Archive

Week Thoughts: MLPs Return Last Week’s Christmas Present

29Dec
MLPs were up 2.3% last week, then down 2.3% this week, so we've just basically given back the pre-Christmas present we got last week... Just one more trading day left...it will certainly be good to say goodbye to this year, and hello to a fresh start, even if that start is from the bottom of a cliff.     The MLP Index will finish up for the year, but

MLP Prop Bets: 2013 Lines are In

28Dec
For the second straight year, I am going to play bookie and set some lines for prop bets on what will happen in the MLP capital markets next year.  The lines are below, along with my opinion on each topic.  Please share with me in the comments section below your suggestions of potential prop bets, what you think of my lines, and what side of each bet

MLP Prop Bets: 2012 Review

28Dec
Last year around this time, I published a list of gambling-style lines for different statistics within the MLP space, along with my predictions as to whether we would see over or under each number.  The plan is to do that again with a post over the weekend.  But first a brief review of how the 2012 lines finished.  See below for a recap of all the lines

MLP Week Thoughts: 2012 As Good As Gold

22Dec
The Alerian MLP Index was up 2.3% this week, including 1%+ days Tuesday and Wednesday, to snap the two week slump MLPs have seen since the beginning of December.  At this point, the MLP Index is down 2.5% for the month of December, but remains up 5.5% for the year (all of that total return coming from distributions as on a price basis the index is down for

MLP Week Thoughts: Same S**t Different Week

15Dec
MLPs were down 1.7% this week, falling well short of the broader market for the second straight week.  MLPs are getting close to their post-election low.  Yields on 10-year US Treasuries rose this week, oil was up 1.0% and natural gas dropped 7%.  Ethane prices reached a new multi-year low closing today at $0.226 per gallon. There is MLP chatter out

Western Gas Equity IPO Hindsight

14Dec
Western Gas Equity (WGP) priced its GP IPO last Thursday at $22.00 per unit, above the range of $19.00 to $21.00, and at a 3.0% IPO yield.  On its first day of trading, WGP opened trading on Friday at $27.00 and closed at $28.00 per unit, up 27.3% in its debut.  It wasn't the lowest IPO yield ever for a GP (AHGP at 2.96% in 2006), and it wasn't the

Week Thoughts: MLPs Going the Wrong Way

09Dec
The Alerian MLP Index was down 3.0% this week, its worst weekly drop since May of this year when MLPs dropped 5.3% in a week.  That week in May, the broader market sold off (S&P 500 was down 4.2% that week).  This week, however, the broader market (here measured by the S&P 500), despite bouncing around earlier in the week, finished up slightly on

MLP Week Thoughts: Groundhog Day to Year End

02Dec
MLPs continued their up trend since November 15th, when the post-election fear crested, with a +0.8% week, slightly better than the S&P 500's +0.6% return for the week.  Natural gas and NGLs dropped this week, with Ethane hitting its lowest price since 2002 on Wednesday.  But oil was up and so were stocks, with firmness of both contributing to MLP