Archive

Week Thoughts: MLPs Outperform as Votes Loom

19Jun
MLPs found themselves caught up in global risk off action early in the week as fears over Brexit spread across Europe, pushing the dollar higher and oil prices lower.  After dipping below 300 briefly in the morning Tuesday, the MLP Index recovered, trading up the last 3 days of the week, defying falling oil prices Wednesday and Thursday, and digesting the

MLP Week Thoughts: Pumping the Brakes

12Jun
MLPs continued last week’s rally early on this week, adding an additional 2.9% over Monday and Tuesday, helped by strength in commodity prices.  The rally faded late in the week, picking up downside momentum Friday when oil prices dropped back below $50/bbl in a broad market sell-off. MLPs closed the week down 0.2% overall, with large cap strength

Week Thoughts: Half Full Glasses Back On

05Jun
MLPs traded up 3 out of 4 days this week to resume the rally that paused last week, finishing up 2.9% over last Friday.  MLPs rallied despite lower oil prices, helped by a surge in natural gas prices, supportive interest rates, MLP conference enthusiasm and an MLP rollup that the market actually likes. MLP Conference The hot topics at the

Week Thoughts: Clenching & Clinching Pre-Conference

29May
MLPs declined 1.1% this week, pausing after the recent surge that took the index above 300.  The index was down despite an oil price and broad market rally.  The equal weight version of the MLP Index was essentially flat, and absent PAA (-11% this week) it would have been positive, so action wasn’t as bad as the overall index would

MLP Week Thoughts: Off the Sidelines

22May
MLPs rallied for the 12th week in 15 off the bottom, finishing up 4.4% overall since last Friday.  Total return for the MLP Index is 10% year to date.  MLPs are outperforming the S&P 500 over the last 1-month, 3-months and 6-months. Oil prices continued higher this week, helped by continued global supply outages and a solid refined products

Week Thoughts: Now What?

15May
MLPs grinded higher by 0.4% this week, overcoming the first 3-week losing streak for the S&P 500 since January, helped by oil prices that broke above $46/bbl on positive demand and inventory data points. The MLP Index touched 300 intraday a few weeks ago, but still hasn’t closed above 300 since 11/30/15.  This week, the index again inched

Week Thoughts: MLPs Signal Strength, but Streak Stalls

08May
MLPs declined this week for the first time since March.  Price action wasn’t too bad, however, given that oil and natural gas were both down more than 2%, the S&P 500 declined again, we had the biggest equity offering in more than a year, and Donald Trump became “presumptive nominee” Trump. MLPs are still up nearly 5% including

Week Thoughts: MLPs Log Best April Ever

01May
MLPs held gains from last week, through a big round of distribution ex-dates and the initial round of MLP earnings, such that the total return of the MLP Index was positive for a 5th straight week.  Oil grinded higher on weaker dollar and indications of ongoing activity declines driving production lower, even as oil in inventory continues to be

Week Thoughts: MLPs Party Like its 2009

24Apr
MLPs kept the healing going in spectacular fashion this week, rallying through Doha and KMI’s weak outlook to finish up 10.5%.  MLPs were up every single day this week, sending almost every MLP up from last week. This is what MLPs trade like when there is no friction, they are able to float higher.  Friction has been removed for the moment: