Archive

Week Thoughts: Spotlight on Revenant MLPs, No Longer the Big Short

28Feb
MLPs continued last week’s rally, but with a little less fortitude this week.  Monday, Wednesday and Friday were up, Tuesday and Thursday were down.  Overall, MLPs finished +3.8%.  Earnings drove wide disparity among individual MLP returns.  Oil prices forcefully breaking back above $30/bbl helped lift the tide.  Major themes this week were: (1)

Week Thoughts: Intelligent Investors Break MLP Pain Cycle

21Feb
MLPs saw a sustained rally on a flurry of non-negative news and finished the week up 10%+.  Including last Friday, MLPs have bounced 17% off the lows, but remain down more than 15% for the year.  The bounce wasn’t so strong for the Equal Weight Alerian MLP Index, up just 7.7%.  The disparity was due to large cap MLPs rallying hard, led by WPZ and

MLP Week Thoughts: Chesa-Peaking Negativity

14Feb
MLPs had a negative 10.2% total return week, the 6th worst week ever, but not quite as bad as the first week of December leading up to KMI’s dividend cut.  Over the past two weeks MLPs have dropped 14.4% and finished the week down 23.9% for the year, including distributions outpacing oil’s price decline YTD. After 12 trading days without a 5%

Week Thoughts: MLPs Back Down with Oil, Everything Else

07Feb
A big selloff in all risk assets, including the S&P 500 and oil, led to weakness in MLPs this week. The US 10-year rate has now dropped 43 basis points so far this year. Also, in price action reminiscent of 2Q and 3Q calls, one large MLP’s reduced outlook weighed on MLPs, but not quite as much as in 2015.  One bright spot was that several of MLPs