Archive

Week Thoughts: American Splendor, Canadian Carnage

29Jan
A combination of correlation (with oil strength), causality (pipeline executive orders) and seasonality (January effect, distribution capture) sent MLPs shooting 5.5% higher for the week overall, in the best week of trading for the MLP Index since April of last year.  Tuesday and Wednesday were both 2%+, the first back-to-back 2%+ days since that same week

Week Thoughts: Wait for It

22Jan
MLPs and most everything were flattish this week, with the AMZ up 0.1%, although the equal weight Alerian MLP Index was better. Interest rates rose a bit, but so far in 2017 the initial post-election rate spike hasn’t followed through with just 2 basis points increase in the 10-year U.S. Treasury rate.  There was volatility in natural gas on warmer

Week Thoughts: MLPs Levering Down

14Jan
MLPs paused their recent rally in the first full week of trading since before Christmas.  MLPs faced commodity headwinds Monday, and then equity indigestion Tuesday from the first two big midstream equity offerings of 2017 that combined to raise more than $2.3bn. Still Pulling Levers MLPs started pulling levers in 2015 when it became clear oil

Week Thoughts: Simplixity Itself

08Jan
MLPs started the year with 4 straight positive days and a 2.5% weekly gain.  MLPs have traded up in 13 of the last 15 trading days dating back to 12/14.  For the week, MLPs outperformed utilities and the S&P 500 despite flat oil prices and natural gas prices that were crushed. The first week of last year was -7.9%, the worst first week ever for

Week Thoughts: December Gains Cap MLP Rebound Year

01Jan
MLPs (as measured by the Alerian MLP Index) dropped back a bit over the last 4 days of the year, but as measured by the equal weight version, MLPs were slightly higher.  In both cases, MLPs outperformed the S&P 500.  Oil and natural gas prices were both up, and both finished the year with massive gains after the carnage of the last few