Archive

Week Thoughts: No News is Good News

26Aug
MLPs hit a fresh 52-week low, then rallied each day the rest of the week, rallying 3.3% off Monday’s close and 2.0% from last Friday.  MLPs outperformed utilities and the S&P 500 for the first time in a while.  Oil price weakness plus a looming Hurricane Harvey were not large enough factors to hold MLPs back from a bounce a brutal three weeks of

Week Thoughts: A Chip and a Chair

20Aug
MLPs declined another 3.3% this week, unable to rebound from a brutal few weeks largely because of a fund flow imbalance caused by a $1bn offering that had to be digested.  The reeling MLP sector underperformed the broader stock market (S&P 500 -0.6%) and utilities (+1.2%).  Oil prices were lower for most of the week before a rally Friday that brought

Week Thoughts: Low Energy

13Aug
MLPs took it on the chin again this week, down 4.2%.  It was the worst weekly decline of 2017 and worst since the week before the election in November 2016.  MLPs are down 6.2% in the last 7 trading days.  Lower oil prices and abysmal results from PAA dragged the MLP sector down.  The stock market had its worst week since March, offering little help for

Week Thoughts: Quorum for FERC, MLP Investor Quorum Elusive

06Aug
MLPs declined 1.4% including distributions this week, despite flat oil prices near $50/bbl, a flat broader market and still low interest rates.  The price index dropped to its lowest level since late June, reversing the slight bounce in July.  The equal weight version of the MLP Index underperformed by 50 basis points this week, indicative of small cap