Archive

MLP Week Thoughts: The Phillips 66 of IPOs

28Jul
MLPs and the market ended the week with close to no change.  The MLP Index was up Monday, down Tuesday-Thursday, before a small rally Friday.  10-year treasuries sold off, sending rates slightly higher.  Oil prices were down around 3%, and natural gas is back down in the mid $3.00/mmbtu range.  NGL prices and gold rallied a bit, but remain well below

Unprecedented Clamor: Biggest MLP IPO Pops Updated

23Jul
Below is a chart of the top 20 MLP IPO pops of all time.  An MLP IPO pop is the percent change from the IPO price and the close on the first day the IPO trades.  Phillips 66 Partners (PSXP) cracked the top 3 with its performance today, up 29.1% from its IPO price, which itself was $2.00 above the indicated price range.  The shaded names in the chart are

Week Thoughts: Commodities Soar, MLPs Flattish

20Jul
The S&P 500 inched up 0.7% this week to close at a fresh all-time high.  Crude futures closed at a fresh 52-week high at just above $108/bbl.  Propane closed at its highest price in more than 2 months, up more than 9% week over week, and natural gas was up 3.8%.  Treasuries were up (sending rates slightly lower).  Hell, even ethane and gold were

Week Thoughts: MLPs Buoyant in Rising Tide

13Jul
After sinking last week, MLPs (and upstream MLPs in particular) bobbed back this week, up 2.9%.  Stocks were euphoric again (S&P 500 up 3.0%), hitting fresh all-time highs Thursday and Friday, which helped MLPs.  Interest rates were down slightly, and gold bounced back.  Oil hit another 52-week high Wednesday before settling up 2.8% for the week,

Week Thoughts: Fuse Lit, Everybody Runs

07Jul
MLPs were down 1.1% this week, while the S&P 500 was up 1.6%.   There were no capital markets deals in the MLP space this week, given the awkward mid-week holiday and short trading day on Wednesday.  But there were some big moves in key variables that impact MLPs (we'll get to LINE below...).  Domestic oil prices were up big (WTI +6.9%), widely