MLPs joined the broad market in taking a break from news and price volatility this week. The MLP Index was up 0.2%, compared with no change for the S&P 500. The index movements were more subdued than in recent weeks, with just a single day of more than a 1% move (Tuesday +1.4%). Oil prices bounced after flirting with the high $30s per barrel last week.
MLPs declined for the second straight week, but were actually more than 1% positive on the week heading into Friday’s 2.6% decline. In a week that saw the biggest gain in the S&P 500 in months and saw no change in the interest rate on the 10-year, its incredibly frustrating to see MLPs remain under intense selling pressure. It appears that hedge funds
2015 continues to be a painful transition year for MLP investors that has seen the focus shift from growth to value, then to deep value. MLPs finished the week down 5.7%, dragged down by broad market weakness (S&P 500 -3.6%) and dropping oil prices (-7.9% this week). For the second time this quarter, MLPs had 7 straight negative trading days. But
MLPs finished the first week of November with a total return of -1.1%. And with just 8 more weeks and 37 trading days remaining in 2015, the MLP Total Return Index has declined 24.8%. Generally solid MLP earnings helped MLPs follow-through on last week’s rally early in the week, until Wednesday when MLP prices gave way to lower oil prices and more uneven
After last week’s carnage, MLPs bounced this week to finish October on a positive note. The MLP Index produced total return of 2.9% on the week, helped by positive oil price action and large capitalization MLP earnings that were good enough to spell relief. MLP volatility continues, but with more treats than tricks since the bottom at the end of