Archive

MLP Week Thoughts: Broken Window Dressing

30Mar
MLPs managed to finish the quarter with a positive day today, after 6 straight losing days, and a meek last month of trading.  MLPs are still roughly flat for the year on a price basis and are around 2% including distributions.  Flat performance for the quarter was driven by lower commodity prices, rising rates, and fast money shifting towards stocks over

Winners & Losers: MLPs Limp to Quarter End

30Mar
MLPs were down 1.3% this week, under-performing the S&P 500 (up 0.8%) again this week.  Since peaking on February 24th at 411.7 (+5.6% YTD), the MLP Index has drifted 4.8% to finish the quarter up 0.5%.  Dropping oil and natural gas prices seem to have been the main culprit.  Domestic oil supply surprised to the upside this week, sending oil prices

Column: MLP Volatility Down, Not A Good Indicator

29Mar
My latest column at equities.com is up.  Click here to read it. In the column I talk about the recent decline, which after today will be six days in a row for the MLP Index.  Then, I show tables of how many 1%+ daily change days we've had so far this year and this quarter.  Hint: it hasn't been very many.  In the past, which is a small sample size

MLP Week Thoughts: Turtle Power

25Mar
MLPs were roughly flat this week, and so was the S&P 500.  Also, after the big move last week, yield on the 10 year treasury rate was slightly lower this week, down to 2.24%.  Overall, not much moved this week. The recent lack of volatility is quite the opposite of last August, when volatility was extremely high and stock prices were down

MLP Weekly Winners & Losers: Cai-Man Down! WPZ Drops on M&A Announcement

24Mar
MLPs were roughly flat this week, compared with a 0.5% drop for the S&P, which was only the second week over week decline for the S&P 500 so far in 2012.  China economic data weighed on stocks this week, and MLPs went along for the ride.  Oil bounced around but closed close to flat for the week, while natural gas was down big again at 3.2%.

Column: Interest Rate Impact on MLPs

22Mar
My latest column at equities.com is up.  Click here to read it. In the column I discuss the very short term and medium term impact of the 10-year U.S. treasury rate on MLP Index performance, in light of the "spike" in that yield from 1.98% to 2.38% in one week (it has since settled back below 2.3%), and speculation that the rise in rates is having a

MLP Capital Markets Update: Healthy as Ever

22Mar
I was surprised to review the equity issuance numbers this week and notice that we are on record pace.  For some reason, it just hasn't felt as active a quarter for the MLP capital markets than previous quarters.  As they say, however, numbers never lie, and MLPs continue to issue debt and equity as fast as it can be purchased. The chart below shows

MLP Week Thoughts: Spring Break-Down

16Mar
Most Texas schools are on Spring Break this week.  Other folks are turning their attention to NCAA tournament brackets for the beginning of a 4 week stretch during which people acknowledge that college basketball exists.  Others still are drinking their faces off and dipping french fries into green ketchup to celebrate St Patrick's Day.  The rest of the

MLP Winners & Losers: Latest Atlas Ticker Takes Off

16Mar
MLPs were down 1.9% and underperformed the market by more than 400 basis points this week, the worst showing for the year by far.  Interest rates jumped this week to their highest level since August 2011, which did not help MLPs.  The S&P 500 had its best week of the year, up 2.4%, helped by 7.4% rise in AAPL on the week.  Gold was down 3%, probably