MLP Week Thoughts: Solid 3Q in Hindsight

MLPs were roughly flat for the second straight week, with the Alerian MLP Index stuck in the 400 to 405 range.  Unlike last week, however, the S&P 500 was down more than 1% this week, so MLPs outperformed by standing still.  Other risk assets, like gold and oil, were down this week, but oil may have bottomed on Wednesday just below $90 per

MLP Winners & Losers: Hungover

Stocks and MLPs had a QE hangover this week, both closing slightly down on the week, maybe a bit strung out after all the euphoria from the last few weeks of fresh market highs.  Maybe investors were just waiting in line for the iPhone release, or maybe the market doesn't have to drastically move each week.  Maybe in the parlance of technical traders its

Oil Value Chain in Pictures

This week I went on a field trip as a guest of R.W. Baird to one of the oldest and prolific oil areas in the country: the Permian Basin.   The trip included meetings with several MLPs with Permian operations, and a site visit from the one MLP that is actually based in Midland: Legacy Reserves (LGCY).  Legacy showed us a well being drilled, then showed us

Brief Week Thoughts: MLPs Towed Higher

The MLP total return index closed at all-time highs for the second straight week, helped by stimulus announcement from the Fex that met the market's lofty expectations and sent the S&P 500 to fresh multi-year highs.  Interest rates on treasuries rose 21 basis points, which hasn't yet proved to be a drag on MLPs.  Oil and natural gas prices were up,

Column: What to Expect When Expecting…An MLP Equity Offering

If you or your spouse are currently pregnant or have birthed a child in the last 20 years or so, you’ve probably leafed through the book What to Expect When Expecting.  The book was published nearly 30 years ago (1984) and has sold around 20mm copies, putting in a league with The Hunger Games (23mm copies) and Who Moved my Cheese? (26mm), which despite

MLP Week Thoughts: Russian Roulette Continues

MLPs roughly flat for the week, and are now underperforming the S&P 500 year to date, but also year over year, as shown in the chart below.  Interest rates were up a bit this week, but still at historically low levels.  Gold was the big winner last week, while energy commodity prices were mostly down, propane being an exception, up 3.9%. Below are

Winners & Losers: MLPs Holding Steady

MLPs were up slightly this week, but trailed the market, which shot higher on Thursday and a bit more Friday to close the week up 2.3% and at its highest point in more than 4 years.   Gold also outperformed for the first time in a while, probably on the news of European Central Bank's pledge to continue to be a lender of last resort and on the expectation