Archive

Week Thoughts: MLPs Heat Up in Sub-Zero Market

26Jan
MLPs were one of the few bright spots in the market this week, with a 1.5% gain for the Alerian MLP Index compared with a 2.6% loss for the S&P 500.  The recipe for big MLP out-performance: sell-off in global equity markets, lower interest rates, colder than expected temperatures leading to spiking commodity prices, and a general lack of MLP equity

Week Thoughts: NGL Prices Vertical, MLPs Horizontal

19Jan
MLPs were basically flat this week, but both the Alerian MLP Index and the Alerian Equal Weight MLP Index beat the S&P 500, which was down slightly.  Commodity price strength (see below) and slightly lower interest rates did not translate into much immediate MLP price strength. Commodity prices were universally strong this week: Crude oil prices

2014 MLP Over Unders

16Jan
Now that everyone has read everyone else's 2014 outlook on MLPs, natural gas prices, oil exports, U.S. production, propane exports, etc., you can apply what you've learned by sharing your expectations with us.  Below, for the third straight year, I outline the MLP odds.  The goal is to discern the market's expectation for certain numbers related to the

MLP Week Thoughts: Rudderless So Far

12Jan
MLPs struggled again this week, with the Alerian MLP Index down 1.1%, which makes it -2.3% over the first 7 trading days of 2014. The S&P 500 closed the week up slightly and is roughly flat year to date.  The stock market shrugged off the disappointing December jobs report Friday, with the S&P 500 rising 0.2% after falling early on in the trading

2013 Year in Review

07Jan
MLPs had another very strong year in 2013.  The Alerian MLP Index produced total return of 27.6% in a year that saw the interest rate on the 10yr treasury rise by 127 basis points.  M&A buzz, strength in commodity prices, solid distribution growth, and tailwinds from the broader stock market helped MLPs overcome the mountain of MLP paper issued in

MLP Week Thoughts: Two Up, Two Down

04Jan
The Alerian MLP Index was up in the 2013 portion of the week and down in the 2014 portion of the week, to finish the strange 4-day week basically flat, while the S&P 500 was down 0.6%.  Commodity prices were down across the board, with oil plunging 6.1% week over week, but MLPs held up pretty well. The first trading day of the year (Thursday), the