Archive

MLP Week Thoughts: Keep It Together

31Jul
MLPs finally broke down a bit this week under the weight of still dropping oil prices (another 6% decline this week).  The chase for yield, plus some pretty solid earnings results this week kept MLPs from falling further, and a 1.1% move Friday helped MLPs avoid a worse fate. If MLPs were going to break down, its not a surprise to see it happen on a

MLP Week Thoughts: Powering Through to Earnings

24Jul
MLPs beat oil again this week (+0.8% vs. -3.7%), but oil’s slow motion slide towards $40 is becoming a nuisance.  MLP continue to get a boost from the market’s thirst for yield, as long as oil prices don’t fall to far.  MLP trading has been stagnant, but positive leaning lately, helped by positive fund flows and ATM blackout periods. It feels

MLP Week Thoughts: Say Anything

17Jul
MLPs resumed their rally this week, the MLP Index hit a new year-to-date high and outperformed oil prices again.  MLPs also beat the S&P and utilities, despite a 22 basis points increase in the U.S. 10 year rate week over week.  MLPs reacted positively to company-specific announcements that offered clarity to cloudy situations (PAA) or highlighted

Week Thoughts: Oil Slick, MLPs Stick

10Jul
The short trading week was dominated by “the macro” and capped by a better than expected monthly payroll report.  Interest rates declined to new lows, U.S. equities rallied to new highs, and MLPs were basically flat.  Commodities were the big loser, with global economic growth uncertainty and U.S. Dollar strength leading to skittish trading in oil

Week Thoughts: Those Beaches will be Open

01Jul
MLPs bounced along with the rest of the market early this week, then seemed to be supported Thursday by some end of the quarter window dressing when MLPs traded up while oil traded down.  In recent quarters, portfolio managers have wanted to disavow ownership of MLPs heading into a quarterly close, but this quarter MLPs have outperformed most asset