Archive

Week Thoughts: MLPs Mop Up in Garbage Time

27Dec
MLPs rallied hard this week, finishing up 13.8% in just 3.5 days, the 3rd best week ever for MLPs and best week since 2008. But even with 14% in 2 weeks, MLPs are still down around 3% for December so far and down 32.6% for 2015 so far. Oneok (OKS) guidance on Monday sparked a relief/short-covering rally that was met with less selling pressure than

Week Thoughts: MLPs Survive Attack of the Cuts

20Dec
In a pyrrhic victory, akin to Luke Skywalker escaping Cloud City in Empire Strikes Back despite having his arm cut off, the Alerian MLP Index finished positive for the week by 0.2%. The equal weight version tells a different story, down 2.8% and decimated by distribution cuts and distribution cut speculation.   MLPs did little to recover from the last two

MLP Week Thoughts: Market Ready for Self Help

13Dec
MLPs declined 5.3% this week and this index is now down 15.6% in two weeks.  The equal weight version of the index declined 6.8%, indicating relative weakness for smaller MLPs.  The S&P 500 declined 3.8% and is negative for the year so far.  Oil and natural gas prices were weak.  The high yield debt market deteriorated. MLPs were hammered

MLP Week Thoughts: Kinder Krush

06Dec
It was the worst week (-10.9%) for MLPs since March 2009 and the 5th worst week of all time.  The MLP Index now yields 9.5%.  The collapse was the combination of 3 main factors beyond the ongoing background noise of tax-loss selling and de-leveraging: (1) a massive and successful $1.2bn equity offering for Columbia Pipeline Group, Inc. that was at least

Monthly MLP Status Update

01Dec
Because the end of the month fell on a Monday, I wanted to update the current state of the Alerian MLP Index before fresh December volatility steals the focus in our next weekly update. In November the MLP Index declined 8.1%, including distributions, erasing almost all the gains from October and pushing year-to-date total return back below 30%. For the