Archive

Week Thoughts: MLPs Move on More Catalysts

29Jun
MLPs had their best week of the year this week, with the Alerian MLP Index posting 2.7% in total returns, compared with flat S&P 500 and +0.9% for utilities.  MLPs are closing in on a 4th straight positive month, which would make it 9 positive months out of the last 10. Year to date, the MLP Index has doubled the price change of the S&P 500, and

Week Thoughts: Where There’s Smoke, MLPs on Fire

22Jun
MLP price action this week was event-driven, with M&A and restructuring driving certain MLPs higher, while $1.5bn in MLP equity offerings pushed certain prices lower.  Some of those events turned out to be more smoke than fire (at least for now), but prices reacted nonetheless.  When the smoke cleared, despite some very high flying individual names,

Week Thoughts: MLPs Hold Up

15Jun
MLPs stumbled this week (Alerian MLP Index: -0.3%), tripped up by weakness in the broader stock market (S&P 500: -0.7%) and utilities (UTY: -1.5%).  Midstream MLPs (particularly high growth ones) were hit harder than others in the index (Cushing 30 MLP Index – equal weight and limited to midstream MLPs – was down 1.5%), while upstream MLPs

MLP Week Thoughts: Trade the Model

08Jun
MLPs and the markets were on cruise control this week, with the MLP Index up 4 of 5 days and closing at an all-time high for the second consecutive week.  Stocks and utilities were up this week as well, helped by moves from the European Central Bank and by U.S. data points like the May unemployment report.  The CBOE volatility index (VIX) closed at 10.7,

MLP Week Thoughts: Liquefaction Action

01Jun
MLPs traded sideways for most of the week, before buyers showed up Friday to push the MLP Index to a brand new all-time high to close out the week.  The MLP Index finished the short week up 0.7%, but trailed the S&P 500 (+1.2%) and utilities (UTY +2.3%).  The 10 year treasury yield is now closer to 2.0% than it is to 3.0%, and is now down 56 basis