weekly decline.  Oil had a very strong week, and is positive on the year for the first time in months.  Propane had an even better week, finishing at $1.00 for the first

Week Thoughts: Taking the Under

22Oct
MLPs dropped every day but Thursday this week, finishing down 3.3% since last Friday.  It was the 2nd worst week of the year, 3rd worst week in last 12 months.  The only 2 worse weeks: the week preceding the election (11/4/16) and the week in August when PAA declined 20.4%.  The MLP Index is at its lowest point since 8/28/17.  This came on a strong week

Week Thoughts: MLPs in Moderation

15Oct
Oil prices, natural gas prices, S&P 500, utilities, and U.S. Treasury notes all traded up this week.  MLPs did not.  Distribution surprises (cuts and moderations) were not well received.  The MLP market was firming ahead of earnings but clearly remains skittish when it comes to distributions, which clearly still matter quite a bit to a large portion