Week Thoughts: Confusion & Delay

MLPs bounced back with a 1.9% gain Monday, followed by 4 straight days of fractional losses to finish the week with a marginal gain.  Trading remains skittish ahead of 3Q earnings, the election and OPEC’s next meeting.  In a microcosm of what’s happened this year, utilities outperformed MLPs, which outperformed the S&P 500.  Oil, gas and NGLs

Week Thoughts: Yield Retreat No Holiday for MLPs

MLPs sold off after two straight positive weeks, as choppy, uncertain trading continues despite what appears to be certain strength in commodities.  The interest rate on the U.S. 10 Year (down 55 basis points YTD) increased 13 basis points this week, spooking all yield-oriented investment. Commodity price strength (and a lack of MLP equity

Week Thoughts: MLPs Rise With Hot Air

MLPs extended last week’s rally into quarter-end, with a 0.9% gain for the Alerian MLP Index.  The equal weight version of the index performed better (and MLP Indexes that don’t have FGP performed better).  OPEC helped broad energy sentiment (for once) and the first presidential debate appeared to help broad equity sentiment, but there was plenty

Week Thoughts: No Action, Positive Reaction

MLPs snapped back hard with their best week since April, up 4.5% over last week.  Large cap MLPs outperformed smaller MLPs (EPD’s big week helped AMZ outperform the equal weight version by 50 bps).  Wednesday’s confirmation of 3 more months of current rates from the Fed spurred risk assets higher, especially those that offer income (UTY +3.4%, S&P

Week Thoughts: Hot IPO, Cold MLPs

Correlation between oil prices and MLPs came back this week, shattering the recent relative calm for MLPs.  The index dropped 3.6%, moving in the opposite direction of yield-based equities (UTY +2.2%), equities in general (S&P 500 +0.5%) and natural gas prices. MLPs either followed oil lower, or dropped on an increase in risk premiums across the

Week Thoughts: A Pipe in the Ground is Worth Two in Limbo

It was a short, action-packed week.  MLPs caught a wave of positive M&A vibes and higher commodity prices that carried the sector higher through Thursday, then crapped out with the rest of the market on Friday to finish the week down 1.0% overall.  MLPs outperformed the S&P 500 and utilities, which were both down 2.4%.  Friday was the worst day

Week Thoughts: MLPs Fall in the Woods

MLPs dropped this week, after a few weeks of treading water.  The index is on pace to finish August negative, skewed by EPD (20% of the index) having a very bad month (-6.6% so far).  In any event, MLPs were due for a pause after 5 straight positive months. Given we’re in the middle of two of the sleepiest market weeks of the year, seeing MLPs

Week Thoughts: Dealer Bust, MLPs Winning

The MLP Index finished the week roughly flat overall, but the equal weight version was up 1.0%.  The variance is attributable to several large cap MLPs dropping more than 1% for the week, including EPD, MMP and OKS.  Some of the more commodity sensitive smaller members balanced that weakness with commodity-driven gains, and WPZ traded up on the EPD